Budget 2023: Artificial Intelligence Can Propel Indian Economy To Greater Heights
This will be a year of advanced technology and artificial intelligence, and the industry is expected to reach $7.8 billion by 2025
India is in the sixth position in the Global AI Vibrancy ranking and among the top 10 countries in technological advancements and funding in AI (Artificial Intelligence). This will be a year of advanced technology and artificial intelligence, and the industry is expected to reach $7.8 billion by 2025.
This growth and transformation are driven by the hard work of numerous technology enthusiasts who wish to see India in the top 3 ranks in the segment globally. The Aatmanirbhar Bharat campaign inspires them to innovate and experiment. AI can propel the Indian economy to greater heights. However, this growth trajectory needs a further push and the upcoming Union Budget is critical for defining the road map for the industry.
Below are a few crucial points that the Union Budget should focus on.
Create R&D incubators
Technology is built only by doing extensive research and development. We need national-level R&D centers that will promote research and academia jointly in the subject. It is important that the government pushes extensive research into disruptive technologies and provides them with guidance, funds, and facilities required to upscale the innovation level in the country.
Upskilling talent and developing digital skillsets
While the government has improved its skill development strategy, there is still a tremendous amount of scope to upskill talent so that they develop new-age digital skillsets. Our schools and universities should provide educators with the exposure and guidance to impart the same to students so they explore their imagination without fear of failure. However, this cannot happen only in Tier-1 cities. This Budget should have allocations for improving digital infrastructure and internet penetration in Tier-2 and Tier-3 cities. These cities and towns need to be converted into digital talent hubs.
Help integrate technology at the grassroots level to create a sustainable future
India is a vast nation with numerous forests and villages. Most forests are endangered and struggle to keep up with man-animal conflicts, poaching, theft, and illegal activities. While technology has been deployed in a piecemeal form, we need the government to take a more holistic approach and educate indigenous populations to integrate technologies that can autonomously help solve man-animal conflicts and safeguard the forests from illegal activities. This can save valuable natural resources and create a sustainable future.
Promote start-ups by giving tax benefits
While infrastructure and encouragement can go a long way in helping start-ups do innovative work, they also need the right financial environment to thrive. A few ways of doing that could be giving tax rebates and improving investing capabilities for investors at better rates. We hope in this Budget session the Finance Minister Nirmala Sitharaman announces a lower tax on capital gains earned by domestic investors for that to find it attractive to invest in Indian start-ups.
In conclusion
AI is a future-enabling technology that can solve various problems without challenging human beings. We need the government to acknowledge the many benefits industries can get from integrating these solutions and invest money into the system. There is no going back from this development; it's only going to get better from here.
Let's hope the Budget and government are aligned with this strategy.
Kiran Raju is the founder and CEO of Grene Robotics.
[Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP News Network Pvt Ltd.]
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