As we approach the Interim Budget 2024, the AI industry is abuzz with expectations and anticipation for the announcements that Finance Minister Nirmala Sitharaman is set to make. The central government is expected to unveil numerous initiatives in the verticals of artificial intelligence (AI) and other emerging technologies, much to the excitement of industry players and stakeholders.
Last year, the Union Budget saw the government laying the groundwork for enhancing AI deployment in crucial sectors such as agriculture, healthcare, and sustainable cities. This year, the industry is eagerly awaiting the potential expansion of AI into prominent areas like telecommunications, reflecting the industry’s desire to harness the transformative potential of AI-powered voice agents to bolster efficiency and user experience across multiple sectors.
The clamor for the central government to allocate separate budgets for AI and the metaverse reflects the industry’s aspiration to see dedicated funding and resources channeled towards driving innovation and advancement in these cutting-edge technologies. Industry players are drawing parallels to the successful Startup India program, and are urging the government to adopt a similar approach to support and incentivize companies working on advanced technologies like AI and the metaverse.
Ajay Setia, Founder and CEO of InvincibleMeta.AI, has emphasized the importance of recognizing and funding specific companies working on advanced technologies, suggesting that this recognition would facilitate the implementation of regulations for AI and metaverse technologies as they evolve. This call for separate budgets for AI and the metaverse aligns with the industry’s desire to see a dedicated focus on research and development for the broader utilization of AI in various areas.
Deloitte, a consulting major, has also called on the government to accelerate research and development for the use of AI in various areas, including tax. The proposal to have a dedicated pool of officers with requisite knowledge of AI across direct and indirect taxes reflects the industry’s recognition of the transformative potential of AI in driving efficiency and effectiveness in tax assessment, administration, and taxpayer facilitation.
Furthermore, the industry has set its sights on addressing the present skill deficit in AI and automation by advocating for budgetary support to upskill workers and create new job opportunities in the technology sector. According to an industry report, India is facing a demand to upskill 1.62 crore workers in AI and automation, and has the potential to create 4.7 million new jobs in the technology sector alone by 2027.
The focus on upskilling and job creation in the technology sector underscores the industry’s commitment to enhancing the proficiency of the present IT workforce and addressing the skill gap to meet the growing demand for talent in the AI and technology landscape.
As the anticipation for the Interim Budget 2024 reaches fever pitch, industry players and stakeholders are eagerly looking forward to the government’s announcements and initiatives in the verticals of AI and emerging technologies. The potential for separate budgets for AI and the metaverse, the expansion of AI into prominent sectors, and the focus on upskilling and job creation reflect the industry’s aspirations for driving innovation, growth, and progress in the AI landscape.
In conclusion, the Interim Budget 2024 holds the promise of shaping the trajectory of AI and emerging technologies in India, and industry players are optimistic about the potential for the government to drive significant advancements and initiatives in these areas. The upcoming budget announcements are poised to set the tone for the future of AI in the country, laying the foundation for innovation, growth, and transformation in the technology landscape.