Union Budget is what we all look for every year. Today, the interim budget 2024-25 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha. Among several other alterations in tech budget 2024, the new Union Budget of India focuses on emerging technologies such as Artificial Intelligence (AI) and Machine Learning (ML). The government of India plans to have AI incorporated in different sectors, including agriculture, defence, education, finance, healthcare, manufacturing, and taxation. This is to enhance the efficiency of these sectors and make them more robust. The government acknowledges the significant impact that the newest technologies, such as AI and ML can have on these industries.
In addition, India is a country with great tech and digital talent. Both the tech talent and the government’s support have propelled India to the forefront of artificial intelligence and analytics. India Inc. has implemented AI in various sectors and has achieved CAGR growth of over 30% over the years. Both, the central and the state governments have initiated several schemes in order to promote the adoption of AI in the country.
The Tech Budget of India for the year 2024 has allocated substantial funds for the development of technology, including Artificial Intelligence, Machine Learning and Cybersecurity. The budget 2024-25 focuses on the promotion of technological innovation and improved digital infrastructure. This is to solidify the country’s image as a technology powerhouse across the world.
Even during the G20 Summit, Niti Ayog and the Chair at GPAI discussed a few of the schemes, including “AI for all.” In addition, MeitY is also planning to launch IndiaAI, Bhasini Programme, and YuvAI to provide skill development opportunities for Indian youth. Aside from that, several Indian states including Tamil Nadu, Telangana, and Karnataka have already started implementing AI.
The budget includes significant funding for the advancement of AI and ML technologies. The government of India plans to provide significant funding in research and development. According to the new budget, the government will take initiative to establish centres of excellence, foster collaborations between industry and academia, and offer financial support to startups and entrepreneurs operating in these domains.
In today’s digital realm, ensuring the security of digital systems has become a major concern for everyone, including the government. The Union Budget 2024 also includes provisions to strengthen cybersecurity infrastructure. The government is planning to implement strong security protocols and provide training for a skilled workforce in this field. This is to safeguard critical infrastructure, sensitive data, and the privacy of the country’s citizens from cyber threats.
Aside from AI, ML, and Cybersecurity, the budget also prioritises other important technology initiatives. This includes improving digital infrastructure by broadening access to broadband connectivity, enhancing internet speed, and creating digital villages to address the digital divide efficiently. In addition, the interim budget also includes the implementation of emerging technologies such as blockchain, quantum computing, and 5G networks.
Experts suggest that incorporating open network technology will enhance supply chain efficiency and facilitate seamless commerce across multiple sectors.
According to the union budget 2024, the government is planning to offer comprehensive training and development programmes to cultivate a highly skilled workforce proficient in cutting-edge technologies, such as AI, ML, quantum computing, cybersecurity, and so on. Also, the government plans to provide financial support to the institutions to empower startups and entrepreneurs in developing cutting-edge tech solutions. There are plans to have 5G technology incorporated to tackle the communication and connectivity challenges faced in rural areas effectively.
The Tech Budget 2024 showcases the government’s dedication to leveraging technology for the advancement and prosperity of the nation. Investing in AI, ML, Cybersecurity, and other crucial technologies is a main focus of the interim budget. In addition to healthcare, education, and other sectors, the government plans to introduce innovative programmes to enhance deep-tech capabilities for defence applications.
Thanks for reading!!!