What is in Store for AI in the Upcoming Union Budget 2023-24?

What is in Store for AI in the Upcoming Union Budget 2023-24?

This article will discuss what the upcoming union budget 2023–24 has in store for AI.

The announcement of the Union Budget 2023-24 by our finance minister Nirmala Sitharaman may just be a few weeks away from now and tech giants are eagerly waiting to see the position of the store for AI in the upcoming union budget 2023-24

Due to its rapid technological development, India ranks among the world's most attractive investment opportunities in technology transactions. The modern culture of India is more drawn to science and technology, and its economy is currently growing at the fastest rate in the globe. A vast store for AI can be seen in India a few years ago only. India began setting the foundation for a more digital economy with the launch of a national identity program called Aadhaar more than ten years ago. The protracted global recession, unfavorable developments, internal policy changes, a lack of qualified labor, energy limitations, and commodity volatility are just a few of the dangers associated with investing in India, which is a long-term subject.

Every year, everyone—from businesses to regular people—looks into the budget with the hope of finding relief and improvements that will benefit them. The management would like to keep pushing for infrastructure as a result of its decision to adopt a policy that encourages expansion. The vision for a new India was presented in a linear order in the most recent Union Budget for 2022–2023 with an emphasis on technology for growth and a creative plan to lead the nation into the future. This year we can expect more dominance of AI in the upcoming union budget as India is continuously engaged in promoting the development of Artificial Intelligence. 

This budget may include dominant store for AI with a framework policy for artificial intelligence. The emphasis on artificial intelligence will grow as a result. The budget can provide incentives for AI robotics. Additionally, funding for R&D can be arranged. "Assuming favorable conditions, emerging technologies such as artificial intelligence, drones and satellite systems, semiconductors and their ecosystem, genomics and pharmaceuticals, green energy, and clean mobility systems have a significant potential to support large-scale sustainable growth while also modernizing the country. Young people may access artificial intelligence capabilities and the AI in the Indian sector is more productive and competitive as a result "Sitharaman mentioned.

As India has shown its participation in Global Partnership on Artificial Intelligence (GPAI), which promotes ethical and human-centric AI development and deployment, there is an increasing need for the government to concentrate on the use of AI technology. The AI industry has placed a great deal of hope in the Union Budget 2023 and is anticipating a budget allocation in the form of incentives, tax benefits, and funds for research and development to stimulate the expansion of the business. Prime Minister Narendra Modi also dreams that India should become a global hub for AI in the coming years. Prime Minister Narendra Modi also dreams that India should become a global hub for AI in the coming years. Therefore, the value of technology like AI has been emphasized repeatedly by Modi-led administrations throughout the years. 

Also, the National Association of Software and Service Companies (NASSCOM) released research titled "AI Adoption Index" that claimed the use of AI and data-use strategies may increase India's GDP by $500 billion by 2025. According to the NASSCOM report, India's investments in AI technologies were expected to cross USD 880 million by 2023. While this is no doubt a significant number, India's share in global AI investment would still be only around 2.5%, as per this report. "With the rise of new-age technologies such as AI and the proliferation of internet access as well as 5G services all across India, it is an opportune time for India to invest in AI. To facilitate the growth of AI, India still needs to improve in terms of high-quality research," Mohammed Roshan, co-founder, and CEO at GoSats said.

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