The three musketeers of NIRMALA SITHARAMAN
1 “The economy has become a lot more formalized as reflected in the EPFO membership more than doubling to 27 crores, and 7,400 crore digital payments of ` 126 lakh crore through UPI in 2022.”
2 “Digital public infrastructure for agriculture will be built as an open source, open standard and inter operable public good.”
3 “For realizing the vision of “Make AI in India and Make AI work for India”, three centres of excellence for Artificial Intelligence will be set-up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities.”
The ‘smart’ move
As manufacturing and import get promoted by the Union Budget 2023, smartphones are expected to become more affordable, expanding the ‘Digital India’ segment of the nation. The allocation of funds for AI research and development will help the country to establish itself as a leader in the field and attract investment from global technology companies.
Why did the AI cross the road? To reach the other side of the digital marketing funnel!
The Union Budget 2023 is about Digital-development and making AI work for India.
AI is the definition of perfection and standardization.
Artificial Intelligence (AI) has been recognized as a critical driver of economic growth and transformation, and its significance has been reflected in the Union Budget 2023. The government has announced several initiatives and allocations to promote AI growth and development in India.
What do you call an AI that predicts the success of a digital ad campaign? An Ad-dictive model.
AI for all!
Not just for the digital segment, AI has also powered other industries with its foolproof flavour. One of the most notable initiatives is allocating funds for the National Artificial Intelligence Mission. This mission aims to provide a comprehensive and integrated approach to AI development and its applications in India. The focus is on research, development, and deployment of AI technologies in healthcare, education, agriculture, and financial services.
“An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.” as said by Nirmala Sitharaman
RAISE to Raise
The government has taken the initiative to help AI-based start-ups by introducing RAISE( Responsible AI for Social Empowerment). Raising AI to smoothen the function of this digital era in the nation.
Seeding AI on the Indian soil
The pandemic has left the Indian media and advertising sector great expansion opportunities. Increased sales of consumer durables like smartphones, increased digital adoption, and internet penetration gives the industry hope and promise.
“One hundred labs for developing applications using 5G services will be set up in engineering institutions to realize a new range of opportunities, business models, and employment potential. The labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems, and health care applications.” read Nirmala Sitharaman.
AI taking the lead
According to a June 2022 report by NASSCOM, AI investments in India grew at a compound annual growth rate (CAGR) of 30.8% to reach $881 million in 2021. The report added that adopting AI with a data utilization strategy can add $500 billion to India’s GDP by 2025.
What do you call an AI that helps with email marketing? A Mail-Tronics genius.
Expanding the definition of ‘space’!
The government has also announced measures to encourage private-sector investment in AI. These include tax incentives for companies investing in AI research and development and establishing a technology innovation fund to support early-stage AI start-ups.
Why did the AI go to the doctor? It had a deep-learning algorithm
A dedicated employee!
An AI system is a dedicated employee that can work in the noise of big industries to the silence of the night. It does not need a doctor, and neither it defies. Another critical aspect of the budget is the focus on developing AI talent in the country. The government has announced plans to train 2 million professionals in AI, helping to create a large pool of skilled workers who can drive the growth of the AI industry.
The perfection of AI is immense, with the results much close to the ideal. It can become tough to identify the work of AI because of the preciseness it achieves every day!
If you want to read the complete budget speech delivered by Shree Nirmala Sitharaman, click here.
Well, who knows if a human wrote this blog or an AI?
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Just kidding! We have skilled and amazing writers!
