Union Budget 2024: Will AI Be on the Table?

CIOTechOutlook Team | Monday, 22 July 2024, 09:55 IST

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AI is a huge opportunity for the Indian tech industry, but it is also causing major disruption as many sectors, particularly in technology, are already cutting jobs due to AI. New companies are also emerging, while others are vanishing due to AI. Naturally, Finance Minister Nirmala Sitharaman and her team had to take into account AI as a crucial part of India's tech budget for 2024.
 
IndiaAI Mission receives a major boost with the allocation of Rs 10,000 crores, signaling a significant advancement in India's AI capabilities. This financial support showcases the government's dedication to promoting technology and encouraging innovation. Nevertheless, experts concur that there is still significant work to be done in order to achieve the ambitious objectives established for the AI industry. India must keep advancing and not become complacent as major countries compete to utilize AI.
 
Mr. Prashant Kumar, MD & CEO, YES BANK says “As we look forward to the Union Budget 2024, enhancing our technology infrastructure and fostering innovation remains crucial. The government's groundwork with initiatives like the JAM Trinity and investments in digital infrastructure is commendable. Building on this, further support for technologies such as AI, blockchain, and IoT will be vital for driving digital transformation and improving efficiency"
 
Mr. Vinod Sood, MD, Hughes Systique Corporation says "Notably, the government has reiterated its commitment to launching the Rs 10,000 crore IndiaAI Mission within the next two to three months, laying a solid foundation for future technological advancements" 
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