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BUDGET 2022 Budget 2022: What’s in it for AI?

Mar 8, 2022

The Budget 2022 spoke about providing many opportunities for technology growth and promoting digitalisation across all sectors. From the Indian Finance Minister, Nirmala Sitharaman, announcing the rollout of the 5G spectrum to the boost given to MSMEs, the manufacturing sector & technology were an important focus at this year’s financial budget. Another technology that the Finance Minister emphasised during her Budget 2022 speech was Artificial Intelligence (AI). Since the pandemic, India has welcomed many applications launches by the government that power technologies like AI. Likewise, the government had a few ideas for the technology at the recent budget announcement, too, like AI getting patronage from academia, industry and the government, or the Artificial Intelligence sector being described as having “sunrise opportunities”. The Viewpoint finds out from AI companies & experts how the Budget 2022’s plans will provide employment opportunities for the youth and if the budget has recognised the importance of AI in shaping the new India.

It is encouraging to see sustainability in AI being given government emphasis - Dr Krishnendu Chaudhury, CTO & Co-founder, Drishti

The Finance Minister's speech is a positive step towards recognising AI as a key part of the Indian economy, which is integral to India's continued development. In the Budget 2022 speech, the state shows an understanding of the scale and scope of AI and how it will be used in the future, both in terms of its technological development & its impact on citizens’ lives. This will not only help the country make the most of this new sector but also prepare it for the changes it will bring.

When it comes to employment opportunities for the youth, I think that there are many new avenues that are opening up because of AI in sectors like the healthcare and education. It will be critical for young people to have an exposure to these technologies early on in their careers so that they can take full advantage of them when they enter the workforce. I believe that by working with academia and the industry, the government can ensure that students have access to AI-related programs from a very young age.

It is also encouraging to see sustainability in AI being given government emphasis and such positive steps being taken towards making India a hub for AI innovation & research.

The budget has aimed at AI’s scope in shaping India - Dr Amit Andre, CEO, The Data Tech Lab Inc

The AI sector described as having “sunrise opportunities” by the Finance Minister has given hope. We can foresee possibilities and strong government efforts to strengthen and position India as one of the world's popular AI destinations. Indeed, the Budget, with great optimism, has aimed at the importance and AI's scope in shaping India.

Also, the Budget emphasising AI to get patronage from academia, industry and the government is a clear indication towards the creation of employment opportunities. The government’s establishment of a task group for the animation, visual effects, gaming and comics (AVGC) industry, and digital ecosystem for skilling & livelihood in this budget includes the DESH Stack e-portal, allowing citizens to skill, reskill and up-skill through online training, which creates a lot of room for youth employment. The Budget for 2022-23 is unquestionably a growth- and development-oriented budget, focusing on long-term planning & development, energy transition for a cleaner tomorrow and inclusive growth through a tech-enabled economy.

The budget has emphasised the Drone Shakti scheme, where AI is a major factor - Bhushan Muthiyan, CEO, Automaton AI Infosystem

The fact that AI is to get patronage from academia, industry and the government will definitely be a game-changer. The budget has also taken FDIs into consideration, where there will be a focus on lots of investors investing in India, from the AI & technology perspective in general. As AI is booming and has taken over mundane work, it will help everyone upskill themselves.

The budget has significantly emphasised the Drone Shakti scheme (drone-as-a-service) as well, where AI is a major factor. Manual & automatic interventions will need some automation while using drones, and that’s where AI will be promoted. What’s more, the budget also focuses on data centres, and how AI is promoted will have a vital impact on data centres across the country. That’s because one needs proper infrastructure in terms of data centres in order for AI to be utilised by the masses. Plus, the budget has focused on academics, where skilling & upskilling are major factors the government is looking at, in terms of the existing AI resources & professionals.

With the implementation of AI education, there will be opportunities for innovation mentors - Jainam Mehta, Chief Business Officer, Oizom

We believe that the idea of implementing AI-driven technologies is a massive step forward towards making a sustainable future for the country. With mass digitisation & AI-driven technologies, there would be tonnes of new opportunities for the tech sector. There are several opportunities which are being generated. With the implementation of AI education as a part of the curriculum, there will be opportunities for innovation mentors. Moreover, with the rapid education and importance of AI in academia, it is certain to provide several new jobs as the global shift towards AI and ML has become a crucial part across all sectors, from education & health to finance & clean energy. Since the pandemic, the country has seen numerous applications by the government come up that influence technologies like AI. We believe that this is a stepping stone towards a much brighter change. We can envision great change through such policies in the way India perceives newer technologies.

Image Gallery

  • Dr Krishnendu Chaudhury

    CTO & Co-founder

    Drishti

  • Dr Amit Andre

    CEO

    The Data Tech Lab Inc

  • Bhushan Muthiyan

    CEO

    Automaton AI Infosystem

  • Jainam Mehta

    Chief Business Officer

    Oizom

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