Budget 2024 Expectations: As Finance Minister Nirmala Sitharaman prepares to unveil her seventh Union Budget on Tuesday (July 23), anticipation is mounting over the potential focus on artificial intelligence (AI) and deep-tech innovations. This budget, marking her seventh consecutive presentation, follows a notable interim budget from February that significantly benefited the deep-tech sector by allocating Rs 1 lakh crore to stimulate private investments in emerging technologies, as reported by Outlook.
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The upcoming budget is expected to continue this momentum, with particular attention likely to be directed towards developing ethical AI guidelines and regulatory frameworks. These measures are seen as crucial for promoting responsible AI practices and ensuring data privacy and fairness, according to recent reports by NITI Aayog.
In light of the general elections and the new administration, the Ministry of Commerce and Industry is considering the introduction of specialised policies aimed at fostering innovation within deep-tech startups.
The National Deep Tech Startup Policy (NDTSP), which is nearing the final stages of consultation, aims to address the unique challenges faced by these startups. The policy draft was initially released for public feedback in July of the previous year.
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In addition to policy support, there is a growing consensus on the need for reskilling and upskilling initiatives to prepare the workforce for AI-driven changes. A recent study by ServiceNow and Pearson projects that 16.2 million Indian workers will need to enhance their skills in response to the rise of AI and automation.
Furthermore, there is a recognised shortage of senior engineers capable of developing core AI technologies, with fewer than 2,000 available in the country, according to a Moneycontrol report.
As the budget presentation approaches, the deep-tech sector remains hopeful that the new policies will address these critical areas, ensuring continued growth and innovation in India’s rapidly evolving tech landscape.
