India's 2024-25 Budget: AI Challenges & Opportunities

Published Date: 14/07/2024

As India prepares for its Union Budget 2024-25, the focus shifts to addressing key challenges in artificial intelligence, including regulatory guidelines, data privacy, and skill gaps.

"The Indian government has taken significant strides in promoting artificial intelligence (AI) in recent years. However, as the country approaches its Union Budget 2024-25, it is essential to acknowledge the challenges that need to be addressed to unlock AI's full potential.

One of the primary concerns is the lack of clear regulatory guidelines and data privacy and misuse. The absence of a robust framework raises concerns about the use of AI in various sectors, including healthcare, finance, and education. To overcome this, the government must establish a comprehensive regulatory framework that ensures accountability and transparency in AI development and deployment.

Another challenge is the budgetary support for AI deployment in pockets. While there has been a significant focus on investing in AI research, there is a need for more targeted funding to promote AI adoption across various industries. This can be achieved by providing incentives for businesses that invest in AI, such as tax breaks or subsidies.

The demand-supply gap for skilled AI professionals is another area of concern. India faces a shortage of professionals with expertise in AI and machine learning, which can hinder the development of AI solutions. To address this, the government must invest in education and training programs that focus on developing AI skills.

Lack of public awareness about AI is also a significant challenge. Many Indians are unaware of the potential benefits and risks associated with AI, which can lead to misconceptions and skepticism. The government must launch public awareness campaigns to educate citizens about AI and its applications.

The industry has also put forth several demands, including investment in AI infrastructure, encouraging public-private participation, and providing tax incentives for firms investing in AI research and development.

According to Rajnil Malik, Partner and genAI GTM leader at PwC India,"

FAQs:

"Q: What are the key challenges in artificial intelligence in India?

A: The key challenges in artificial intelligence in India include lack of clear regulatory guidelines, data privacy and misuse, budgetary support for AI deployment, demand-supply gap for skilled AI professionals, and lack of public awareness.

Q: What is the demand-supply gap in artificial intelligence in India?

A: India faces a shortage of professionals with expertise in AI and machine learning, which can hinder the development of AI solutions.

Q: What is the role of the government in promoting artificial intelligence in India?

A: The government has taken several initiatives to promote AI, including the establishment of the National Programme on Artificial Intelligence and launching AI-focused schemes such as the AI for All initiative.

Q: What are the benefits of investing in artificial intelligence research and development?

A: Investing in AI research and development can lead to the creation of new jobs, increased productivity, and improved efficiency in various sectors.

Q: How can the government address the lack of public awareness about artificial intelligence?

A: The government can launch public awareness campaigns to educate citizens about AI and its applications, and promote AI adoption among small and medium-sized enterprises."

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