Union Budget 2024: Indian Startups Seek More Emphasis on Responsible AI, Advanced Tech
As India AI Mission takes concrete steps towards making the country a global artificial intelligence hub, startups founders on Thursday said increased investment in policies that simplify doing business and empower startups and emerging technologies, such as responsible AI, is essential for a boost to the sector.
New Delhi, July 18: As India AI Mission takes concrete steps towards making the country a global artificial intelligence hub, startups founders on Thursday said increased investment in policies that simplify doing business and empower startups and emerging technologies, such as responsible AI, is essential for a boost to the sector.
As AI continues transforming sectors like healthcare, finance, manufacturing, and education, implementing proactive measures to ensure its responsible development is crucial, they emphasised. The India AI Mission has been approved with an outlay of Rs 10,372 crore and out of this, Rs 2,000 crore would be utilised towards supporting the Indian startup ecosystem to develop indigenous AI-based solutions. Indian Fintech Industry To Reach USD 420 Billion by 2029 at 31% CAGR, Target 1 Billion UPI Transactions per Day: NPCI.
"Future AI guidelines should emphasise safety, ethical standards, and societal welfare while fostering innovation. Designing AI with a human-centred approach - emphasising fairness, transparency, and accountability can address ethical concerns and mitigate risks associated with AI misuse, like deepfake technology and job displacement,” said Varun Babbar, Managing Director-India and SAARC, business analytics platform Qlik.
Nitya Sharma, Founder and CEO of fintech startup Simpl, said that the budget should be focused on adding higher disposable incomes in the hands of consumers, driving consumption, and reducing the cost of operations for businesses. "Additionally, it should help create a level-playing field for homegrown brands through simpler financing options, offering a boost to their manufacturing capabilities by providing sops to establish units within specialised manufacturing zones and further simplify the ease of doing business," Sharma added.
The government can play a role in fostering innovation in the fintech sector by establishing AI Centres of Excellence or providing grants for research and development. "This will help create a more robust and competitive fintech industry," said Nilay Patel, Managing Director and Founder, Easy Pay. According to Paritosh Prajapati, CEO of telecom gear-maker GX Group, India stands at the edge of a telecom revolution, driven by visionary investments and homegrown innovation.
"Our government’s commitment, exemplified by the Telecom Technology Development Fund, is empowering our companies, startups, and academic institutions to pioneer cutting-edge telecom solutions. This isn't just about technology; it's about self-reliance and reducing our dependence on foreign technologies," Prajapati added.
The spending on AI and Generative AI (GenAI) in India is projected to reach $6 billion by 2027, at a compound annual growth rate (CAGR) of 33.7 per cent, according to the latest IDC report. "While other nations are busy building their AI infrastructure, India must prioritise how to use AI to its maximum potential. Indian Smartphone Market Grows 1% in April-June Quarter, Xiaomi Reclaims Top Spot With 18% Market Share: Report.
This could include training AI/ML models for improving our defence and intelligence posture, to reduce cyber crimes," said Tarun Wig, CEO and Co-Founder, Innefu Labs. "Adding government support for R&D initiatives to proven companies in the private sector and not just academia would create a win-win situation," he added.
(The above story first appeared on LatestLY on Jul 18, 2024 06:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).