India seeks to bolster economy with $1.24B #Investment for AI development

India has allocated over Rs 10,300 crore ($1.24 billion) for the IndiaAI Mission, a strategic initiative set to unfold over the next five years. This substantial financial injection aims to bolster India's artificial intelligence (AI) ecosystem, stimulate innovation, and foster entrepreneurial growth.

The decision-making body, the Union Cabinet, has emphasized that this funding will not only benefit citizens but also serve as a catalyst for economic expansion at the local level.

These funds are earmarked to drive the implementation of the IndiaAI Mission through a collaborative public-private partnership model. The overarching goal is to facilitate easier access to funding for AI startups, thereby propelling India into a prominent global position in AI leadership while ensuring ethical and responsible deployment of AI technologies.

Deputy IT Minister Rajeev Chandrasekhar highlighted the significance of the approved funding, stating it will energize India's AI ecosystem, positioning it as a global AI leader.

India's ambition for AI aligns with its Viksit Bharat vision by 2047, aiming to become a $5 trillion economy by leveraging emerging technologies like AI and #Blockchain .

Mukesh Ambani's Reliance Industries plans to complete AI integration across all #business verticals by 2024, aiming for global leadership in AI adoption.

Commerce Minister Piyush Goyal praised the India AI Mission, planning to procure 10,000 GPUs with private sector collaboration to boost computing capacity & AI ecosystem.

Prime Minister Narendra Modi hailed the mission's approval, empowering AI startups & expanding computing access.

Recent regulations include an advisory mandating government approval for large companies using AI tools or GenAI models before public rollout.

Finance Minister Nirmala Sitharaman allocated Rs 1 trillion ($12.08 billion) as a 50-year interest-free loan to accelerate India's digital economy and spur technological growth.

Source - coingeek.com

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