• Apply now

Money in bank in 24 hours

Apply now

Budget 2019-20: What’s in it for the IT industry

  • Highlights

  • The interim budget aims to promote artificial intelligence in the sector

  • Introduction of the National Centre for Artificial Intelligence

  • Proposal for developing a national AI portal

Announcing the introduction of the National Centre for Artificial Intelligence (NCAI), the interim budget 2019-20 has taken a significant step in terms of making the IT sector fall in line with the global demand. This institute will conduct various programs on artificial intelligence (AI). The budget also proposed the development of a national artificial intelligence portal. It has committed resources to make India the hub for artificial intelligence.

What is AI?

Have you heard about the AI-powered selfie feature, on your phone? AI technology is now used in your phone to click your perfect selfie. Yes, AI has entered our homes. Instruments have started talking and taking commands. Now, you can place your monthly grocery order by just commanding a machine to do that for you.

Recently, there is a growth in the demand for such AI-related products. However, the technology used in building such products rests with countries like the US and China. Therefore, a premier institute for artificial intelligence learning is proposed with the vision to help our technology start-ups to come up with advanced products.

SMEs and Artificial Intelligence

Google in the US and Baidu in China are world leaders in artificial intelligence. However, in India, start-ups are the primary developers of the AI technology. Also, presently there are no big technology firms in this area, in India. Small entrepreneurs often face difficulty in handling data as well as in getting skilled personnel who can handle data. With a rise in the availability of trained personnel, the SMEs will have greater availability of resources. These resources can develop innovative ideas that can be used to develop new AI-enabled products and services.

The race for data

In the last 3 years, you might have heard a lot of news about data, artificial intelligence, robots etc. Marketers and strategists can getter a better grip on their customers as well as approach new ones, just by analyzing numbers. Thanks to this new technology, it’s easier for the government to read the minds of the citizens and make appropriate policies and reforms.

Artificial intelligence has been one of the most significant advancements in the technology sector, in recent years. It has brought with itself multiple opportunities. Many tech-giants are eying on making fast-paced development in this technology. A lot of investment is made in the Research and Development (R&D) departments of the companies to find out improved ways to integrate machine learning into various products and services.

Thanks to this technology, 'artificial is the new reality' when it comes to business intelligence and technology. The introduction of a specialized institute for artificial intelligence will help India get ahead of countries like the US and China, in the AI race. It will help India get ahead in the race for data as well as get skilled professionals who can handle data. With this, Indian start-ups can scale up to match with Google in the US and Baidu in China.

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up


The 4 types of business loans explained