Union Finance Minister Nirmala Sitharaman will present the interim Union Budget on February 1, prioritizing measures to foster development and adoption of AI. The budget should reinforce the nation's cyber defenses, allocate funds for cybersecurity awareness, streamline data access, and address concerns on ethics.
Union Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. This year, it will be an interim budget as Lok Sabha elections are scheduled this year. AI technology and its implications in various fields dominated 2023, and tech companies in this space are hopeful that this year’s Union Budget will prioritise measures that foster the development as well as widespread adoption of the technology.
Budgetary allocations towards cybersecurity awareness imperative
Talking about the use of AI in curbing hacking incidents, Sunil Sharma, vice president of sales, Sophos India & SAARC, said that the budget hopefully will include a focus on reinforcing the nation's cyber defences.
“Over the past year, India has witnessed a rise in cyber-attacks of various magnitudes, placing many businesses and individuals at risk. In the wake of these attacks and the Finance Ministry's directives throughout 2023 to enhance cybersecurity measures in different industries, hopefully, the upcoming interim Union Budget 2024 will include a continued focus on reinforcing the nation's cyber defences. With a heightened emphasis on the prevention of data breaches, ransomware attacks and AI-powered cyber threats, increased budgetary allocations towards cybersecurity awareness and training initiatives are imperative. The Finance Minister's call for proactive cybersecurity measures augur well for a renewed focus on bridging the current cybersecurity skill gap in the industry, fostering an efficient cyber-task force within organisations. This strategic investment will not only fortify our defence against cyber threats but also contribute to job creation and economic resilience in the face of evolving digital challenges, powering the future of a secure Digital India,” Sharma said.
Opportunity to streamline data access, address concerns on ethics
"The AI push by Honourable Finance Minister Nirmala Sitharaman in last year’s Budget was a visionary step which has helped place the country on the global AI map. We are hopeful that the upcoming Interim Union Budget 2024 will continue this momentum. The strides being made through initiatives like ‘
AI for India
' set the stage for the nation to lead the ongoing technology transformation. What is also equally important is to safeguard the data required for this push towards an AI-driven nation. We look forward to diligent data governance and intelligent data infrastructure driven by AI. The budget presents an opportunity to streamline data access and address concerns on ethics,” said Puneet Gupta, vice president and managing director, NetApp India/SAARC.
Measures to foster development, adoption of AI
“In the upcoming budget, I would like to see the government prioritising measures that foster the development and widespread adoption of AI. A strategic investment in AI initiatives will not only drive economic growth but also position our country as a global leader in the digital era. I look forward to policies that support research and development, incentivise AI talent, and create a conducive environment for businesses to harness the full potential of AI. By leveraging AI, we can build a smarter, more competitive, and technologically advanced nation,” added Kunal Nagarkatti, CEO, Clover Infotech.
‘Budget can unlock the full potential of this transformative technology’
“In light of India’s rapid strides in the field of Generative Artificial Intelligence throughout 2023, the upcoming interim Union Budget could hold the key to unlocking the full potential of this transformative technology for enterprises across the nation,” said Rajesh Sinha, founder and chairman, Fulcrum Digital.
“We are hopeful that the interim budget makes provisions for investments in data infrastructure, skill development, and data accessibility. This will ensure that India not only catches up with global AI leaders but emerges as a front-runner in responsible AI adoption. The government’s vision and its successful implementation in the form of this Union Budget is set to fuel the trajectory of yet another year of rapid digital advancement for the country,” he said.
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