Union Budget 2023: Empowering India’s AI Vision

Latest Union Budget has proposed various initiatives to bolster India’s proficiency in the knowledge economy. India’s prowess in Information Technology is well established over the years. The Budget now plans to enhance it further with the touch of Artificial Intelligence or AI the latest buzzword in the knowledge economy, by offering various sops – the move welcomed by several industry experts.

The Union Budget 2023 realistically empowers the IT sector of India to realize the vision of “Make AI in India & Make AI work for India”. The Finance Minister has emphasized upon the development of 3 centers of excellence at top educational institutions with active involvement of leading market participants in interdisciplinary research with our company Threeway Studio involved in finding scalable problem solutions, acting as an ancillary to other Software Service Providers. We look forward to educating and involving high aspiring youth in this journey of the 22nd century.

One of the pillar of Government’s Amritkaal vision is “Technology Driven & Knowledge based Economy” which incorporates, plan for Artificial Intelligence(AI) & enhancing data governance, this would encourage cutting-edge applications development in the areas of Agriculture, Health & sustainable cities as remarked by Indian FM.

Such a move is going to be highly appreciated amongst the startups & academia.

This year we see GOI proposing Rs. 3000 crore for the National AI Mission, for promoting the Research & Development Sector.eyeing for New Digital era like AI, Robotics ,IoT, Digilocker usage enhancement, Unique Identity management etc. We believe ‘hybrid blockchain’ will be the future and grow more extensively in the upcoming years..

However, no specific proposals by the finance minister regarding the Crypto regulations & taxations have been a disappointment for the tech-savvys involved in the blooming sector.

We as a Blockchain platform however welcome the Government’s move to mobilize the economy towards the digital advancements with AI & Iot as two wheels of Nation’s development.

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