A corpus of Rs 1 lakh crore will be established for loans at low and or nil interest rates to encourage the private sector to scale up research and innovation in sunrise sectors, FM Nirmala Sitharaman said in her Budget speech on February 1.
Further, a new scheme will be set up for deeptech innovation in defence sector, she said while presenting the interim budget in Parliament.
Sitharaman said that new age technology and data are helping produce innovation in the country that the world is taking notice of.
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The government has been saying that it is focussed on leveraging new-age technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Blockchain in public services to bring socio-economic empowerment and inclusive growth.
Finance Minister Sitharaman in her last budget speech in 2023, stressed on ‘Making AI in India’ and ‘Making AI work for India’. Last year, Sitharaman had proposed to set up three centres of excellence (CoEs) for Artificial Intelligence in top educational institutions to realise the vision.
At the time, the finance minister had also said that industry players would be engaged in conducting interdisciplinary research, developing cutting-edge applications and scalable problem solutions. The AI solutions would be developed for several sectors like agriculture, health and sustainable cities.
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