Nirmala Sitharaman, the finance minister of India, announced the creation of three Centres of Excellence. (COE) for artificial intelligence (AI) at the nation’s top universities in the Union Budget 2023. In the fields of agriculture, health, and sustainable cities, the COEs will conduct interdisciplinary research and create cutting-edge AI solutions. The creation of COEs for AI coincides with India’s rapid advancement of AI and other emerging technologies. In recent years AI is supported by a number of government incentives.
The Indian government’s action aims to encourage the use of AI in a variety of industries. The use of AI to advance research and find solutions to issues has already been encouraged by the government. For instance, the digital India Bhashini portal provides startups and academic institutions who want to make their products available in Indian languages with AI and NLP resources.
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According to Sitharaman, leading industry players will collaborate with these centres. They will conduct interdisciplinary research, create cutting-edge applications, and come up with scalable solutions. To the issues relating to agriculture, health, and sustainable cities.
“This will galvanize an effective AI ecosystem and nurture quality human resources in the field,” Sitharaman said.
The development coincides with a significant advancement made in the nation’s Artificial Intelligence and other emerging technology. In recent years government has supported theses development.
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In India, investments in AI grew at a CAGR of 30.8% to reach $881 million in 2021, according to a NASSCOM report. A report claims that if India plans using data, its GDP could increase by $500 billion by 2025. According to a report by Bain & Capital, India is also one of the top producers of data and AI talent, contributing 16% of the global AI talent pool. According to a report by PwC Research, the potential for AI-driven innovations to generate $15.7 trillion economic value globally by 2030. Assisting in the creation of cutting-edge AI solutions, Indian government’s decision to establish COEs for AI in top educational institutions will help to build an ecosystem for the development of qualified AI human resources. This will significantly advance the goal of utilizing Artificial Intelligence in India and maximizing the Indian economy’s potential.
