On July 23 Finance Minister Nirmala Sitharaman will present the complete budget for the current financial year.
Veerasundar V, Chief Financial Officer, Simplilearn said, ‘Our expectations from the budget 2024-2025 is to give significance to enhance digital infrastructure and integrating AI into education. Developing digital learning centres in underserved areas will help bridge the access gap.
He further added that the government can reconsider the 18% GST on educational products which will ease the burden on middle-class families. Moreover, subsidies and tax breaks for tablets and laptops will make them more affordable, creating a more inclusive and technologically advanced education system nationwide.
Many studies suggest AI could add up to $957 billion to India’s economy over the next decade. Pratap Daruka, Chief Financial Officer at Tredence said, ‘The Indian government’s initiatives in the last budget, including setting up Centers of Excellence for AI, the Data Governance Policy, and various initiatives to promote AI, underscore its commitment to this sector’.
He further added, ‘However, India’s share of global AI investment is only 2.5%’.
Daruka said that to completely capitalise on AI’s potential for economic growth and set India as a global AI hub, the government should recognise AI and analytics as a separate industry and increase investments.
‘This includes R&D grants and tax credits to incentivise companies to develop cutting-edge solutions. AI can impact employment by creating millions of new jobs and transforming existing roles. Achieving this requires a collective effort from the government, universities, and corporates to drive talent transformation and skill development. We cannot be dependent on traditional methods; this demands a dedicated task force and appropriate budget allocation for faster execution’, added Daruka.
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