Startup

Govt allocates Rs 3,073 Cr to boost startups in AI, blockchain and other sectors

Startup
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For strengthening the Digital India initiative, the government has doubled the fund allocation in 2018 budget to Rs 3,073 crore for the next financial year. The programme has raised 1,425.63 crores during the last FY-17.

The funds will enable many startups to boost their businesses, potentially translating into benefits for Indian consumers.

The proceeds will also help startups as well as government in harnessing the potential of emerging technologies such as Artificial Intelligence, blockchain, Machine Learning, and robotic automation.

Startups in the aforementioned space are likely to help India across various sectors such as healthcare, defence, cyber security in various ways.

The government is boosting digital payments and e-governance services by the use of such emerging technologies.

The government is also expecting sectors like education to get benefited with use of emerging technologies. It’s also offering to increase the digital intensity in education which will move gradually from blackboard to digital board and will also upgrade the skills of teachers as well.

For the cause, the government has directed NITI Aayog to float a national programme on artificial intelligence and conduct research on usability of the technology across various areas.

Also Read: NITI Aayog to float national programme on Artificial Intelligence

Artificial Intelligence can reduce these costs just to a fraction through automation. This automation is what will drive the future, and it is high time that every e-commerce company in India opens up to it.

Artificial Intelligence can be used by the government in the implementation of government schemes, capturing records of citizen data to deliver healthcare, education and food distribution services.

Startup experts have welcomed the government’s move to enhance the ecosystem and appreciated decision emphasizing on new technologies like AI and ML.

The development was first reported by TOI.

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