The Union Budget 2020 will be reported by the Central Government on 1 February 2020. While a few expectations are being communicated by industry pioneers, experts as well as students, what the government really thinks about must be resolved one week from now when the budget is given. In the meanwhile, business expectations on the Union Budget 2020 keep on pouring in.
The Union Budget 2019 of India had claimed Artificial Intelligence to be high on the agenda in the digital segment of the Budget. This declaration was huge given that China has been consistently building an ecosystem to fuel its aspiration to turn into a world leader in AI by 2030.
As indicated by most industry leaders, what India needs is a move and allocation of assets to fill this critical gap and set the groundwork across different businesses. Along these lines, this time the business is expecting that the finance minister will announce satisfactory assets on reskilling, education, ed-tech to enable the youthful population to have occupations that will be made with tech disruption and move away from ones which may soon become out of date.
The government can report AI grand challenges that are available to teams from the scholarly world and industry that include takes care of a significant issue for India. The government’s job right now is to give a crisp problem definition, give access to the data and obviously give a decent cash prize. Such AI grand challenges will bring about significant issues getting tackled, new companies and occupations, and catch the country’s creative mind and be a driving force to the field of AI.
An up skilling fund is the need of the hour today to fight the skills gap made in India by emerging technologies, for example, AI/machine learning. Each business should be ordered to give a learning budget to help their employees consistently up skill and this consumption ought to be repaid to the business through the up skilling fund dispensed as a tax rebate. A corporate commitment towards upskilling boosted by the government will guarantee that HR in the nation are skilled in developing innovations/hot skill areas while energising the workforce and killing all feelings of trepidation for the future.
For India to have a $5 trillion economy, the young have a key role to carry out in empowering this objective. The advantage of the youth dividend should be channelized and empowered to make the nation famous. Quality education is significant, particularly in the rising fields, for example, artificial intelligence, big data, virtual reality and machine learning separated from the management and services in established segments.