The budget aims to create a favourable environment for equitable and sustainable growth

By OEM Update Editorial March 1, 2023 6:27 pm IST

The creation of 3 CoEs for Artificial Intelligence will boost the futuristic vision of the government to ‘Make Artificial Intelligence in India & Make AI Work for India’ along with sustainability.
Budget to energise the economic engine of the country
We express our appreciation for the proposed Union Budget for FY 23-24 by Finance Minister, Smt. Nirmala Sitharaman. It is gratifying to observe that the government remains committed to establishing a favourable atmosphere that will result in comprehensive, equitable, and sustainable growth for individuals and businesses by making prudent use of various fiscal measures available in the budget.
The government’s emphasis on critical areas such as education, healthcare, infrastructure, defence, and industries (particularly MSMEs and startups) will invigorate the entire economic machinery of the country. Additionally, the government is making a deliberate effort to integrate low-carbon, green growth strategies across all sectors of the economy. This will create modern, green jobs for many young people.
Enhancing skilling in India

Technology-driven growth
Furthermore, the government’s initiative to establish 3 Centers of Excellence for Artificial Intelligence will enhance the government’s futuristic vision of “Make AI in India & Make AI Work for India.” The government’s plans to harness 5G technology in the telecommunications industry, implement a National Data Governance Policy, establish Central Data Processing Centers, and create innovation centers for the Pharma and Medical Devices sectors will also have a significant impact.
Eliminating customs duties on capital goods and equipment required for producing such assembly lines is a commendable measure. It will further strengthen the country’s thriving Electric Vehicle (EV) ecosystem and increase the cost-effectiveness of locally produced advanced chemistry battery cells. As most EV costs are due to the batteries, this will make domestically produced EVs more affordable for end-users. These initiatives hold tremendous potential to drive technology-driven industrial growth in the country in the coming years.