Govt To Double IndiaAI Mission’s Outlay To INR 20,000 Cr: MoS IT

SUMMARY

The Centre is “determined” to ensure that the Indian digital economy continues its current momentum and crosses the $1 Tn mark by 2027-28: MoS IT

In March this year, the Cabinet approved the IndiaAI Mission and allocated INR 10,372 Cr for the initiative

As per Inc42, India’s burgeoning GenAI market is poised to become a $17 Bn opportunity by 2030

Minister of State (MoS) for Electronics and Information Technology Rajeev Chandrasekhar has reportedly said that the Centre will double the outlay of the IndiaAI Mission to INR 20,000 Cr.

“The Prime Minister has already approved INR 1 Lakh Cr as seed fund, which will be invested in research and development for fuel innovation and IndiaAI mission with a total value of INR 20,000 Cr,” Chandrasekhar said as per The Hindu Businessline.

In March this year, the Cabinet approved the IndiaAI Mission and allocated INR 10,372 Cr for the initiative for the next five years. The mission has been envisaged to establish a pan-India comprehensive AI ecosystem to foster innovation, spur public-private partnerships and facilitate funding for emerging AI startups.

Speaking at “Vishesh Sampark Abhiyan”, the MoS said that the Union government was “determined” to ensure that the Indian digital economy continues its current momentum. He added that the homegrown digital economy was growing at 2.8% every year and is expected to cross the $1 Tn threshold by 2027-28.

“We are very determined to make sure that the momentum continues. The Indian innovation ecosystem continues to grow and will become one of the leading innovation ecosystems in the world,” Chandrasekhar added.

The move to shore up the outlay of the IndiaAI Mission comes at a time when the country is making rapid strides in the realm of AI. From startups to investors, a new breed of players is emerging and looking to capitalise on the growing adoption of GenAI across India.

Realising the importance of this space, the Centre launched the mission earlier this year to shore up India’s computer capacity, build an innovation centre and reskill local youth. On the policy front, the ministry recently said that the government plans to regulate the AI space in a way that does not deter innovation.

At the heart of all this is India’s burgeoning GenAI market, which is poised to become a $17 Bn opportunity by 2030.