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Why Union Budget 2021 Should Focus on Technology, Automation, And Artificial Intelligence?

Why Union Budget 2021 Should Focus on Technology, Automation, And Artificial Intelligence (1)
Image Source - Google | Image by livemint

“During the coming fiscal 2021-22, we will be launching data analytics, artificial intelligence, and machine learning driven MCA21 Version 3.0. This Version 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management,” said Nirmala Sitharaman, Finance Minister.

The Covid-19 pandemic has forced the industries to rethink new and innovative ways of working in industries and corporate houses. India has to make its economic and technological strategies to accomplish India’s Atmanirbhar Bharat Abhiyan. In October 2020 Prime Minister Narendra Modi inaugurated the summit- Raise 2020: Responsible AI for Social Empowerment 2020. The government has launched National Artificial Intelligence Portal as a one stop digital platform for collaboration and knowledge in the field if artificial intelligence.

“India’s digitization efforts driven by Prime Minister Narendra Modi through AADHAR, GST, and National Digital Health Mission have created an opportunity for Artificial Intelligence to be leveraged to increase transparency and improve governance outcomes while safeguarding personal data and privacy.” said Amitabh Kant, Niti Aayog CEO.

As per the study, by 2030 the jobs will be developing in the field of technology, automation, artificial intelligence may grow to 20-50 million globally. The industrial experts believe that the Budget 2021 should focus on the productivity of technology, automation, and artificial intelligence to make India Atmanirbhar.

“Reduction of customs duty/IGST and providing tax breaks/incentives to robotics adopters can boost demand,” said Hi-Tech Robotics Systemz founder & CEO Anuj Kapuria.  Hi-Tech Robotics Systemz is among the first companies in artificial intelligence in the country.

“For accelerating technology and R&D, setting up of robotics centres of excellence, incubation centres, continued research grants for robotics R&D and continuation of income tax deduction will be the key drivers,” he said.

This would accelerate robotics and automation in manufacturing and warehousing and special focus should be given to warehouse automation to increase customer traction.

“These would boost the confidence of technology-driven industry players and strengthen the government’s Make in India for Global and Atmanirbhar Bharat vision, besides making a remarkable contribution to employment generation and will make Indian industry more efficient and surpass the global standard,” Kapuria said.

Reference:

https://www.livemint.com/budget/expectations/why-budget-2021-should-focus-on-ai-technology-robotics-11612100783264.html

https://yourstory.com/2021/02/budget-2021-artificial-intelligence-being-used-track-gst-tax

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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