Value of the IndiaAI mission will be doubled to ₹20,000 crore: Rajeev Chandrasekhar

The value of the IndiaAI mission will be doubled to ₹20,000 crore from ₹10,000 crore announced in March, a senior minister has said.

The Cabinet on March 7 had approved the comprehensive national-level IndiaAI mission with a budget outlay of ₹10,371.92 crore, to establish a comprehensive ecosystem catalysing AI innovation through strategic programmes and partnerships across the public and private sectors.

Speaking at “Vishesh Sampark Abhiyan” on Monday Minister of State for Electronics and IT, Rajeev Chandrasekhar said: “The Prime Minister has already approved ₹1 lakh crore as seed fund, which will be invested in research and development for fuel innovation and IndiaAI mission with a total value of ₹20,000 crore.”

• Also read: Cabinet approves ₹10,372 crore for IndiaAI mission

Digital economy

“One of the big things that he has done is to take these young Indians and make them globally competitive and become globally talented entrepreneurs that the world today respects,” he said at the outreach programme organised by Union minister Hardeep Singh Puri’s official residence. The event was attended by leaders of about 300 ITs, start-ups and the technology industry.

Chandrasekhar also said that India’s digital economy is growing at 2.8 per cent per annum and is expected to reach one trillion by 2027-28, adding, “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.”

Meanwhile, mobile phone makers industry also requested the government to make things simpler, especially as India’s manufacturing economy pivots to being export-led.

• Also read: Cabinet decisions: IndiaAI Mission to strengthen the AI innovation ecosystem

“Unpredictability in ease of doing business arising out of some actions of enforcement agencies needs to be checked. We need to build an environment of trust between enforcement agencies and the industry,” Pankaj Mohindroo, Chairman, India Cellular and Electronics Association (ICEA) said.

He said mobile phone manufacturing in value terms has jumped 21-fold to ₹4.1 lakh crore in India in the last 10 years with government policy push but actions of enforcement agencies are bringing unpredictability which needs to be checked.

Mohindroo added that barring a few issues like cost of capital, growth in the mobile industry has been unprecedented in the last 10 years and more investors are coming in with in-time push given by the government through various schemes.

Meanwhile, when asked about Mohindroo’s remarks, Chandrasekhar said that there is a general request from the manufacturing industry to make things simpler. “They want things to become simpler and that is something that the Prime Minister has committed to,” he added.