BUDGET 2023: Positive outlook, focused approach

The government has set the ball rolling for creating a technology-economy with provisions in the budget and knowledge-focused supporting the intent

- RAJESH SINHA

At the onset of the Budget 2023 speech, Finance Minister Nirmala Sitharaman mentioned that India remains one of the world's fastest-growing economies, despite global headwinds. "In our 75th year of independence, the world has recognised the Indian economy as a bright star," she stated. The budget that followed contained several provisions that aim to capitalise on this buoyant state of affairs and unlock the tremendous potential of enterprises and talent in India.

One aspect that particularly came across in the budget announcements was the government's commitment to building a technology- and knowledge-focused economy, which will be a key driver in the country's growth story in the years ahead. Let us examine a few budget provisions that stood out, in terms of their overall implications for the economy in India, as well as for the technology and digital-focused sectors.

BETTING BIG ON ARTIFICIAL INTELLIGENCE

The budget laid a special emphasis on Al, in line with the government's vision to 'Make Al in India' and 'Make All Work in India. The Minister announced the setting up of three Centers of Excellence for Al in premier educational institutions. Al is going to be a critical technology for India's digital transformation journey in the years ahead, so this is a welcome move that is bound to stimulate further innovation and growth in this area.