NEW DELHI: Finance Minister Nirmala Sitharaman stated in her fifth budget statement on Wednesday that the government will build three centres of excellence to enhance Artificial Intelligence (AI) in India. The centres will be built in renowned Indian colleges to ensure that AI is created and applied in India.
“Three centres of excellence for Artificial Intelligence will be established in leading educational institutions to realise the objective of “Make AI in India and Make AI work for India,” Sitharaman said in her budget address.
She emphasised that prominent industry players will collaborate to perform multidisciplinary research, develop cutting-edge applications, and create scalable problem solutions in agriculture, health, and sustainable cities.
“This will catalyse a successful AI ecosystem and cultivate quality human resources in the industry,” she explained.
Policy on National Data Governance
A National Data Governance Policy will be released to encourage start-ups and academia to innovate and conduct research. According to Sitharaman, this will allow access to anonymised data.
Simplifying the Know Your Customer (KYC) procedure
The KYC procedure will be streamlined by using a ‘risk-based’ strategy rather than a ‘one size fits all’ approach. Financial industry regulators will also be pushed to develop a KYC system that is entirely compatible with Digital India’s requirements.
Identity and address update in one place
She also announced the creation of a one-stop solution for reconciling and updating the identity and address of individuals maintained by multiple government agencies, regulators, and regulated entities, based on the DigiLocker service and Aadhaar as the fundamental identification.
Business Identifier in Common
For businesses that are required to have a Permanent Account Number (PAN), the PAN will be utilised as the universal identity for all digital systems of selected government agencies, bringing ease of doing business and assisted by a legislative mandate.
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