Sitharaman announced the construction of a new centre of excellence in AI space, with a capital outlay of Rs 500 crore in the Union Budget for 2025
New Delhi: Union finance Minister Nirmala Sitharaman on Saturday unveiled new and emerging technologies in its eighteenth Cabinet’s plans for funding the integration of artificial intelligence or AI in various fields. She also announced the construction of a new centre of excellence in AI space, with a capital outlay of Rs 500 crore in the Union Budget for 2025. Besides, the finance minister also said that allocations for all schemes related to AI have seen significant increases since the previous Union Budget.
“The government has announced a national framework for Global Capability Centres (GCCs), Rs 500-crore Centre of Excellence in AI for education, and a deep tech ‘Fund of Funds’ will be explored to catalyse the next generation start-ups. A new fund of funds, with expanded scope and a fresh contribution of additional Rs 10,000 crore is also on anvil,” Sitharaman said, while presenting her Budget in Parliament.
As per the plan, a national framework will be formulated as guidance to states for promoting global capability centres in emerging tier-2 cities and it will suggest measures for enhancing availability of talent and infrastructure, building bye-law reforms, and mechanisms for collaboration with industry. “I had earlier announced three centres of excellence in artificial intelligence for agriculture, health, and sustainable cities in 2023. Now a centre of excellence in AI for education will be set up with a total outlay of Rs 500 crore,” Sitharaman said.
Besides, there is good news for startups as a new ‘Fund of Funds’ with expanded scope and a fresh contribution of additional Rs 10,000 crore will be set up. “The alternate investment funds (AIFs) for start-ups have received commitments of more than Rs 91,000 crore. These are supported by the fund of funds set up with a government contribution of Rs 10,000 crore. Now, a new fund of funds, with expanded scope and a fresh contribution of another Rs 10,000 crore will be set up,” she said.
