By Kunal Sarkar, Vice President, PredictiVu
“ The start-up ecosystem witnessed good growth over the past year. The acceleration towards deep-tech involves Artificial Intelligence, Machine Learning, Data Analytics and is expected to grow steadily aiding in transforming core areas with speed and scale. New-age companies leveraging data should be given a stimulus to enable India’s transformation into a data-driven economy that further helps the country to achieve its ambitious target of a US$1 trillion digital economy by 2025.
In Union Budget 2022, we expect the Government to provide provisions that will strengthen the start-up ecosystem and encourage an entrepreneurial culture in the country. We also expect lowering of the compliance burden, improving access to capital, fostering better internet connectivity infrastructure, and facilitating mass data literacy programs to accelerate the digitalization of the nation. With the advent of such huge data which may include sensitive data as well, policies should be developed around data security and governance backed by incentives that encourage Indian investors to back home-grown advanced startups. Implementing these measures can reinforce India’s positioning as a global hub for AI empowering Indian companies, the outlook needs due diligence to promote local innovations under the ‘Make in India’ initiative”.