Budget Should Spur Artificial Intelligence Use In Economy: IT Sector

Bengaluru: With disruptive technologies like Artificial Intelligence (AI) driving businesses, the IT sector wants the Union Budget for fiscal 2020-21 to ensure greater use of these to spur a sluggish economy among other measures for the sector, industry experts said on Friday. "The budget should announce a fund like Singapore's Temasek that will invest only in early-stage Indian AI start-ups and lower long-term capital gain's tax for investing in AI-based firms," digital intelligence firm Germin8 founder chief executive Ranjit Nair told IANS. With the US and China racing ahead of India in AI research, AI entrepreneurship and government investment in AI, he said the budget should make it easier for start-ups to access capital, as they face an uphill task in early-stage funding. "The government bring policies that encourage AI companies. Ease of doing business means less bureaucracy so that entrepreneurs can build solutions without distractions," he said.