India to soon provide incentives for startups & venture funds for AI research in key sectors - ETtech

The government will soon offer incentives to startups and venture funds that undertake application-oriented research on artificial intelligence across key sectors including banking, insurance, education, health, retail, and transportation. Financial allocation under the Atal Innovation Mission will be used to fund the programme on a nationwide scale and projects will be granted on the challenge mode, a senior government official told ET. The government is already providing support of up to Rs 10 crore to already established and upcoming new incubation centres depending on the set criteria laid under the Atal Innovation Mission, for which an allocation of Rs 500 crore was made in 2015-16. The original allocation under AIM for 2017-18 stood at Rs 112 crore, which has been revised to Rs 150 crore while Rs 200 crore has been allocated for 2018-19. "It has just been announced. Niti (Aayog) has been working on the subject for a while and will be coming out with a roadmap shortly," the official said requesting anonymity.