FameEX Hot Topics | India Pledges $1.25 Billion for Advancing Artificial Intelligence Growth

India's "IndiaAI Mission" endeavors to democratize access to computing power, aiming to invigorate nationwide artificial intelligence (AI) development. With a preliminary budget of 1,030 billion rupees (approximately $1.24 billion) approved by the Federal Cabinet, the initiative seeks to nurture AI startups and foster innovation over the next five years.

Led by Union Minister Piyush Goyal, the mission aims to provide accessible computing resources to innovators, startups, students, and educational institutions nationwide—an essential step in advancing AI development and implementation. The mission, designed around public-private collaboration, aims to systematically cultivate India's AI innovation ecosystem. The IndiaAI Mission comprises seven key components, including democratizing computing power and developing local large-scale multi-modal models (LMMs), facilitating access to high-quality non-personal datasets, and fostering AI application development. It also includes establishing AI education programs, providing financial support for deep-technology AI startups, and implementing safeguards to ensure secure AI advancement.

As part of the initiative, an artificial intelligence computing infrastructure comprising 10,000 or more graphics processors (GPUs) will be deployed to provide essential resources to AI startups established through public-private partnerships. Additionally, emphasis is placed on promoting AI education and ensuring the secure progression of AI.

Indian Minister Ashwini Vaishnaw announced the launch of the IndiaAI Mission, highlighting its importance in propelling India's AI landscape forward. Prime Minister Narendra Modi lauded the Cabinet's approval, emphasizing its role in empowering AI startups and expanding computing infrastructure to position India as a global AI innovation hub.

Acknowledging AI's potential to drive economic growth and create high-skilled job opportunities, the Indian government remains committed to fostering AI development. However, amid this push for AI advancement, the government issued a directive on March 1, mandating technology companies to seek approval before releasing new AI tools. The move aims to ensure regulatory oversight and prevent misuse, particularly concerning electoral integrity, with general elections anticipated in summer 2024.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.