“Just like the semiconductor model and framework we will be funding and supporting startups leveraging AI”: MoS Chandrasekhar
FinTech BizNews Service
Mumbai, December 16, 2023: Union Minister of State for Skill Development &
Entrepreneurship, Electronics & IT and Jal Shakti Rajeev Chandrasekhar
participated in a fireside chat organized by MoneyControl in Bengaluru today,
sharing insights on Artificial Intelligence (AI) and its potential impact on India. He
highlighted that AI can Propel India’s digital economy, fostering growth in sectors
such as healthcare, agriculture, and governance. He emphasized the positive
influence AI could have on startups, expanding their opportunities and contributing to
India’s overall development.
Rajeev Chandrasekhar said, “We see AI as a significant bolt to the already galloping
Indian digital economy, acting as a kinetic enabler. To enable the AI ecosystem, we
have put together an overall framework that talks about AI compute capacity. The
Government will deploy financial resources for building foundational models, Large
Language Models (LLMs), and various use cases. Similar to the semiconductor model,
we will fund startups as well. We maintain a clear focus on building an academic,
industry, and startup research ecosystem, which we refer to as the Innovation and
Research Center. There are many adjacent areas as well, including AI chips, where we
will have an intersection between the semiconductor program and the India AI mission.
AI compute will have two segments: one led by the private sector, similar to the design
of the semiconductor ecosystem with incentivized investments. The other segment
involves indigenously developed public sector capacity for AI emerging from C-DAC,
which will be available to the Indian ecosystem.”
The Minister highlighted the challenge of the chip shortage, noting that it is expected to
resolve relatively quickly. He emphasized the need for India to shift its focus towards
nurturing AI talent, anticipating a growing ecosystem in the future.
