This Week’s Top Stories about Industrial Tech And Digitalisation in India
Technology has transformed India to leap globally, offering a unique success story. One of the defining characteristics of the government’s strategy for developing India is industrial digitalisation. The government has already made significant announcements for the industry to foster industrial tech growth and increase labour productivity. The 2023 Budget’s initiatives to advance digitisation in India have been welcomed by many in the business, as it has raised enormous expectations among industry stakeholders.
Budget 2023 Boosts Indian Tech Industry Growth
On February 1, 2023, Finance Minister Nirmala Sitharaman delivered her fifth consecutively delivered budget. People and business experts claim that the Union Budget 2023–24 is a growth-oriented and inclusive budget that establishes a solid platform and fosters India’s industrial digitisation.
She started by saying that the administration views the following 25 years as “Amrit Kaal,” commemorating India’s independence’s 100th anniversary. In this budget, the government’s goal is to create a knowledge-driven and technology-driven economy. The budget reflected the FM’s remarks and strategies to reach this goal. It highlights skill development, employment creation, and the improvement of the macroeconomy.
In her Budget 2023–24 speech, the Finance Minister announced that the Centre would introduce the Pradhan Mantri Kaushal Vikas Yojana 4.0 which will provide cutting-edge courses related to Industry 4.0, including coding, AI, robotics, mechatronics, IoT, 3D printing, drones, and other soft skills.
The possibility of improving such advanced technical abilities among those working for companies and automation sector players will greatly increase the digitalisation of the industry. Additionally, establishing three CoEs for artificial intelligence will support the government’s ambitious goal to “Make AI in India” & “Make AI Work for India.” The government’s plans to use 5G technology in telecom, develop a National Data Governance Policy, set up Central Data Processing Centers, and establish innovation hubs for the pharmaceutical and medical device industries will likely have a significant impact.
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