“The new world order taking shape today backs the stand for an Aatmanirbhar Bharat, and the same can be sensed from the ‘Make in America’ call by the USA President Joe Biden.”
These were the words from PM Narendra Modi during the ‘Post-budget webinar on Technology Enabled Development’ on 2 March 2022.
To this end, considerable importance in the Budget 2022 has been given to the sunrise sectors including artificial intelligence, geospatial technology, drone, semiconductors, space tech, genomics, cleantech and 5G. Moreover, the budget even proposed thematic funds to promote these sunrise sectors.
Thematic funds are equity mutual funds that invest in stocks tied to a theme. These funds are more broad-based than sectoral funds, as they pick companies and sectors united by an idea. For instance, an infrastructure theme fund will invest in cement, power, steel, among other sectors.
PM Modi mentions how the budget lays out a clear roadmap to auction the 5G spectrum this year and took strong steps for design-led manufacturing in the 5G ecosystem. Also, the private sector needs to have detailed discussions and come out with suggestions with regards to numerous opportunities that can emerge with these provisions in the budget. They should come and move together with the government to realise technologies potential, says PM.
Data has emerged as the new oil and needs to be utilised in an efficient and effective manner to accelerate the digital economy engine. “There is an urgent need for a robust data security framework. Data governance is a must to realise the full potential of data and we need to set the norms and standards,” said PM Modi.
He further asks to give innovative suggestions, especially when it comes to the circular economy, e-waste management, and electric mobility solutions. Technology can boost the initiatives across housing, transportation, mobility, climate change and hence the government is stressing the need for valuable suggestions from all the stakeholders.
Source: indiaai.gov.in
