Budget boost to fill skill gap is a timely move

Setting up of 5G labs and centres of excellence for AI are likely to go a long way in fostering innovation in these advanced technologies

Skill gap in emerging technology areas that are seen in India is likely to get a respite with the budgetary focus on upskilling. Industry experts opine that focus on artificial intelligence and data governance will make the country industry - ready to cash in opportunities from new areas.

"The government has moved to link skilling initiatives to the demands of the industry, including areas such as AI, robotics and IoT. Incentivising industry to provide internships and the government providing part (or full) of the stipend and the industry providing training facilities and on-the-job training, can lead to acquiring practical knowledge and make the trainee job-ready," said Rishi Agarwal, head of Asia at consulting firm FSG.

Pronouncing the budgetary provisions, the Union Finance Minister Nirmala Sitharaman proposed the launch of phase 4 of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY 4.0) to skill and upgrade youngsters within three years.

"On-job training, industry partnership and alignment of courses with needs of industry will be emphasised. The scheme will also cover new-age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones and soft skills," she said adding that 30 Skill India International Centres will be set up across states to train youth and make them ready for international opportunities.

Similarly, setting up of 5G labs and centres of excellence for AI are likely to go a long way in fostering innovation in these advanced technologies. The budget has announced setting up three centres of excellence for artificial intelligence in top educational institutions and 100 labs in engineering institutions for developing applications using 5G.

"We appreciate the focus on solidifying the technology ecosystem in the country through a set of announcements including setting up of three AI centres of excellence and coming up with a national data governance policy, among others. This paves the way for enhancing the robust tech ecosystem in the country, fostering innovation, and entrepreneurship," said Ashish Saraf, Country Director, India-Thales.

The national data governance policy will boost data analytics-related areas.

"Its policy draft is a welcome step considering that unlocking data for India's growth will be crucial. With our expertise in the data domain, we are optimistic about staying ahead of market trends and customer needs in this segment," Peeyoosh Pandey, CEO Hoonartek said.