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Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society. The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation. The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. "The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release. The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility. AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices. In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes. ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

India's government <keyword id="21309215" type="General" weightage="20" keywordseo="healthcare-spending" source="keywords">healthcare spending</keyword> appears to be on the rise, but a closer look reveals a concerning trend. While the headline figures might suggest an increase, the reality is a steady decline in health expenditure as a proportion of both the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> and GDP over the past five years (2018-19 to 2023-24). This decline is even starker when adjusted for inflation. In real terms, spending has barely kept pace since 2019-20. As a percentage of the total budget, health spending has shrunk from 2.4% in 2018-19 to just 1.9% in 2023-24. Similarly, the share of GDP allocated to health has fallen from 0.30% to 0.28%, as per a report from the Times of India. <h2>Growing expectations ahead of <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword></h2>As the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> prepares to present the full budget for the current fiscal on July 23, the expectations from the health sector has only been growing. “The Union Budget 2024-25 is a pivotal moment for India's healthcare sector. Building on the ₹64,180 crores allocated in 2023-24 under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, we need enhanced tax incentives and financial support for healthcare startups to catalyze innovation. Significant investments in <keyword id="21226679" type="General" weightage="20" keywordseo="digital-health-infrastructure" source="keywords">digital health infrastructure</keyword>, particularly AI, will improve patient outcomes and operational efficiency,” says Dr Sravani Reddy G, Founder &amp; CEO, Soprav Healthcare Consulting. “Strengthening public-private partnerships will improve healthcare accessibility and quality, leveraging private sector efficiency. Additionally, focused efforts on affordability and access, such as reducing out-of-pocket expenses and improving insurance coverage, are vital for a more equitable healthcare system.” “The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research &amp; development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all,” hopes Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru. <div type="Article" hostid="261" msid="111730426" title="Pan-India rollout of U-WIN to track routine immunisations likely by Aug end" mstype="2" mssubtype="0"></div> <h2>Health tax not helping enough </h2>This situation is further complicated by the introduction of the <keyword id="22446013" type="General" weightage="20" keywordseo="health-cess" source="keywords">health cess</keyword> in 2018. This tax levy was intended to boost government spending on healthcare, particularly for the underprivileged. However, the collected funds seem to be merely filling the gap created by cuts to regular budgetary allocations for health. In 2022-23, over Rs 18,300 crore of the central government's health spending came from the health cess. Excluding this amount, the actual budgetary allocation for health stands at a concerning Rs 59,840 crore. This is lower than the pre-pandemic level of Rs 66,042 crore allocated in 2019-20, even without adjusting for inflation. <h2>Where's the money going?</h2>The intended purpose of the health cess seems to be falling short. In 2018, health spending accounted for 2.4% of the government's total expenditure. If this ratio had remained constant in 2023-24, the health budget should have been over Rs 1.07 lakh crore. Instead, the revised expenditure, including the health cess, stands at just Rs 83,400 crore. Even the additional allocations for the COVID-19 pandemic (Rs 10,655 crore and Rs 15,955 crore in 2020-21 and 2021-22 respectively) cannot mask the overall decline. When combined with the regular health budget (excluding health cess), the total spending in these years still falls short of what it would have been if the 2.4% share of 2018-19 had been maintained. <h2>More for alternative medicine</h2>While the share allocated to Ayush (Ayurveda, Yoga &amp; Naturopathy, Unani, Siddha and Homeopathy) has seen a significant increase, spending on crucial areas like health research has seen only marginal growth. Additionally, a major portion of research funding goes to the Indian Council of Medical Research, with only a temporary increase during the peak of the pandemic response. The most concerning decrease is in the allocation for health and family welfare, encompassing national programs, the National Health Mission, and health system strengthening. This critical area has seen a substantial decline in its share of both GDP and total budget expenditure, falling from a peak of over 2% in 2017-18 to a mere 1.7% in 2023-24. Excluding the health cess, this figure drops even further to 1.5%. <h2>What this means</h2>This decline in government health spending raises serious concerns about India's commitment to public healthcare, particularly for its most vulnerable populations. Increased investment in health is crucial for a growing nation like India, and a reversal of this downward trend is essential to ensure accessible and quality healthcare for all. The 2024 Interim Health Budget saw a boost in total healthcare expenditure from Rs. 79,221 crore to Rs. 90,171 crore. Experts have opined that The healthcare budget should encompass at least 2.5% of the total budget. But it remains to be seen how the exact picture will turn out to be on July 23. “The 2024-25 budget presents an opportunity to build on past successes while addressing shortcomings, ensuring that India's healthcare system remains resilient, innovative, and patient-centric. This budget can pave the way for a healthier, more equitable future for all," concludes Dr Reddy. (With inputs from TOI) <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

Tech giant <keyword id="19910716" type="General" weightage="20" keywordseo="IBM" source="keywords" meta.keywordsubtype="org" meta.entityname="IBM" meta.hostid="153" meta.entityid="IBM">IBM</keyword> on Monday announced the launch of its <keyword id="22332400" type="General" weightage="100" keywordseo="GenAI-Innovation-Center" source="keywords">GenAI Innovation Center</keyword> in <keyword id="19900813" type="General" weightage="20" keywordseo="Kochi" source="keywords">Kochi</keyword> which, it said, will enable enterprises, <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>, and partners to explore and build generative <keyword id="20125652" type="General" weightage="20" keywordseo="AI-technology" source="keywords">AI technology</keyword>. The centre will accelerate AI innovation, boost productivity and strengthen GenAI expertise in India, the company said in a release. "As organisations transition from AI experimentation to deployment for adding business value, they often find AI projects too complex or difficult to integrate due to limited skills or expertise," it said. According to the release, the centre would provide organisations with access to IBM experts and technologies geared to help build, scale and accelerate adoption of enterprise-grade AI. The centre is built on InstructLab, a new technology jointly developed by IBM and <keyword id="20245485" type="General" weightage="20" keywordseo="Red-Hat" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Hat" meta.hostid="153" meta.entityid="Red Hat">Red Hat</keyword> for enhancing Large Language Models (LLMs) with a client's own data, and will also take advantage of IBM '<keyword id="20249092" type="General" weightage="20" keywordseo="Watsonx" source="keywords">watsonx</keyword>' AI and data platform and AI assistant technologies. The GenAI Innovation Center will be a part of the IBM India Software Lab in Kochi, and be managed by IBM's technical experts. "With access to the latest in generative AI technology, LLMs, case studies, and IBM experts, the centre will nurture a community focused on harnessing the power of generative AI to address societal and business challenges ranging from sustainability, public infrastructure, healthcare education, and inclusion," IBM said.

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AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

ANI

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

Ashmita Gupta

Startups demand angel tax elimination, incentives on investments in upcoming budget

ANI

IBM to launch GenAI Innovation Center in Kochi

PTI

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