Finance Minister observed that technologies like AI, IoT are re-writing the world economic orderHIGHLIGHTS
- Quantum technology is opening up new frontiers: Finance Minister
- An outlay of Rs 8,000 crore over a period of five years proposed
- Announcement will contribute towards creating digital infrastructure
The Budget proposal to provide an outlay of Rs. 8,000 crore for quantum computing may help make India the world’s third-biggest nation in the sector after the US and China, according to experts.
Presenting her second Union Budget on Saturday, Finance Minister Nirmala Sitharaman noted that quantum technology is opening up new frontiers in computing, communications, cyber-security with wide-spread applications.
She pointed out that a lot of commercial applications are expected to emerge from theoretical constructs developing in this area.
“It is proposed to provide an outlay of Rs. 8,000 crore over a period of five years for the National Mission on Quantum Technologies and Applications,” she said.
IT industry body Nasscom said that the announcements on quantum computing will contribute greatly towards creating the digital infrastructure for industry and government
“The budget also focused on the national mission for quantum computing and application, this will position India with globally elite countries. India would probably be the third biggest and a pioneering nation if we can break into this technology,” said Dharmender Kapoor, CEO & MD, Birlasoft, a software company.
“Strategic initiatives aimed at leveraging new-age technologies like the Internet-of-Things, machine learning, robotics, bioinformatics, quantum computing and artificial intelligence across sectors will further help in laying the foundation of a robust, digital economy,” said CP Gurnani, MD & CEO, Tech Mahindra.
The Finance Minister observed that technologies like AI, Internet-of-Things (IoT), 3D printing, drones, DNA data storage, quantum computing, etc., are re-writing the world economic order.
She noted that India has already embraced new paradigms such as the sharing economy with aggregator platforms, displacing conventional businesses.