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Tech sector cheers India's new budget; Budget to give boost to IT in-city

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Good morning, Here's your Monday edition of Asia AI News! Saturday was Union Budget day for the world
 
February 3 · Issue #177 · View online
Asia AI News
Good morning,
Here’s your Monday edition of Asia AI News!
Saturday was Union Budget day for the world’s fifth largest economy, with Indian Finance Minister Nirmala Sitharaman giving her second budget speech since her appointment. Among other things, she announced an outlay of Rs. 8000 crore ($1.2 billion) over the next five years for a national initiative to boost quantum computing, plus plans to leverage AI, data analytics, and IoT for digital governance.
If Prime Minister Modi’s goal remains to grow a $5 trillion economy by the year 2024 (from a current $2.8 trillion), then some bold moves will be required. Since Sitharaman’s budget speech was less than 48 hours ago, we can expect plenty more commentary and analysis on the government’s plans to boost AI, IoT and quantum this week!
Meanwhile, with more than two-thirds of China’s economy effectively closed as a result of the rapidly spreading coronavirus, economists all over the world are watching the situation closely. IMF Managing Director Kristalina Georgieva said on Friday that the outbreak is expected to slow global economic growth, at least in the short term.
China has said that it will pump 150 billion yuan ($22b) into its economy on Monday to help protect it from the impact of the coronavirus. However, the outbreak is bound to create instability in markets and disrupt venture capital funding during the next few weeks.
Have a great week ahead!
/Carrington

India Union Budget 2020
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