NEW DELHI, 1 FEB

New and emerging technologies were in focus in the Union Budget, as Finance Minister Nirmala Sitharaman announced a national framework for Global Capability Centres (GCCs), Rs 500-crore Centre of Excellence in AI for education and said a deep tech Fund of Funds will be explored to catalyse the next generation startups.

A new Fund of Funds, with expanded scope and a fresh contribution of additional Rs 10,000 crore is also on anvil.

A national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging Tier-2 cities. This will suggest measures for enhancing availability of talent and infrastructure, building byelaw reforms, and mechanisms for collaboration with industry.

"I had announced three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023. Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore," Sitharaman said.

Startups have a reason for cheer also as a new Fund of Funds with expanded scope and a fresh contribution of additional Rs 10,000 crore will be set up.