Jaitley pushes for future tech like AI and Blockchain but strikes a blow on cryptocurrency

The Union 2018 Budget delivered by Finance Minister Arun Jaitley, made a visible push towards farmer welfare and betterment of the rural population. Besides this, the budget also saw the government introducing the National Health Protection Scheme (NHPS), which is being dubbed as the world’s largest government funded health protection scheme.

Even though the tilt of budget seemed to be towards the grassroots, future tech like Artificial Intelligence and Blockchain did find mention in Jaitey’s speech, with respect to the digital economy.

Jaitley acknowledged that the global economy was being transformed into a digital technology due to the development of cutting edge technology like Artificial Intelligence, machine learning, internet of things (IOT) to name a few. After asserting that his government was establishing India as a digital society via schemes like Digital India, start-up India, Jaitley claimed that NITI Aayog would initiate a national program for directing the government’s efforts into Artificial Intelligence. This includes research and development of AI based applications.

- Advertisement - - Article resumes -

Apart from this, other announcements in this area include:

  • Doubling the allocation for Digital India to Rs 3073 in 2018-19.
  • Launching mission on Cyber Physical Systems to invest in research, skill development in robotics, artificial intelligence, digital manufacturing, big data analysis, quantum communication and internet of things.
  • Setting up of an indigenous 5G Test Bed at IIT Chennai for harnessing the benefits of the 5th Generation technologies.
  • Exploring the use of Blockchain technology and its implementation in the digital economy.

Even though the above steps are commendable, Arun Jaitley did dampen the spirits of tech enthusiasts by outright proclaiming that his government does not consider crypto-currencies as legal tender and would do whatever it can to eliminate the use of crypto-assets as part of the payment system or in financing “illegitimate activities”.

Government’s assertion that it wishes to eliminate cryptocurrency from the payment system, might signal that the future is bleak for the development of this alternate but fast picking medium of exchange in India. It also remains to be seen how the government proceeds to define “illegitimate activities” to crack down on cryptocurrencies and what it proceeds to do with the cryptocurrency which is already being held by Indian citizens.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel
Prakash Raj was welcomed with pro-Modi slogans in Bengaluru

Actor-turned-politician Prakash Raj greeted with pro-Modi slogans as he went to file his nomination

Prakash Raj seemed visibly miffed with a large number of Modi supporters welcoming him with pro-Modi slogans in Bengaluru
Rahul Gandhi

Staring at an imminent defeat in Amethi, Congress on the scout to secure a safe seat for Rahul Gandhi

The Congress units of southern states have been feverishly imploring Rahul Gandhi to fight from any constituencies in southern states, apart from Amethi in Uttar Pradesh .

AAP propagandist tweets false claim about Adani Group, deletes due to fear of defamation

Earlier Delhi's Education Minister Manish Sisodia had also tweeted false claim about Adani Group

Gujarat Congress nominates 17 candidates for Jamnagar Lok Sabha seats, Hardik Patel does not make the cut

Hardik Patel had earlier expressed his desire to fight from the Jamnagar Lok Sabha constituency

How Caravan and Congress’ attempts to create ‘bribegate’ before 2019 election fell flat

The 'bribegate' that Congress and The Caravan tried to cried falls flat on its face on several counts. 
Congress' official twitter handle tweets the wrong date of Shahidi Diwas

Congress commemorates Bhagat Singh, Rajguru and Sukhdev, with the wrong date of their martyrdom

The official Twitter handle of Congress probably realised their goof up and promptly deleted the Tweet with the wrong date.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

‘What is your source of income?’ Union Minister Ravi Shankar Prasad targets Rahul Gandhi over his assets

Union Minister Ravi Shankar Prasad addressed a press conference today and raised questions about Rahul Gandhi's source of income. In a recent report, OpIndia.com had raised many of the same questions raised by Prasad.

Latest articles

Connect with us

148,635FansLike
120,393FollowersFollow
31,266SubscribersSubscribe

Don't miss these


Share This Post and Support: