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Governments are serious about investing in AI to boost businesses

Governments are serious about investing in AI to boost businesses
Governments are serious about investing in AI to boost businesses

The Australian, Indian, and American governments are among the most serious about boosting businesses using artificial intelligence to propel their economy to new levels. 

For some governments, it’s about investing in research; for others, in startups, while some use it in combination. One thing is clear: any government must take serious steps to invest in job creation through AI instead of stagnating. 

Australia investing in AI

According to the Australian government’s department of industry, science and resources, artificial intelligence holds the key to endless opportunities to “grow the economy, create jobs and improve lives.”

As part of the 2023/2024 budget, the Albanese government allocated over $100 million to support businesses integrating quantum and artificial intelligence technology into their operations. It also allocated $41.2 million to support the “responsible deployment of AI in the national economy.” A quarter of this fund will strictly go to create tech-related jobs by 2030.

The government’s investment could “help small businesses better understand their customers,” among other things. It also wants AI to transform “local manufacturing to be more competitive.”

India boosting support for AI

US$7.8 billion is how much India’s AI market is projected to reach by 2025 at a compound annual growth rate of 20.2%.

This year, the government has already invested in initiatives to promote AI in the country. According to the AI Accelerator Institute, a set of artificial intelligence and machine learning regulations are being drafted. The Bureau of Indian Standards is developing these regulations to guide businesses using AI. 

India has even revised taxation structures that will benefit various small businesses. Companies investing more than US$140,000 over three years will enjoy tax breaks.

India’s The National News reports that AI is transforming the country’s economy and how companies do business. 

With a population of more than 1.4 billion, India could surpass China, the largest populated country in the world, in the following months. Analysts predict AI will add up to $500 billion to India’s gross domestic product by 2025. They hope AI will increase productivity and push more businesses to improve.

How serious is the US about AI?

The US government has pledged to invest $140 million to create seven artificial intelligence research hubs and to provide guidance to the use of AI.

In May, vice president Kamala Harris said on AI copyright infringement concerns: “As I shared with CEOs of companies at the forefront of American AI innovation, the private sector has an ethical, moral and legal responsibility to ensure the safety and security of their products. Every company must comply with existing laws to protect the American people.”

According to Crunchbase, more than 1 in 4 dollars invested in American startups in 2023, focused on artificial intelligence-related companies. It also found that the investment has more than doubled this year compared to 2022. Their data shows that from 2018 to 2022, AI startups attracted an average of 12% of total funding, less than half the current level.

About the author

Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.

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