Budget Insights by Pankit Desai, CEO & Co-founder Sequretek

Pankit Desai, CEO & Co-founder Sequretek on AI in India and Data governance policy

1. AI Machine Learning (AI ML) is a big area and future of every single industry. The big challenge with AIML however is access to data, for you to be able to run algorithms and validate the outcomes, you need humongous amounts of data, be it in the medical field, cybersecurity, or banking.
For startups in this space, you do not have the wherewithal to get access to data. The ability to have access to anonymized data will be a phenomenal capability that really should help overall AIML research, outcomes, solutions, and companies, everything becomes significantly better. This is how some of our neighboring and developed economies have been able to do and having a formal policy in place now will ensure that you are not running afoul of data privacy norms.

2. We have a problem with talent. ML & data science is what you need even to understand AI and the traditional courses do not do justice to the requirements of the industry. We really hope that you with these institutions as incubators will not only give access to the right pool of talent but all have carried out research as part of the curriculum so that we get industry-ready talent.

3. Data governance policy – it is high time that we had it while the data privacy act is waiting for parliamentary approval, there is a need to have an overall Data Governance policy framework defining the do’s and don’ts of data consumption for research, education, and commercial needs. Again in the context of what is needed in the ML without a proper data governance policy it will be very difficult to create a viable business proposition. Just like we liberalized services export regime by SEZs and the telecom policy for communication, we see a proper data governance policy to be an enabler to mass utilization and consumption of AI in various fields.