Government introduces national data governance policy for simplified KYC process: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said on Wednesday that the government will introduce a National Data Governance policy, which will simplify the KYC process while anonymizing personal data. Presenting the 2023-24 Union Budget, Sitharaman said three centers of excellence in artificial intelligence will be established at leading educational institutions.

The Government will also establish an Urban Infrastructure Development Fund on the basis of the Rural Infrastructure Development Fund managed by the NHB (National Housing Bank).

The finance minister also said that to enhance business facilitation, more than 39,000 compliance regulations have been cut and more than 3,400 legal regulations legalized.

In his speech on the Union Budget in the House of Commons, FM Nirmala Sitharaman announced seven priorities of the Budget. These seven priorities are inclusive development, reaching the bottom line, infrastructure and investment that unlocks potential, green growth, youth power, and the financial sector.

Some of the key highlights announced today include an agricultural accelerator fund to be established to help agribusiness startups in the country, and the government has announced raising its agricultural credit target to Rs. . 20 thousand billion.

The Secretary of State has also announced that Prime Minister Vishwa Karma Kaushal Samman will have a support package for artisans and traditional craftsmen. The government said it will improve the quality, scale and scale of products, thereby linking these entrepreneurs to the MSME value chain.