India has given the go-ahead to a $1.25 billion investment in artificial intelligence projects, as New Delhi bids to keep pace with its Asian rivals in the cutting-edge tech sector.
The 103 billion rupee commitment was approved on Thursday with the cash targeted at developing computing infrastructure and the development of large language models, the government said.
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The money will also be used for funding AI startups, as well as developing AI applications for the public sector, New Delhi said in a statement.
India’s artificial intelligence market is projected to touch $17 billion by 2027, growing at an annualised rate of 25%-35% between 2024 and 2027, according to IT industry body Nasscom.
- Reuters with additional editing by Sean O’Meara
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