Key Initiatives under Unleashing the potential:
Centres of Excellence for Artificial Intelligence:
- Three centers of excellence for Artificial Intelligence will be set up in top educational institutions.
- It will be set up to realize the vision of ‘make AI in India and make AI work for India'.
- Leading industry players will partner in conducting inter-disciplinary research and develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities,”.
Simplification of Know Your Customer (KYC) process:
- The KYC process will be simplified by adopting a ‘risk-based’ instead of a ‘one size fits all’
- The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India.
- What is KYC?
- KYC is an effective way for an institution to confirm and thereby verify the authenticity of a customer.
- All financial institutions are mandated by the RBI to do the KYC process for all customers before giving them the right to carry out any financial transactions.
One-stop solution for identity and address updating:
- This will be established using DigiLocker service and Aadhaar as a foundational identity.
- Purpose: For reconciliation and updating of the identity and address of individuals maintained by various government agencies, regulators and regulated entities
Common Business Identifier:
- What is it? A business identifier is a unique code or number for every company contained on a particular country's company register.
- Budget 2023: For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies.
Voluntary settlement scheme (Vivad se Vishwas II ):
- It will be introduced to settle contractual disputes of government and government undertakings, wherein the arbitral award is under challenge in a court.
- This will be done by offering graded settlement termsdepending on the pendency level of the dispute.
- Under the scheme, a voluntary option is given to the private sectorto come into the scheme or not.
- Vivad Se Vishwas Scheme:
- It is a direct tax schemeintroduced by the Government of India in 2020 for settling disputes between taxpayers and the income tax department.
- It aims to minimize tax-related litigation.
- Under this scheme, an individual taxpayer can claim a full waiver on interest and penalty on the full and final settlement of the disputed tax amount.
Result Based Financing:
- The financing of select schemes will be changed, on a pilot basis, from ‘input-based’ to ‘result-based’.
- Purpose: To better allocate scarce resources for competing for development needs.
Entity DigiLocker:
- It will be set up for use by MSMEs, large businesses, and charitable trusts.
- Purpose: To store and share documents online securely, whenever needed, with various authorities, regulators, banks, and other business entities.
- What is DigiLocker?
- It is a flagship initiative of the Ministry of Electronics & IT (MeitY) under the Digital India programme.
- It is a secure cloud-based platform for the storage, sharing, and verification of documents & certificates.
- It aims at the 'Digital Empowerment' of citizens by providing access to authentic digital documents to citizen's digital document wallet.
Lab Grown Diamonds (LGD):
- What is it? These are diamonds that are produced using specific technology which mimics the geological processes that grow natural diamonds.
- The diamond simulants such as Moissanite, Cubic Zirconia (CZ), White Sapphire, YAG, and others are used to make them look like natural diamonds.
- Applications:
- They are used for industrial purposes, in machines and tools, and their hardness and extra strength make them ideal for use as cutters.
- Pure synthetic diamonds are used in electronics as a heat spreader for high-power laser diodes, laser arrays, and high-power transistors.
- Budget 2023: A research and development grant will be provided to one of the IITs for five years to encourage indigenous production of LGD seeds and machines and to reduce import dependency,
