Government to Introduce National Data Governance Policy for Simplified KYC Process: FM Nirmala Sitharaman

The government will bring a National Data Governance policy, which will simplify the KYC process while anonymising individual data, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the Union Budget 2023-24, Sitharaman said three centres of excellence for artificial intelligence would be set up in top educational institutions.

The government would also create Urban Infrastructure Development Fund on the lines of Rural Infrastructure Development Fund to be managed by NHB (National Housing Bank).

The finance minister also said to enhance ease of doing business, more than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised.

During the Union Budget speech in the House, FM Nirmala Sitharaman announced seven priorities of the Budget. These seven priorities are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

Some of the important highlights announced today included an agriculture accelerator fund that will be set up to help agriculture startups in the country and the government has announced to raise farm credit target to Rs. 20 lakh crore.

The FM also announced PM Vishwa Karma Kaushal Samman which will be a package of assistance for traditional artisans and craftsmen. The government said it would improve quality, scale, and scale of its products, which will integrate these entrepreneurs with MSME value chain.