India announces $1.2 bln investment in AI projects

India on Thursday approved a 103 billion rupee ($1.25 billion) investment in artificial intelligence projects, including to develop computing infrastructure and for the development of large language models, the government said.

The money will also be used for funding AI startups, as well as developing AI applications for the public sector, the government 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. ($1 = 82.6980 Indian rupees)