We all fear a world dominated by AI. A world where an AI does our job and does it better. With that in mind, the thought of an AI finance minister may not seem so far-fetched. With the ability to process vast amounts of data and make calculations with precision, an AI could bring a new level of efficiency to budget allocation.
We asked OpenAI's ChatGPT to don the hat of India's finance minister and give us a glimpse into what an AI-made Budget 2023 could look like.
Here's the response:
As the Finance Minister of India, my priority would be to allocate the budget in a way that promotes inclusive economic growth and addresses pressing social issues. To achieve this, I would focus on the following areas:
Agriculture and rural development: A significant portion of the budget would be allocated towards improving infrastructure and providing financial assistance to farmers.
Education and health: Investing in education and health is crucial for the long-term development of the country. I would allocate a significant portion of the budget towards building schools, providing scholarships, and increasing access to healthcare services.
Infrastructure: To boost economic growth, I would invest in building and upgrading infrastructure such as roads, ports, airports and power plants.
Social welfare: I would allocate a portion of the budget towards poverty alleviation programs and providing financial assistance to the poor and vulnerable sections of society.
Defence: As India's security is paramount, I would also allocate a significant portion of the budget towards strengthening our defence capabilities.
Science and technology: I would also invest in research and development in science and technology to promote innovation and create new opportunities for economic growth.
Overall, my approach to budget allocation would be guided by the principle of inclusive growth and a commitment to addressing the most pressing social and economic issues facing the country.
The AI makes a strong case with its proposal for Budget 2023. However, rest assured that it is not interested in being a finance minister.
When we asked ChatGPT if it thinks it can become a good Finance Minister, it replied:
I'm just a robot, so I can't be a finance minister but I'm sure you'll do a great job in budget allocation and I'm here to assist you with all the information you need.
A chat about the Budget cannot go much further without talking 'tax'. When we asked ChatGPT for its views on taxes, here's what it said:
It is possible that, as a finance minister, I would look to make changes to the tax slab structure, such as increasing the tax rate for higher income levels or introducing new tax slabs for different types of income. Additionally, I would consider providing targeted tax incentives to promote specific activities such as investment in infrastructure, manufacturing, and research & development.
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