"The Union Finance Minister’s announcement for setting up a Centre for Excellence in AI for the education sector deserves to be raised to create novel technologies for the rapid reskilling of manpower that may find itself out of jobs due to the integration of AI in various workplaces," he said in a statement.

"In keeping with the FM's focus on AI and research, I believe that technical higher education institutions in the private sector demonstrating excellence in new technologies, AI, robotics and Data Sciences are granted autonomous or central university status in a fast-track mode nationwide," he said.

"This will help enhance capacity building in novel technologies at a much lower cost to the nation compared to what it will cost to add the 6,500 more engineering seats in the IITs, as announced in the budget speech," Chocko Valliappa said.

Union Finance Minister Nirmala Sitharaman on Saturday presented the Budget for the record eighth straight time.

This was the first full budget presented by her since PM Narendra Modi-led government returned to power for the third straight term last year.