Mizoram Hosts National Workshop on AI for Financial Empowerment

A national workshop focusing on financial empowerment through artificial intelligence (AI) was launched at Mizoram University, aimed at promoting technology-driven economic inclusion in remote tribal areas. This two-day workshop, organized jointly by the Department of Science and Technology (DST), Government of India, Mizoram University, and the Innovation and Bio-Inspired Technology Foundation (IBITF) from IIT Bhilai, brought together a diverse group of researchers, government officials, and industry experts to explore how AI can enhance financial systems and promote financial inclusion in the Northeast region of India.

The workshop was inaugurated by the Governor of Mizoram, who also serves as the Chief Rector of the university. A major highlight of the opening ceremony was the release of a booklet that outlined various entrepreneurship support projects under the DST’s Tribal Area Sub Plan Scheme, aimed at enhancing economic opportunities in tribal regions. This initiative is part of broader efforts to use AI to address financial exclusion, particularly in remote and underserved areas.

Currently, eleven AI-driven financial technology (fintech) projects are being implemented in Mizoram, six at Mizoram University and five at NIT Mizoram. These projects are supported by IIT Bhilai and are part of a larger initiative that includes 36 AI-based projects across the Northeast region, focusing on improving financial inclusion. These projects are designed to use AI to provide better access to financial services, which is crucial in areas that are traditionally underserved by conventional financial institutions.

The Governor of Mizoram emphasized the importance of equipping professionals with the skills necessary to leverage AI for public benefit. He acknowledged that remote regions often lack access to traditional financial services, and AI has the potential to bridge this gap by enabling financial inclusion, supporting local entrepreneurship, and generating employment opportunities. He also highlighted the role of AI in creating sustainable economic opportunities in underserved communities.

A key aspect of the workshop was the discussion about the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS), a government initiative that led to the establishment of a Technology Innovation Hub (TIH) at IIT Bhilai. This hub is serving as the base for several regional fintech projects, including those in Mizoram, that focus on AI applications to solve regional challenges. The Governor also pointed out that AI technology can bring about significant changes in areas like financial services, healthcare, and public governance, fostering overall development in the Northeast.

Among the projects presented at the workshop was the Economic Optimisation Platform for the Public Transport System of Mizoram, developed by NIT Mizoram. The project involves the creation of a mobile app that will provide online booking services for taxis and auto-rickshaws in the state. This initiative is expected to improve public transport access, making it more convenient for residents, while also contributing to the digital transformation of the state's transport sector.

The workshop also featured presentations and remarks from key figures such as Prof. Ajoy Kumar Khan, the coordinator of the workshop, MZU Vice Chancellor Dibakar Chandra Deka, ICT Secretary Amit Sharma, Transport Director Lalrammawia, and IBITF Chief Technical Officer Vishnu Vaibhav Dwivedi. The event aimed to foster collaboration between academia, government, and industry, driving digital transformation and economic growth in underserved areas of the Northeast.

The workshop’s overarching goal was to promote digital literacy and foster the use of AI technologies in tackling economic and social challenges, particularly in regions that have been traditionally marginalized from mainstream economic growth. By bringing together various stakeholders, the workshop aimed to drive forward the agenda of using technology for the economic empowerment of tribal and rural populations.