AI has the potential to increase GDP by $957 billion, or 15% of the current GDP of India in 2035. Investment in AI has increased dramatically as a result of the critical mass of people, technology, and data that enable intelligent systems.
But is India ready to take advantage of the tremendous prospects that AI offers? Find out by reading on.
India trails on important AI development metrics despite having a talent pool that is tech-savvy, well-regarded colleges, high levels of entrepreneurship, and powerful enterprises. The odds are against us. Although it is still the most competitive in South Asia, the nation lagged behind several other G20 nations in AI. This is true despite the fact that Indian businesses are using AI technology more broadly, the nation has invested in technological infrastructure, and its people are becoming more tech-savvy.
The opportunity for AI driven growth
AI has the power to transform industries for large corporations and sectors by accelerating growth and profitability. Consider manufacturing. Artificial intelligence (AI)-powered systems, whose capacity to learn, adapt, and grow over time may eliminate defective machinery and inactive equipment, might result in a 39 percent rise in the sector’s share of profits.
AI may be a tool for startups and entrepreneurs to compete with much larger incumbents.
AI has the potential to save lives and increase public safety for society.
Stepping up to the opportunity
According to our research, thriving AI ecosystems are supported by five different types of institutions: universities, huge companies, startups, policymakers, and multi-stakeholder alliances. The relative importance of these five changes from market to market and is influenced in part by the level of development of certain sectors and the political climate of each nation.
India’s AI stakeholders should take into account the following five suggestions to comprehend how to promote growth and innovation while preserving consumer rights and ethical considerations:
- Forge a national AI plan and multi-stakeholder partnerships in key sectors
- Strengthen India’s AI research and development ecosystem, including through better international cooperation
- Create a workforce of the AI future, fostering inclusive workforce models
- Enable and broaden access to data
- Embrace smart regulation to safeguard responsible AI
AI promises to fill the gap at a time when India is attempting to reignite productivity and growth. AI will create new economic possibilities that would not have been possible without its complete and prudent application. Create “people first” policies and commercial strategies that are focused on utilising AI to enhance and extend people’s capabilities for the benefit of humanity as the guiding philosophy.