How India Might Emerge as AI PowerHouse
Artificial Intelligence has been spreading its wings across various sectors and is reaching newer heights. The technology’s amalgamation of innovation, information, and skills has made it a most sought after technology amongst others. Thus, leveraging this technology India is looking forward to emerging as a superpower in Artificial Intelligence. According to NASSCOM reports, AI is estimated to contribute $957 billion to India’s economy by 2035, as the vital sector such as education, healthcare, agriculture, and infrastructure is incorporating AI in it.
The Indian government has organized a virtual event in association with the NITI Aayog- ‘Responsible AI for Social Empowerment (RAISE) 2020’ this global summit was inaugurated by our honorable Prime Minister Narendra Modi. India is one of the founding members of Artificial intelligence alongside the United States, Australia, Canada, Germany, France, New Zealand amongst others is looking forward to the responsible development and usage of Artificial Intelligence.
While addressing in the event, Modi stated that the country has already proved to be the powerhouse of the global IT services industry. Now, we would continue to digitally excel and delight the world. He also stated that India should emerge as a global hub for AI, as most of the Indians are working towards this goal. Thus, through the core Principles of teamwork, collaboration, trust, responsibility, and inclusivity this could be achieved.
Modi further said, “India's National program on AI will be dedicated towards the rightful use of AI in solving societal problems. While we discuss AI, let us also have no doubts that human creativity and human emotions continue to be our greatest strength. They are our unique advantage over machines. Even the smartest of AI cannot solve mankind's problems without blending with our intellect.”
Opportunities AI Attracts
Considering the opportunities AI is set to create which in turn would aid in driving the country’s economy, the government is keen on developing AI-based solutions for various social empowerments across the sectors such as education, finance, agriculture, governance, and healthcare. Though India slow-paced in embracing technology its ranks 13 among 200 countries in terms of the development of AI. According to GMF analysts, in India the AI sector has evolved by $150 million in the past five years, hence, this has doubled the private investments from $44 million to $73 million in 2017. However, Microsoft India forecasts that this figure would witness a 60 percent raise by 2021.
The Fortune Business Insights report that the global AI market is estimated to be worth about $28 billion and is further expected to grow at a CAGR of 33 percent and reach $200 billion by 2026. This creates an opportunity for India to leverage its position in the global AI market and cash on the Supply and Demand sides. Also, there are various players who are using AI to provide an efficient solution in the global market such as telecom players using AI to understand the customer’s top-up pattern and to provide a personalized service to retain their customer base. While other manufacturers use AI to forecast required conditions such as the right temperature to optimize their manufacturing process which in turn would result in customer desired output.
In the virtual event, Ravi Shankar Prasad, Minister of Electronics and Information Technology stated, “Technology at times overwhelms us, but we welcome AI to generate development and promote equity. India's resource of demographic dividend will play a key role in promoting pools of skilled professionals to take the country’s AI ecosystem forward. India's application of AI will become a beacon for the world.”
With these various opportunities brought in by the Artificial Intelligence, India would certainly emerge as a powerhouse of AI in the mere future.