India has immense potential to lead worldwide development of AI

Klaus Schwab, founder and executive chairman of the World Economic Forum, declared in 2015 the development of artificial intelligence (AI) as the beginning of the Fourth Industrial Revolution.

From getting up to Siri's news updates to nodding off to a film proposed by Netflix's recommendation engine, the innovation underlying the Fourth Industrial Revolution has already entered our day-to-day lives. As citizens of the 21st century, it's virtually difficult to dodge interaction with gadgets and software that use artificial intelligence, internet of things (IoT) and robotics. Products utilizing these innovations have picked up a foothold over all ages, from the centennials to the people born after WW2.

Individuals have been utilizing technology to tackle issues and improve their quality of life for centuries, from offering information to the print press to going on the web to build a small business. Nowadays, artificial intelligence is opening up the upcoming phase of innovative advances. What's more, with its world-class engineering talent, strong computer science programs and entrepreneurial drive, India can lead the path in utilizing AI to handle huge challenges. Truth be told, there are now numerous instances of this already happening in India today: from identifying diabetic eye disease to improving flood forecasting and teaching kids to read.

According to  Amitabh Kant, NITI Aayog CEO, "With its data and innovation capabilities, India can turn into the Artificial Intelligence (AI) lab of the world."

Artificial intelligence is anticipated to contribute $15.7 trillion to the worldwide economy by 2030, and it can add $957 billion to India's economy by 2035. To jump to more noteworthy statues of improvement, the Indian government has already founded some cutting-edge facilities committed to the research and application of advanced technologies like AI, and more are in the pipeline. In its working paper "Public Strategy for Artificial Intelligence #AIforall," the National Institution for Transforming India (NITI Aayog) proposed a two-layered methodology for accomplishing India's AI goals, which includes the foundation of Centers of Research Excellence in AI (COREs) and International Centers for Transformational AI (ICTAIs).

The opportunities and disruptions of AI are probably going to accelerate in India, as it has just crossed some significant achievements in the Fourth Industrial Revolution. Although being a late participant in the field, India is positioned 13th out of 200 nations as for the advancement of AI. As indicated by analysts at GMF, the AI domain in India has developed by $150 million over the past five years, with private investments multiplying from $44 million in 2016 to $73 million in 2017.

India is creating AI-based solutions for social strengthening across areas like medical services, education, finance, agriculture and governance. On its information and development ability, India can turn into the AI lab of the world, ensuring intuitive solutions for a wide scope of societal issues.

The virtual summit, RAISE 2020 (Responsible AI for Social Empowerment 2020), will be organized from 5th-9th October by the Ministry of Electronics and IT and the NITI Aayog.

To take this to the following level Google has developed Google Research India—an AI lab starting in Bangalore. This team will zero in on two areas: First, advancing fundamental computer science and AI research by building a solid group and joining forces with the research community across the nation. Second, applying this research to handle enormous issues in fields like medical care, agribusiness, and education. Further, utilizing it to make applications and services utilized by billions of individuals more helpful.

Ajay Prakash Sawhney, Secretary, Ministry of Electronics and IT, believes that India has the ability and the institutional ability to construct an AI-skilled workforce that improves and provides solutions to solve societal issues.

He further added that they are finding a way to advance the turn of events and integration of AI into significant spheres of life, so as to improve the simplicity of living and the overall quality of life. RAISE 2020 will act as a platform for India to turn into a data-driven country that uses AI for social good.

For a nation where millions actually still need fundamental public services, for example, health, electricity, education and sanitation, setting up India as a pioneer on the worldwide AI map may appear to be a distant dream. But then now is the ideal opportunity for India to have its spot on the AI frontier. The essential groundwork has just been laid. We can't miss out on this opportunity.