Artificial intelligence (AI) has reached new heights. The mix of the innovation, information, and talent that make intelligent frameworks possible has arrived at a critical stage, driving phenomenal development in AI investment. The time of AI has arrived. Established organizations are now moving past experimentation. Money is flowing into AI advances and applications at large organizations.
As India is proceeding on the direction of digital transformation, the increasing penetration of digital technologies in the lives of Indians and the generation of tremendous volumes of information at each stage extends a relevant environment for an AI-driven economy.
However, for making the range of information points work in collaboration to transform India as the AI head, it requires the strength of AI to address the complex difficulties that the nation is facing across its demographic diversity. According to an Accenture report distributed in December 2017, AI alone can add $957 billion, or 15% of the current gross value included, to the Indian economy by 2035.
To boost its AI abilities, India must equip both an innovative private segment and a strong supportive policy and administrative structure—seeking after a reasonable way to deal with AI enhancement across stakeholders. Despite the discussion regarding the workforce and moral risks of AI, there is a far more serious hazard to economic prosperity, workers’ earning potential and global competition if India curbs its AI growth.
To be sure, government and policymakers must act now to address the obstructions to development—with the assistance of enterprises, business visionaries, innovators, and researchers. The development of AI in India isn’t only an administrative issue.
It requires extensive analysis, especially on issues relating to the regulation of information, research and development, a coordinated effort between academic specialists and industry, configuration of infrastructure development, and retraining the nation’s workforce. The government, welcoming investment of large organizations, must reinforce R&D in AI to encourage innovation and promote accessibility to smaller enterprises and participants in the ecosystem.
This implies expanding the R&D spending on AI to help India’s financial development, in addition to the current AI research funding for explicit societal needs. Further, the government of India must promote universal joint effort on research in core technologies, especially in AI wellbeing and security.
The economic opportunities through AI that India can accomplish are colossal. Advancement in AI can help India by providing various answers to address societal issues. For instance, India’s linguistic diversity is a significant opportunity for developing AI solutions to bind communication across different digital platforms.
Artificial intelligence can address the difficulties of demographic diversities in India. The localization of technologies utilizing AI is playing a significant role in not just bringing together a billion or more individuals in settling social disturbances, yet increasing the value of the economic development of the nation.
For example, intelligent digital assistants like Alexa, Google Assistant, Siri, and Cortana are empowering individuals to utilize local languages and find the ideal online services without any issues. Artificial intelligence is playing a significant job here as a decoder for seamless correspondence across language diversity.
While the advancements of AI in India are tremendous, utilizing these advancements is the way to change India as a worldwide pioneer in AI. Indian information technology (IT) industries are leading fairly well in executing R&D activities of global technology enterprises, however, the R&D for their products isn’t similarly impressive.
The Indian IT industry is using collaborative R&D to create progressively home-grown technology items for domestic utilization. Indian IT behemoths have already begun deploying AI-based platforms to enable customers to alter business processes, automate technology support, and execute ordinary tasks through AI bots.
AI has been serving as an important tool in the Indian economy. India’s own Flipkart established 10 years prior, is taking a shot at an AI system to make smarter decisions in ordering, distribution, and product pricing on its platform. This will empower the online retailer to boost productivity and decrease the price of items for customers, allowing it to compete against global companies, for example, Amazon in India.
India’s healthcare suppliers have adopted AI, perceiving its critical value in better diagnostics with data insights and in improving patient experience with AI-fuelled solutions. Take Manipal Hospitals, headquartered in Bengaluru, which is utilizing IBM Watson for Oncology, a cognitive computing platform, to assist doctors with distinguishing personalized cancer care alternatives across the nation.
The stakes of AI in India are high. The nation remains the most competitive AI powerhouse in the South Asia region. As the whole world is looking to harness the capability of AI for the development of the business and the improvement of society, India has already started using the capability of AI in all strolls of life. AI can bring huge monetary and social advantages to citizens across demographics and also help in transforming the nation into an economic superpower.