Singh sees $500bn from AI and related technologies
India is in the process of implementing a robust National Strategy for Artificial Intelligence (AI), disclosed Abhishek Singh, President & CEO, National e-Governance Division, DIC, Meity, at a CII conference on AI on 18 Mar 2021.
“AI has become part of our life and it can build solutions at a scale that society and industry face. Also, AI is going to become a core component in our trillion-dollar digital economy strategy where almost US$500 billion will come directly from AI and other related technologies,” Singh pointed out.
Elaborating, Kris Gopalakrishnan, Past President, CII and Axilor Ventures, said AI is the second part of the digital revolution, the impact of which will be several trillion dollars in the global economy and several billion dollars in the Indian economy with every industry undergoing the change.
The first part of the digital revolution, that is procedural computing, has transformed industry for the last seventy years, he added.
AI is indeed one of the biggest technological breakthroughs of the 21st century. Countries around the world are becoming increasingly aware of the potential economic and social benefits of developing and applying AI across the sectors, Gopalakrishnan stressed in at the CII conference.
Tremendous activities concerning AI have been taken by Governments in different countries. The Indian Government is also making several efforts to facilitate AI use across sectors and amplify the country’s demographic advantages. The introduction and its adoption at both central and state level in governments further highlights the critical role it will play for the businesses and governance.
While NITI Aayog has released a paper National Strategy on AI, the states are also working towards developing focused frameworks like in case of Telangana which as developed “AI Framework” for the state and claims to have achieved 85% of what it had planned.
Leveraging AI for building up capability of Indian industry and India’s inclusive growth, the CII is working towards bringing the Digital India mission by having a “very focused approach of helping MSMEs” to adopt the technology.
As part of CII’s efforts, the one-day ‘International Conference on Artificial Intelligence’ was organized on 18 March 2021 over a virtual format. The day-long Conference engaged significant discussions revolving around the theme of ‘AI for Industry ~ AI for All’ with the industry stalwarts from healthcare, manufacturing and BSFI sectors.
While delivering the Inaugural Address Prof. K Vijay Raghavan, Principal Scientific Advisor to the Government, said AI is having extraordinary potentials across multiple sectors and it is going to be necessary to embrace the technology revolution in every aspect of our life, our industry, our society and so on.
He urged industry to collaborate both with central and state governments in the National AI Strategy to truly capitalize on the benefits of AI at scale.
Speaking at the conference Prof. Ashutosh Sharma, Secretary, Department of Science and Technology (DST), highlighted that DST endeavors in harnessing the potential of this new wave of technologies and has established 25 Tech Innovation hubs (TIH) under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) with focus on the research in Data science, Robotics and AI and ML.
During the conference Jayesh Ranjan, Principal Secretary, Government of Telangana, highlighted that the adoption of the greater uses of AI within the government system for social benefits is very important which is also evident in State’s initiatives for enhancement of use of technology
Sandip Patel, chairing the CII AI Forum and MD IBM India/SA, pointed out correctly that “This is the decade of AI and every company will be an AI company not because they can, but because they must.”
He further highlighted that one of the most significant aspects which put AI at the center of all the developmental is the ability to harness data and apply AI to drive crucial insights. #AI #technology #startup #investment #economy /fiinews.com
