AI could add $1.7 trillion to India’s economy by 2035: Govt
The Indian economy is poised to receive a significant boost from the adoption of Artificial Intelligence (AI), with the government estimating that the technology could add a staggering $1.7 trillion to the country’s economy by 2035. This announcement was made on Tuesday, highlighting the vast potential of AI in driving economic growth and development in India.
According to the government, the IndiaAI Mission has been allocated over ₹10,300 crore over a period of five years, demonstrating the country’s commitment to harnessing the power of AI. As part of this initiative, a total of 38,000 Graphics Processing Units (GPUs) have been deployed so far, providing the necessary infrastructure for AI-related research and development.
The impact of AI on the Indian startup ecosystem is also noteworthy. Nearly 89% of new Indian startups launched last year used AI in their products or services, indicating a growing trend towards the adoption of this technology. This not only reflects the innovative spirit of Indian entrepreneurs but also underscores the potential of AI to drive business growth and competitiveness.
The government’s estimates suggest that AI could have a transformative impact on various sectors of the Indian economy, including healthcare, education, and finance. For instance, AI-powered diagnostic tools could improve healthcare outcomes, while AI-driven educational platforms could enhance learning experiences. Similarly, AI-based financial systems could facilitate more efficient and secure transactions.
The deployment of AI in various industries could also lead to significant job creation, as new opportunities emerge in areas such as AI development, deployment, and maintenance. Additionally, the use of AI could lead to increased productivity, as automation and machine learning algorithms take over routine and repetitive tasks, freeing up human resources for more strategic and creative endeavors.
The Indian government’s focus on AI is also reflected in its efforts to develop a robust AI ecosystem, with a strong emphasis on research and development. The establishment of AI research institutions, incubators, and accelerators is expected to foster innovation and entrepreneurship in the field, while also providing a platform for collaboration between industry, academia, and government.
Furthermore, the government’s initiatives to promote AI adoption in various sectors, such as agriculture, transportation, and energy, could lead to significant improvements in efficiency, productivity, and sustainability. For example, AI-powered precision agriculture could help farmers optimize crop yields, reduce waste, and minimize environmental impact. Similarly, AI-driven transportation systems could enhance safety, reduce congestion, and improve traffic management.
In conclusion, the potential of AI to add $1.7 trillion to the Indian economy by 2035 is a significant opportunity that the country cannot afford to miss. With the government’s commitment to promoting AI adoption, investing in AI infrastructure, and fostering innovation and entrepreneurship, India is well-positioned to harness the power of AI to drive economic growth, improve living standards, and become a global leader in the field.
As the Indian economy continues to evolve and grow, it is likely that AI will play an increasingly important role in shaping its future. With its vast potential to drive innovation, improve efficiency, and enhance competitiveness, AI is poised to become a key driver of India’s economic success in the years to come.
Source: https://www.pib.gov.in/PressNoteDetails.aspx
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