AI could add $1.7 trillion to India’s economy by 2035: Govt
The Indian economy is on the cusp of a significant transformation, driven by the rapid adoption of Artificial Intelligence (AI) across various sectors. According to a recent announcement by the government, the Indian economy could get a boost of $1.7 trillion because of AI by 2035. This staggering figure underscores the immense potential of AI to drive growth, productivity, and innovation in the country.
The government’s statement comes at a time when India is witnessing a surge in the adoption of AI technologies, particularly among startups. In fact, nearly 89% of new Indian startups launched last year used AI in their products or services, highlighting the growing importance of this technology in driving business innovation. The government has also taken steps to support the development of AI in the country, allocating over ₹10,300 crore over five years under the IndiaAI Mission.
One of the key initiatives under the IndiaAI Mission is the deployment of Graphics Processing Units (GPUs), which are essential for training and running AI models. So far, 38,000 GPUs have been deployed, providing a significant boost to the computing power required for AI applications. This infrastructure will enable researchers, startups, and industries to develop and deploy AI solutions, driving innovation and growth in the economy.
The potential impact of AI on the Indian economy is vast and multifaceted. From improving healthcare outcomes to enhancing customer experiences in retail, AI can transform various sectors and industries. For instance, AI-powered chatbots can help banks and financial institutions to provide personalized customer service, while AI-driven analytics can help manufacturers to optimize production processes and improve supply chain efficiency.
Moreover, AI can also help address some of the country’s most pressing challenges, such as healthcare access and education. For example, AI-powered diagnostic tools can help doctors to detect diseases more accurately and quickly, while AI-driven adaptive learning systems can help students to learn more effectively. By leveraging AI, India can make significant progress in achieving the United Nations’ Sustainable Development Goals (SDGs), including good health and well-being, quality education, and decent work and economic growth.
The government’s focus on AI is also reflected in the establishment of the National Artificial Intelligence Mission, which aims to develop a comprehensive AI ecosystem in the country. The mission will focus on developing AI technologies, deploying AI solutions, and creating a robust AI infrastructure. This will enable India to become a global leader in AI, driving innovation and growth in the economy.
In addition to the government’s initiatives, the private sector is also playing a significant role in driving the adoption of AI in India. Many Indian companies, including startups and established players, are investing heavily in AI research and development, and deploying AI solutions in various sectors. For example, companies like Flipkart and Paytm are using AI to improve customer experiences, while companies like Tata Consultancy Services (TCS) and Infosys are developing AI-powered solutions for clients across the globe.
However, despite the significant potential of AI, there are also challenges that need to be addressed. One of the key concerns is the impact of AI on jobs, as automation and machine learning algorithms can displace certain types of work. To mitigate this risk, the government and industry leaders will need to work together to develop strategies for upskilling and reskilling the workforce, so that workers can adapt to the changing job market.
In conclusion, the government’s announcement that AI could add $1.7 trillion to the Indian economy by 2035 is a significant milestone in the country’s journey towards becoming a global leader in AI. With the right policies, investments, and partnerships, India can unlock the full potential of AI, driving growth, innovation, and prosperity in the economy. As the country continues to make progress in this field, it will be exciting to see the impact of AI on various sectors and industries, and how it can help address some of the country’s most pressing challenges.
Source: https://www.pib.gov.in/PressNoteDetails.aspx
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