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 statement by the government, AI has the potential to add a staggering $1.7 trillion to the Indian economy by 2035. This prediction is based on the growing trend of AI adoption in the country, with the government itself investing heavily in the development and deployment of AI technologies.
The government’s ambitious plans for AI were outlined on Tuesday, with the announcement that over ₹10,300 crore has been allocated over five years under the IndiaAI Mission. This significant investment is aimed at promoting the development and use of AI in various sectors, including healthcare, education, and finance. The IndiaAI Mission is a flagship program designed to accelerate the adoption of AI in the country, with a focus on developing indigenous AI capabilities and promoting innovation.
One of the key areas of focus for the IndiaAI Mission is the deployment of Graphics Processing Units (GPUs), which are essential for training and running AI models. The government has already made significant progress in this area, with 38,000 GPUs deployed so far. This infrastructure will provide a solid foundation for the development and deployment of AI applications in various sectors.
The government’s efforts to promote AI adoption are already bearing fruit, with a significant number of new startups launched last year using AI in their products or services. According to the government, nearly 89% of new Indian startups launched last year leveraged AI in some form, demonstrating the growing recognition of the potential of AI to drive innovation and growth.
The potential of AI to drive economic growth in India is significant, with estimates suggesting that it could add up to 1.3% to the country’s GDP by 2035. This would make AI one of the key drivers of economic growth in the country, alongside other emerging technologies such as blockchain and the Internet of Things (IoT).
The government’s focus on AI is also driven by the need to develop indigenous AI capabilities, reducing dependence on foreign technologies and promoting domestic innovation. This is in line with the government’s broader vision of promoting self-reliance and reducing dependence on foreign technologies.
The deployment of AI in various sectors is expected to have a significant impact on productivity and efficiency, driving growth and job creation. For example, in the healthcare sector, AI can be used to develop personalized medicine, improve diagnosis, and streamline clinical workflows. In the education sector, AI can be used to develop personalized learning platforms, improving student outcomes and reducing teacher workload.
The government’s plans for AI also include the development of AI-powered public services, such as chatbots and virtual assistants, to improve citizen engagement and enhance the overall quality of public services. This is in line with the government’s broader vision of promoting digital governance and improving the ease of doing business in the country.
In conclusion, the government’s prediction that AI could add $1.7 trillion to the Indian economy by 2035 is a significant one, highlighting the potential of AI to drive economic growth and transformation in the country. With the IndiaAI Mission and other initiatives, the government is taking concrete steps to promote the development and deployment of AI technologies, reducing dependence on foreign technologies and promoting domestic innovation. As the country continues to adopt and deploy AI technologies, it is likely that we will see significant benefits in terms of productivity, efficiency, and job creation, driving growth and prosperity for all.
News Source: https://www.pib.gov.in/PressNoteDetails.aspx
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