AI could add $1.7 trillion to India’s economy by 2035: Govt
The Indian government has made a bold prediction about the potential impact of Artificial Intelligence (AI) on the country’s economy. According to a statement released on Tuesday, the government believes that AI could add a staggering $1.7 trillion to India’s economy by 2035. This projection is based on the growing adoption of AI technologies across various sectors, including healthcare, finance, education, and transportation.
The government also announced that it has allocated over ₹10,300 crore over five years under the IndiaAI Mission, a initiative aimed at promoting the development and deployment of AI in the country. As part of this mission, 38,000 Graphics Processing Units (GPUs) have been deployed so far, which will provide the necessary computing power to support AI applications.
The use of AI is becoming increasingly prevalent in India, particularly among startups. According to the government, nearly 89% of new Indian startups launched last year used AI in their products or services. This trend is expected to continue, with many more startups and established companies leveraging AI to improve their operations, products, and services.
The potential benefits of AI to the Indian economy are numerous. For instance, AI can help improve the efficiency of various industries, such as manufacturing, logistics, and healthcare. It can also enable the development of new products and services, such as chatbots, virtual assistants, and predictive maintenance systems. Additionally, AI can help address some of India’s most pressing challenges, such as traffic congestion, pollution, and healthcare access.
The government’s prediction of $1.7 trillion in economic benefits from AI is based on various studies and research reports. According to a report by McKinsey, AI could add up to 1.3% to India’s GDP growth rate by 2025. Another report by PwC estimates that AI could contribute up to $15.7 trillion to the global economy by 2030.
To achieve the full potential of AI, the government is taking several steps to promote its development and deployment. These include investing in AI research and development, providing funding and support to AI startups, and creating a favorable regulatory environment for AI adoption.
The IndiaAI Mission is a key part of the government’s strategy to promote AI in the country. The mission aims to make India a global leader in AI by 2030, and to ensure that the benefits of AI are shared by all sections of society. The mission will focus on several key areas, including AI research and development, AI education and training, and AI adoption and deployment.
In addition to the IndiaAI Mission, the government is also taking several other initiatives to promote AI in the country. For instance, it has established a National AI Portal, which provides a platform for AI researchers, developers, and practitioners to share their work and collaborate with each other. The government has also launched several AI-related programs and schemes, such as the AI for All initiative, which aims to promote AI awareness and education among the general public.
Overall, the government’s prediction of $1.7 trillion in economic benefits from AI is a significant one, and it highlights the enormous potential of AI to transform the Indian economy. With the right policies and investments in place, India can become a global leader in AI and reap the benefits of this technology for years to come.
As the government continues to promote the development and deployment of AI in the country, it is likely that we will see many more innovative AI applications and solutions emerge in the coming years. From healthcare and education to transportation and finance, AI has the potential to transform every aspect of Indian society and economy.
In conclusion, the government’s prediction of $1.7 trillion in economic benefits from AI is a significant one, and it highlights the enormous potential of AI to transform the Indian economy. With the right policies and investments in place, India can become a global leader in AI and reap the benefits of this technology for years to come.
Source: https://www.pib.gov.in/PressNoteDetails.aspx
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