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 it could add a whopping $1.7 trillion to the economy by 2035. This revelation was made by the government on Tuesday, highlighting the vast potential of AI in driving economic growth and development in the country.
According to the government, the IndiaAI Mission, a flagship initiative aimed at promoting the adoption of AI across various sectors, has been allocated over ₹10,300 crore over a period of five years. This significant investment is expected to yield substantial returns, with the government anticipating that AI will play a crucial role in driving economic growth and development in the country.
One of the key indicators of the government’s focus on AI is the deployment of Graphics Processing Units (GPUs), which are essential for processing complex AI algorithms. So far, 38,000 GPUs have been deployed, demonstrating the government’s commitment to creating a robust infrastructure for AI adoption.
The government’s efforts to promote AI adoption seem to be bearing fruit, with nearly 89% of new Indian startups launched last year incorporating AI in their products or services. This suggests that the startup ecosystem in India is rapidly embracing AI, recognizing its potential to drive innovation and growth.
The estimated $1.7 trillion addition to the Indian economy by 2035 is a significant figure, representing a substantial proportion of the country’s current GDP. This growth is expected to be driven by the adoption of AI across various sectors, including healthcare, finance, education, and manufacturing.
The government’s focus on AI is not limited to the economic benefits alone. The technology is also expected to have a significant impact on various aspects of Indian society, including healthcare, education, and public services. For instance, AI-powered diagnostic tools can help improve healthcare outcomes, while AI-driven educational platforms can enhance learning outcomes and increase access to quality education.
The IndiaAI Mission is a key component of the government’s strategy to promote AI adoption in the country. The mission aims to create a robust ecosystem for AI research, development, and deployment, with a focus on promoting innovation and entrepreneurship in the sector.
The government’s efforts to promote AI adoption are also expected to have a significant impact on employment opportunities in the country. As AI becomes more pervasive, there will be a growing demand for professionals with expertise in AI and related fields, such as machine learning, natural language processing, and computer vision.
However, the government also recognizes that the adoption of AI poses significant challenges, including the potential for job displacement and the need for significant investments in infrastructure and skills development. To address these challenges, the government is working to create a comprehensive framework for AI adoption, including policies and regulations that promote responsible AI development and deployment.
In conclusion, the government’s estimate that AI could add $1.7 trillion to the Indian economy by 2035 is a significant revelation, highlighting the vast potential of the technology to drive economic growth and development in the country. With the IndiaAI Mission and other initiatives, the government is well on its way to creating a robust ecosystem for AI adoption, with a focus on promoting innovation, entrepreneurship, and employment opportunities in the sector.
As the Indian economy continues to evolve and grow, it is likely that AI will play an increasingly important role in driving this growth. With the government’s commitment to promoting AI adoption and the startup ecosystem’s rapid embracing of the technology, India is poised to become a significant player in the global AI landscape.
Source: https://www.pib.gov.in/PressNoteDetails.aspx
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