AI could add $1.7 trillion to India’s economy by 2035: Govt
The Indian economy is on the cusp of a technological revolution, driven by the rapid adoption of Artificial Intelligence (AI). According to a recent statement by the government, AI has the potential to add a staggering $1.7 trillion to the country’s economy by 2035. This projection is based on the vast potential of AI to transform various sectors, including healthcare, finance, education, and transportation, among others.
The government’s announcement comes at a time when India is witnessing a significant surge in the adoption of AI technologies across various industries. The statement, made on Tuesday, highlights the government’s commitment to leveraging AI for economic growth and development. As part of its efforts to promote AI adoption, the government has allocated over ₹10,300 crore under the IndiaAI Mission, a flagship program aimed at promoting the development and deployment of AI technologies in the country.
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 across the country, 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 at scale, driving innovation and economic growth.
The government’s efforts to promote AI adoption are already bearing fruit, with nearly 89% of new Indian startups launched last year using AI in their products or services. This is a significant increase from previous years, indicating a growing recognition of the potential of AI to drive business growth and competitiveness. The use of AI is not limited to tech startups, with companies across various sectors, including healthcare, finance, and education, leveraging AI to improve their operations and services.
The potential of AI to drive economic growth is vast, with applications across various sectors. In healthcare, AI can be used to develop personalized medicine, improve disease diagnosis, and enhance patient outcomes. In finance, AI can be used to detect fraud, improve risk management, and enhance customer experience. In education, AI can be used to develop personalized learning platforms, improve student outcomes, and enhance teacher productivity.
The government’s focus on AI is also reflected in its policies and initiatives. The National Strategy for Artificial Intelligence, released in 2018, outlines a comprehensive roadmap for the development and deployment of AI technologies in the country. The strategy identifies five key areas for AI adoption, including healthcare, education, transportation, cybersecurity, and environmental sustainability.
To achieve its vision of making India a leader in AI, the government has also established the National Artificial Intelligence Mission (NAIM). The NAIM is a flagship program aimed at promoting the development and deployment of AI technologies in the country. The program has a budget of ₹10,300 crore over five years and is focused on developing AI applications in various sectors, including healthcare, education, and transportation.
The private sector is also playing a significant role in promoting AI adoption in India. Many Indian companies, including Tata Consultancy Services, Infosys, and Wipro, are investing heavily in AI research and development. These companies are developing AI solutions for various industries, including healthcare, finance, and retail, and are also providing AI consulting services to clients globally.
In addition to the private sector, academia and research institutions are also playing a critical role in promoting AI adoption in India. Many Indian universities and research institutions, including the Indian Institute of Technology (IIT) and the Indian Institute of Science (IISc), are developing AI programs and courses to equip students with the skills required for an AI-driven economy. These institutions are also conducting research in various areas of AI, including machine learning, natural language processing, and computer vision.
In conclusion, the government’s statement that AI could add $1.7 trillion to India’s economy by 2035 is a significant projection that highlights the vast potential of AI to drive economic growth and development. The government’s efforts to promote AI adoption, including the allocation of ₹10,300 crore under the IndiaAI Mission and the deployment of 38,000 GPUs, are already bearing fruit, with nearly 89% of new Indian startups launched last year using AI in their products or services. As the country continues to invest in AI research and development, we can expect to see significant economic growth and development in the years to come.
News Source: https://www.pib.gov.in/PressNoteDetails.aspx
About the Author
