How AI Drives the Indian Economy Towards Growth?
Adoption of Artificial Intelligence (AI) technology is not just limited to businesses, but also economies focus on building their AI capabilities as a growth tool. Well developed countries like USA, EU, and China are already in the race.
Now, India is also eager to join them. Over the past two years, the Government of India has set up a Task Force on AI and directed the NITI Aayog to develop a “AI for all India” strategy on Artificial Intelligence technology with a view to influencing AI for comprehensive growth. Startups and other artificial intelligence companies in India are developing amazing solutions with AI several industries such as health, education, agriculture, financial services, manufacturing, etc to tackle the social issues.
India’s first AI Summit, Responsible Artificial Intelligence for Social Empowerment (RAISE) 2020 has made the possibility of adopting AI an imminent reality.
Also Read: What is Artificial Intelligence? And what are the Examples of AI?
Impact of Artificial Intelligence on Indian Economy
A key study has found that AI has a huge potential to contribute to the global economy, especially Indian economy. By 2030, at least 70% of companies in India will adopt AI technology.
As per the report named “Implications of AI on the Indian Economy”, increasing the intensity of AI by Indian companies will lead to an immediate 2.5% increase in the country’s GDP.
According to NASSCOM report titled ‘“Unlocking Value from Data and AI: The India Opportunity” by the year 2025, AI and data generate around 500 billion dollars to Indian GDP; Of these, 45% will be distributed through retail, baking, agriculture and consumer goods.
As per the Accenture’s report titled, Boosting India’s AI Capabilities for Strong and Inclusive AI-Driven Economic Growth”, AI has the capability to generate 957 billion dollars by 2035 for the Indian economy.
However, the current growth rate in AI investments is unlikely to adequately increase AI intensity levels. To induce a positive growth shock, AI intensities must be drastically increased.
For immediate COVID-19 response, artificial intelligence Indian government used an AI-enabled Chatbot to confirm communications. Likewise, ICMR (Indian Council of Medical Research) has appointed a Watson Assistant on its portal to answer specific questions from data entry operators and frontline staff from various analysis and testing facilities across the India on Corona Pandemic.
India aims to build a data-based and data rich society through AI that offers countless opportunities to empower individuals, develop society, and improve the ease of doing any business.
Also Read: 10 Best Artificial Intelligence Applications
Statistics of AI in India
Now, let’s have a look at some of the industries that have adopted Artificial Intelligence technology and making AI work for India effectively.
Financial & Banking Services:
A few India companies have started using AI technology to resolve India-centric problems. For instance, a popular fintech organization uses Artificial intelligence to make customized financial products for a diverse rural population.
Some other banks in India have adopted AI to improve investment returns, enhance customer experience, and digitize the use of algorithms in risk management and for fraud detection.
Healthcare & Pharma:
A healthcare Startup company in Hyderabad has leveraged AI-powered low cost ventilators that can capture patient data to make proper medical intervention decisions. Likewise, a Mumbai-based startup can use AI to diagnose chest X-rays to determine the extent of infection in the lungs and to detect tuberculosis.
ICRISAT has developed an AI-Power seed application that can more accurately assess weather patterns, rainfall, and data on local crop yields and guidance on seed plantation. This increased the yield for farmers by 10 to 30 per cent.
The CBSE (Central Board of Secondary Education) has also included AI technology in the school curriculum to make students gain good knowledge and skills of artificial intelligence, machine learning, and data science. The Ministry of Electronics and Information Technology (MTY) launched the “Responsible AI for Youth” program in April 2020, in which 11,000 students from public schools completed an elementary course in AI.
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