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AI enhances India’s growth horizons

TBP Online
03 Feb 2024 18:41:48 | Update: 03 Feb 2024 18:41:48
AI enhances India’s growth horizons
- Representational photo

Artificial Intelligence (AI) is reshaping businesses, industries, agriculture and socio-economic development at a global scale. AI has experienced substantial progress across various sectors, heralding a new era of innovation, efficiency, and creativity in India.

The spread of AI is visible from healthcare to agriculture; finance to education.

The universal influence of AI is offering an era of unparalleled opportunities. The AI market in India is estimated to add $400–$500 billion to India’s GDP by 2025, accounting for around 10 per cent of the country’s $4-$5 trillion GDP.

India has been ranked 1st in AI Skill Penetration and 1st in the Number of Git Hub AI Projects as per the Stanford AI Index report 2023. The Indian Ministry of Commerce and Industry constituted an AI Task Force in 2017 to develop a roadmap for AI adoption in India.

In 2018, the Government of India released a national strategy on artificial intelligence. The strategy aims to position India as a global leader in AI and leverage AI technologies for social and economic benefits.

The Government of India has taken a number of initiatives to promote the development and use of artificial intelligence (AI) in the recent years such as:

In 2021, the National AI Mission was launched to promote the development of AIbased solutions for a wide range of sectors, including healthcare, agriculture, and education while in 2022 the National AI Platform was launched to provide a common infrastructure for AI researchers and developers to share data, tools, and resources.

In the same year, the National AI Fellowship was launched to provide funding for early-career AI researchers to pursue research in India while National AI Ethics Guidelines were also released to provide a framework for the responsible development and use of AI in India.

In the 2023 budget, the government announced setting up three centres of excellence in artificial intelligence (AI) in the top educational institutions" as part of the government’s “Make AI for India” and “Make AI work for India” initiatives in budget 2023.

Leading industry players will partner in conducting interdisciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of Agriculture, Health, and sustainable cities

AI plays a pivotal role in India’s agriculture sector, optimizing crop yields and resource utilization. AI-driven analytics provide indispensable insights to farmers, encompassing accurate weather predictions and assessments of soil health.

AI empowers the farmers with data-driven decision-making tools, thus elevating agricultural productivity and sustainability significantly.

AI has introduced a paradigm shift in India's healthcare landscape, making medical diagnosis and treatment more precise and accessible through AI-powered tools.

Leading-edge AI algorithms meticulously analyse medical data, significantly assisting doctors in diagnosing diseases with unparalleled precision.

Particularly in remote and underserved areas, AI has elevated healthcare accessibility, employing remote patient monitoring and telemedicine.

India's financial sector has undergone a profound transformation propelled by AI, virtual assistants have seamlessly integrated into customer interactions, enhancing user experiences across banking and insurance.

AI-powered algorithms meticulously scrutinize extensive datasets, effectively detecting and preventing fraudulent activities, thus fortifying the security of financial transactions. AI's role in credit scoring and risk assessment has further expanded financial access to previously underserved populations.

AI is revolutionizing the education sector by personalizing learning experiences and improving accessibility. Many EdTech platforms employ AI algorithms to dynamically adapt content to individual student needs.

AI-driven chatbots provide instant assistance to learners, while AI-powered content creation tools facilitate educators in efficiently developing high-quality educational materials.

The e-commerce sector has also witnessed explosive growth trajectory, predominantly attributed to AI. Advanced recommendation engines adeptly analyse user behaviour, delivering tailored product suggestions that significantly amplify sales.

Supply chain optimization and inventory management are seamlessly streamlined through AI-driven algorithms. E-commerce giants such as Flipkart and Amazon India harness AI for predictive demand forecasting, ensuring the efficiency of delivery services.

AI-driven automation has spearheaded a revolution in India's manufacturing sector. Smart factories judiciously employ IoT devices and AI to optimize production processes, minimize downtime, and elevate product quality.

The 'Make in India' initiative solidifies the nation's position as a global manufacturing hub, with AI playing an indispensable role in this endeavour.

AI is reshaping India's transportation sector, encompassing logistics and urban mobility. Prominent ride-sharing platforms like Ola and Uber harness AI algorithms for route optimization and pricing, delivering enriched customer experiences.

Autonomous vehicles holding the promise of safer and more efficient transportation. AI-powered traffic management systems efficiently mitigate congestion in densely populated cities.

India is rapidly emerging as a global AI hub. With a mushrooming startup culture and a large pool of skilled engineers, India has attracted significant investments in AI.

Initiatives like the National AI Mission and collaborations between academic institutions and tech companies are driving AI research and innovation.

AI in India has now become comparable with the big honchos in the World AI system such as United States, China, Germany and United Arab Emirates (UAE).

Each of these nations has made significant strides in the AI landscape, each with its unique growth trajectory.

The United States continues to lead in AI research and innovation, with a concentration of top tech companies and research institutions. India, with its growing start up ecosystem and research initiatives, is quickly catching up the AI advancements and applications.

The UAE and China have adopted comprehensive AI strategies while Germany emphasizes AI ethics and regulations. Germany's precision engineering focus has led to strong AI adoption in manufacturing, while China and the UAE focus on broader AI integration in multiple sectors.

In a nutshell, AI's achievements across diverse sectors in India are remarkable, creating great inspiration for the growing young population.

The transformative technology has fostered healthcare accessibility, amplified agricultural productivity, revolutionized finance, personalized education, and fuelled e-commerce growth. In manufacturing and transportation, AI has streamlined operations, enhancing overall efficiency and efficacy of the enterprises.

As India continues to invest in research and development, nurture innovation, and cultivate a thriving startup ecosystem, the future of AI in the country appears exceedingly promising.

The integration of AI across various sectors has the potential to position India as a global leader in AI-driven innovation.

The writer of the article Dr SP Sharma, an Indian citizen has around 25 years of diverse experience in the various areas of the economy, trade and industry. He is working with the prestigious industry body, PHD Chamber of Commerce & Industry as Chief Economist and Deputy Secretary General.