India is all set to join the race in Artificial Intelligence

Artificial Intelligence India News: The use of Artificial Intelligence(AI) was one of the trends that were increased by the pandemic. The adoption of AI (AI) isn't limited to businesses, but economies have also turned their specialize in the build-up of their AI capabilities as a way to reinforce growth.

Developed economies just like the US, China, and EU countries are already within the race. Now, India too is set to join them. In the last few years, the govt of India established a Task Force on Artificial Intelligence and mandated the NITI Aayog to organize a National strategy on AI to leverage AI for inclusive growth.

Artificial Intelligence India News - However, AI assumptions stayed at a developing stage in India. India's first AI summit, Responsible AI for Social Empowerment (RAISE) 2020 has turned the likelihood of AI adoption into an imminent reality.

Amidst the accelerated adoption of AI-based technologies, India seems to face at the precipice of the fourth technological revolution.

The competitive advantage of low-cost labor may fade away soon as economies begin to reap the benefits of AI in the form of increased productivity and cost advantages, and become more profitable than labor.

Hence, it might be a timely move for India to create its AI capabilities, lest the worldwide digital divide widens even more and that we are left behind.

The report titled “Rewire for Growth” by Accenture estimates that AI has the potential to feature $957 billion to India’s economy in 2035.

As the post-COVID economy begins to rebuild itself, AI will present a chance to leapfrog by opening up newer sources useful and growth, beyond the physical limitations of capital and labor. However, AI obtains excitement and nervousness in equal measures. 

AI and machine learning (ML) hold immense possibilities for the future of the economy, several issues and apprehensions are surrounding it, and one of them is job movement and by addition, different growth.

The collaborative efforts are the key to accelerate technology diffusion by promoting innovations that democratize the access of new technologies, enhancing research and development in AI that address the issues of data protection, transparency, and accountability so that it gains charitable trust and encourages greater investment. 

With greater inclusion of stakeholders and greater diversity at each step of building an AI ecosystem, India can look to reap the gains of automation isn't only in the long-run but also in the short-run.

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