Girish Chandra Murmu, the Comptroller and Auditor General of India (CAG), indicated that AI can contribute $15.7 trillion to the world economy by 2030, but he also voiced worries about its privacy and the upholding of auditing standards.
He said that democratizing AI technology is inevitable and that we have reached a stage where AI could contribute up to $15.7 trillion to the global economy by 2030 when opening the SAI20 delegates meeting of the G20. With focused and timely action, AI has the potential to promote socioeconomic development and benefit both residents and the nation.
The event was attended by 39 national and international representatives from Supreme Audit Institutions (SAIs) from G20 members, guest SAIs, and other international organizations.
According to CAG, AI has the potential to address problems in a variety of industries, including healthcare, retail, finance, agriculture, food, water resources, the environment, and pollution, as well as in areas like education, special needs, transportation, energy, public safety, disaster management, and the legal system.
He also addressed issues with justice and transparency. These problems, in his opinion, include the effect of AI on privacy, bias and discrimination in AI systems, and a lack of public comprehension of AI algorithms. He emphasized the necessity of ethical AI.
Despite acknowledging the value of sustainability, development, and the contribution of new technologies, Murmu claimed that the “responsible AI and blue economy” reflects the prospects and challenges of the modern day. The Blue Economy, which the CAS defined as an economic system that encompasses a spectrum of policy and operational dimensions aimed at conserving marine and freshwater environments while promoting their sustainable use, producing food and energy, sustaining livelihoods, and acting as the catalyst for economic advancement and welfare, was cited by the CAS as an example of why the Blue Economy is so important.
