S Krishnan, Secretary, Ministry of Electronics and Information Technology (MEITY), emphasized the Indian government’s commitment to building strong capabilities in artificial intelligence (AI) technologies.
Speaking on Friday at the Confederation of Indian Industry (CII) Annual Business Summit 2024 in New Delhi, Krishnan emphasized the critical role artificial intelligence (AI) will play in the nation’s technical advancement and economic prosperity.
According to Krishnan, “the government is committed to creating adequate capacities of those AI technologies that are relevant and support the country’s growth.” The application of AI technology has considerable benefits for several sectors of the economy.
Speaking on the subject of “Co-Creating the Future Responsibly: Role of Business,” Krishnan emphasized the many advantages that artificial intelligence (AI) technology offer to many economic sectors.
He described the government’s strategic emphasis on developing AI capabilities that are relevant to India’s economic development. AI leaders and experts discussed the revolutionary potential of AI during the event titled “AI: What does the Future Hold?”
The IndiaAI program aspires to establish India as a global leader in AI innovation and application. Krishnan went into detail about its tenets.
He predicted that AI will greatly increase the number of jobs available, particularly for STEM degrees, but he also admitted that retraining and reskilling will be necessary to keep up with the rapidly changing technological landscape.
Speaking briefly about the urgent need for an AI regulatory framework, Krishnan gave India his word that the country will create laws by taking inspiration from global best practices.
The goal of this strategy is to guarantee that India’s AI laws are strong and flexible enough to meet international standards.
The Indian Institute of Management, Ahmedabad’s director, professor Bharat Bhasker, provided ideas on how artificial intelligence (AI) might improve human capacities and unleash new levels of efficiency.
“It will change the way we work in the next five to ten years,” Bhaskar declared. One industry that will be affected is education, which is already being affected.
In the next five to ten years, he projected, artificial intelligence (AI) will revolutionize operating paradigms, with education being a primary example.
Professor Bhasker mentioned Anuvadini, the online document translation service offered by the AICTE, as a game-changing tool that democratizes education by enabling access in local languages.
The founder and CEO of BLP Group, Tejpreet Singh Chopra, predicted that the AI business would increase exponentially over the next five to seven years.
Chopra stated, “Considering the speed at which we have been able to demonstrate this technology, the AI market is expected to grow exponentially in the next 5-7 years.” AI is already being used in a number of industries, including banking, healthcare, and finance.
It is going to transform the way the industrial sector produces, he continued. India will be able to lead in the adoption of AI and compete with the best thanks to its capabilities in the cloud, compute, talent pool, and capacity to design sophisticated algorithms. Additionally, he emphasized that, at its core, AI is not difficult; rather, what is difficult is gathering data and lacking the necessary expertise to make that data speak.
He highlighted how AI is being adopted quickly in industries like healthcare, banking, and industrial production and mentioned how India has a competitive advantage in cloud computing, algorithm development, and talent acquisition.
He did, however, draw attention to the difficulties in gathering data and the expertise required to use it wisely.
The managing director and co-founder of 3rditech and 114ai, Vinayak Dalmia, emphasized the transformative nature of generative AI.
He voiced his belief that India has what it takes to become a worldwide leader in this area.
It’s critical to comprehend what generative AI is and is not, according to Dalmia. India is going to lead the world in implementing this game-changing technology.
The event was hosted by CII Vice President Rajiv Memani, who noted that India’s AI ecosystem is at a “inflection point.”
India is at a “turning point” in the ecosystem for artificial intelligence (AI), according to Memani. The ecosystem surrounding the adoption of AI is extremely potent, and in the near future, it will impact industry and a number of other industries in a way never seen before.
“India is the largest producer and consumer of data, making it an ideal location for testing different AI platforms,” he continued. Furthermore, India will be able to move with the necessary pace and scale to quickly embrace AI because to the abundance of STEM talent in the country.
