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Artificial Intelligence: Growth and Development in India

Artificial Intelligence: Growth and Development in India



AI | DEC 13, 2021 ©GETBES | 0 Views

In 2035, AI has the potential to add US$957 billion, or 15% of India's present gross domestic product. The mix of technology, data, and skill that enables intelligent systems has achieved critical mass, propelling AI investment to new heights.



Is India, on the other hand, truly equipped to take use of AI's huge potential? Continue reading to find out.


For India, the stakes are quite high.

India lags behind on key AI development metrics despite having a tech-savvy talent pool, famous institutions, high levels of entrepreneurship, and powerful enterprises. The stakes are really high. The country is still the most competitive in South Asia, but it lags behind several other G20 countries when it comes to artificial intelligence. Despite Indian enterprises embracing AI on a greater scale, the country's expenditures in digital infrastructure, and individuals' rising computer abilities, this remains the case.




Indian start-ups are growing and creating AI solutions in education, health, financial services, and other domains to alleviate societal problems.

Artificial Intelligence (AI) is causing a seismic upheaval in the world of technology, allowing it to be used for increased production and success while also simplifying the system. AI is increasingly being employed in various industries, from your mobile phone to illness diagnostics, providing high-performance and precise gadget operation with quality. It has shown to be a game-changing technology in every field, not just technology. .

India, as the world's fastest-growing economy and second-largest population, has a significant stake in the AI revolution. IITs, NITs, and IIITs, among the country's finest technical institutes, have the potential to be the nursery of AI researchers and start-ups. Indian start-ups are growing and creating AI solutions in education, health, financial services, and other domains to alleviate societal problems.

The first Community Centre for Artificial Intelligence was established in Hyderabad, according to the Deccan Article. They also stated that The HexArt Institute is a project of the Hexagon Capability Hub India (HCCI), the company's largest product development center in India. It acknowledges this institution as a timely societal responsibility endeavor. Throughout the year, the center will train around 350 students in numerous batches.

The following are some of the AI's most promising possibilities in India Taking advantage of the situation

Universities, major enterprises, startups, policymakers, and multi-stakeholder alliances are all cornerstones of a healthy AI ecosystem, according to our research. The relative importance of these five factors varies per market, partially due to the maturity of certain businesses and each country's political culture.

The following five proposals should be considered by India's AI stakeholders to understand how to drive growth and innovation while maintaining consumer rights and ethical considerations:

AI promises to fill the gap at a time when India is attempting to reignite productivity and growth. AI will bring up new economic opportunities that would not have existed otherwise if it is implemented fully and responsibly. The guiding idea should be to develop policies and commercial strategies that put people first, focusing on utilizing AI to augment and expand people's skills for the benefit of humanity.

Furthermore, firms such as Google, Microsoft, and Amazon are attempting to meet the government's cloud computing and machine learning requirements. As the Indian government pushes for digital transformation and introduces more AI programmes, private firms will scramble to win significant contracts, add to the inflow of funding to produce breakthrough technologies, and launch new AI and data science enterprises.

However, the following are some of AI's most significant adoption challenges WHERE ARE THE MOST PROMISING OPPORTUNITIES?

AI has the potential to enhance development and profitability while also transforming enterprises for large firms and sectors. Take, for example, manufacturing. AI-powered systems' ability to learn, adapt, and improve over time may remove malfunctioning machinery and idle equipment, thereby increasing the sector's share of profit by 39%.

AI can help entrepreneurs and small businesses compete with much larger incumbents. Flipkart, which was started a decade ago in India, is developing an AI system to help it make better judgments about ordering, delivery, and product pricing on its marketplace. This would help the online store to increase productivity and lower product costs for customers, allowing it to compete with global players like Amazon in India.

UNIVERSITIES AND RESEARCH INSTITUTES

Universities and research institutions are the incubators for AI ecosystems, providing fertile ground for great scientists and engineers to get their ideas off the ground and turn them into new enterprises. Beyond foundational research, institutions are a critical pillar of AI because of the ecosystem that develops around them. Consider the universities of Cambridge and Oxford in the United Kingdom, where some businesses that made key AI advances and later became ideal acquisition targets grew up. DeepMind was purchased by Google in 2014, Apple by VocalIQ in 2015, and Microsoft by SwiftKey last year.

In India, AI research has been motivated by societal needs such as bridging language barriers (speech and natural language processing to make useful information accessible to people in different languages) or enabling disadvantaged sections of society to benefit from information technology (text-to-speech for visually impaired people, for example). Expert systems at the Indian Institute of Technology (IIT), speech processing at the Tata Institute of Fundamental Research, parallel processing at the Indian Institute for Science, image processing at the Indian Statistical Institute, and natural language processing at the Center for Development of Advanced Computing are among the country's research hubs. However, India did not establish AI research and innovation centers until the beginning of this decade, in order to investigate how artificial intelligence may promote economic growth. These programmes, notably around talent development, have been essential in increasing India's entrepreneurial activity in recent years, despite their late arrival.

  1. STARTUPS
  2. The level of entrepreneurial dynamism in AI varies substantially per nation. Between 2010 and 2016, the AI startup environment in the United States dominated, followed by China, which is catching up. In 2016, India placed third among G20 nations in terms of the number of AI startups, which has expanded at a compound annual growth rate of 86 percent since 2011, which is greater than the worldwide average. However, the amount of capital is far lower than in the United States and China, reflecting India's AI firms' limited success in gaining scale thus far .The most popular areas, which represent for over 80% of total financing, are machine learning, recommendation engines, and computer vision. The internet, including business-to-consumer (B2C) products, is the most successful industry in terms of both overall number of startups and capital received, followed by mobile and telecommunications. Other areas in India that are growing are healthcare, software, and manufacturing.

  3. LARGE COMPANIES
  4. Big industrial leaders with the financial and business acumen to engage in AI research and development (R&D) often lead the strategic drive for their country's global competitiveness. Large technology and digital platform businesses like Google, Amazon, Facebook, and Apple are leading AI advancements and becoming magnets for entrepreneurship in the United States. In China, Baidu, Tencent, and Alibaba are following suit. In keeping with worldwide trends, our early study reveals that digital platform firms are pushing AI breakthroughs in India as well. Leading Indian banks have rolled out or are trial testing AI-powered conversational chatbots for their websites and/or mobile applications, among the incumbent industry players. Tata Motors has teamed up with Microsoft to take use of the latter's connected car technology, which incorporates artificial intelligence, sophisticated machine learning, and the Internet of Things to improve the driving experience. This is only the beginning. According to an Accenture Tech Vision 2017 study of business and IT professionals, over 80% of respondents in India believe AI would considerably or totally impact their company over the next three years, which is higher than the global average of 68 percent. Over the next three years, more than 88 percent of Indian respondents expect to spend moderately to heavily in one or more AI-related technologies.

  5. POLICY MAKERS
  6. When it comes to AI, policymakers must address anxieties about the technology's influence on society while still fostering innovation. However, without the united efforts of many players, including those in government, this would not be possible. So, what are governments doing to promote access to the key components of successful AI development? The analysis of the ten nations reveals a distinct pattern of hybridization, with one kind mostly driven by private sector enterprises in countries like the United States and the United Kingdom, and the other substantially encouraged by the government in countries like China and Japan, for example

Governments play a vital role in both forms of hybridization to ensuring that the three elements of effective AIQ development—technology, data, and people—are available to all stakeholders in the AI ecosystem. In India, the Ministry of Electronics and Information Technology has recently formed a "policy group" in collaboration with NASSCOM to develop a regulatory framework and road map for new technologies such as AI, blockchain, and big data analytics. viii In addition, the Ministry of Commerce and Industry has established a "AI task group" to investigate the potential for using AI for development in several industrial and service industries. ix Despite these hopeful beginnings, India's policy endeavor is yet incomplete, and it trails behind other G20 countries. In 2016, Japan, for example, presented an overall AI plan for developing its tech-infused, ultra-smart "Society 5.0."

In general, India's digital footprint has expanded dramatically. The administration is also pressing forward with several schemes aimed at improving technical infrastructure. Other authorities and artificial intelligence institutions, as well as various sectors, are building policy frameworks and initiatives to inculcate such abilities. The Indian artificial intelligence market, which is still considered developing, may likely take a jump with a bit more drive toward resources and frameworks that support its growth.

- by Mr Subham Jha,Getbes Editor.





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