Even though it’s been around in some form or other for over sixty years, the last decade has seen the rapid growth of Artificial Intelligence (AI) globally thanks to massive technological advancements in the field. The result is that AI – which refers to computer systems that are able to perform tasks which normally require human intelligence – has become part and parcel of everyday life.
But as personal digital assistants like Siri and Bixby become the norm for consumers, technological revolutions are brewing across the world with companies and economies looking to leverage AI-related advancements to boost growth. In India, businesses like Swiggy and Zomato, which have invested heavily in AI over the past couple of years, have witnessed the power of technology to both sustain and increase growth -- and this has steered the discussion towards AI’s potential.
According to a recent Accenture study, AI can add US$957 billion (15% of current gross value added) to India’s economy by 2035. It’s no surprise then, that the government has introduced bold, multi-pronged initiatives to augment labor productivity and innovation with an eye to driving growth.
Your interaction with AI happens right in the palm of your hand. AI powers features such as smart assistants as well as the portrait mode in your phone’s camera.
Music and video streaming services that recommend songs and playlists are powered by AI.
AI influences the decisions you make on social media. It lines up the feeds in your timeline and is responsible for the notifications you receive.
Drone delivery programs will soon be a reality, with many large tech firms currently exploring and investing in the area.
Banks and financial institutionsrely on AI in the area of customer service, and to protect against fraud.
But despite ranking high in terms of the number of AI start-ups, India lags behind other G20 nations, in particular the United States and China, in innovation and tech development in the field.
Nevertheless, an allocation of $480 million in Budget 2018 for research, training and skills development in robotics, digital manufacturing, big data intelligence and AI underlines the Indian government’s commitment to new technologies that are seen as key to boosting economic and social development. The announcement of a national program this year, that will see the establishment of a hub for AI to be supported by centres of excellence, further proves the country’s determination to winning in this field.
Policy makers have also put together a roadmap for emerging technologies and established a task force which outlines how AI in India will:
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