Active Stocks
Tue Dec 05 2023 14:33:27
  1. Tata Steel share price
  2. 131.4 0.34%
  1. Power Grid Corporation Of India share price
  2. 220.7 3.66%
  1. ICICI Bank share price
  2. 1,014.65 2.43%
  1. NTPC share price
  2. 284.1 3.38%
  1. State Bank Of India share price
  2. 608.7 2.36%
Business News/ Opinion / Views/  AI offers a rare opportunity to transform our economy
Back Back

AI offers a rare opportunity to transform our economy

It can transform our economic prospects if business and government work in sync to embrace it

With a wide range of use cases across industries, AI could become as ubiquitous as electricity.Premium
With a wide range of use cases across industries, AI could become as ubiquitous as electricity.

Just as the smartphone revolutionized communication and commerce across India, AI is poised to super-charge economic growth. It could add hundreds of billions in dollar value to India’s GDP within two years. And if used in service of humanity, AI could help solve some of our most pervasive social challenges, be it access to healthcare, protection against natural disasters or financial inclusion. India has all the ingredients for AI success. A large talent pool, supportive government policies, strong academic institutions, and world-class research and innovation facilities. Also, our massive and tremendously diverse population gives us access to some of the richest data-sets for AI innovation. This coming wave of generative AI may be more revolutionary than any innovation of technology before. Here is where I believe some of the biggest opportunities lie:

Boosting core sectors: Across India’s farmlands, a quiet transformation is afoot. Agri-tech solutions powered by AI are already empowering farmers to increase crop output and yields by predicting the best time to sow seeds, warning of pest outbreaks, and even optimizing the use of water and fertilizers. In manufacturing, where exports are projected to hit $1 trillion by 2028, AI will improve efficiencies across the value chain—whether that’s by accurately forecasting supply and demand to prevent over-stocking or by inspecting thousands of products at scale to minimize defects. In healthcare, where AI presents a huge opportunity, deep learning algorithms can help doctors diagnose diseases earlier. Meanwhile, AI-powered wearables can monitor how well patients respond to treatment. As for retail, AI is helping brands predict customer needs more accurately, and deliver personalized service at every touchpoint. With a wide range of use cases across industries, AI could become as ubiquitous as electricity.

Reshaping work and employment: With over half of India’s 1.4 billion population under age 30, there need to be sufficient employment opportunities. Generative AI will create these. Bringing AI + data + CRM together will transform the way work is done. Repetitive tasks will be automated, freeing up people to engage in more creative, productive and fulfilling careers.

Skills like managing, advising, innovating, critical thinking and communicating will be increasingly in demand. So too will jobs in fields like data science, cognitive intelligence, digital transformation, business development and security. Filling these roles will require significant investments in upskilling and reskilling. The government is already thinking ahead with initiatives like the Pradhan Mantri Kaushal Vikas Yojana 4.0, which seeks to provide on-the-job training in coding, AI, robotics, mechatronics and other skills.

Bridging the socio-economic divide: Despite rapid economic growth, millions in India lack access to basic services. AI can help close these gaps.

Take healthcare. In rural India, where medical infrastructure and trained clinicians are scarce, AI-based diagnostic tools like smart stethoscopes and portable blood analysers can be used even by lay people to capture a patient’s health markers and then transmit this data to remote doctors for diagnosis. In financial services too, AI-based credit modelling tools are using alternative data sources, such as weather forecasts and satellite images of crop health, to determine a farmer’s credit-worthiness. Of course, for these applications to work, India’s digital divide must first be addressed by improving internet and smartphone access across marginalized communities.

Enabling smarter governance: From smart traffic management to public safety controls to air pollution mitigation, the use cases for AI in governance are endless. New Delhi plans to use AI to synchronise traffic signals so that there’s less congestion. Tamil Nadu expects to roll out a system of smart street monitoring to detect street light failures in real time. Even the Kumbh Mela uses AI-based crowd management to prevent stampedes.

Meanwhile, AI will help e-governance platforms like IndiaStack become more intelligent and customized for local communities. Digital India Bhashini, an AI-led language translation platform, will soon use a WhatsApp chatbot powered by ChatGPT to disseminate information on government schemes in 12 languages. At Salesforce, we’re bringing trusted generative AI to the enterprise with AI Cloud, offering the benefits of generative AI while ensuring data security. To scale up AI use in a meaningful way, greater public and private sector collaboration is essential. Businesses and governments must work together to:

Incentivize AI research: Offer strong financial backing to startups and academic institutions developing cutting-edge AI solutions for public good. Establish more centres of AI excellence in educational institutions.

Reduce brain drain: Retain India’s AI talent by providing high-quality education, infrastructure, competitive pay and professional opportunities.

Train for the AI age: Fund more education and training programmes at scale to help people upgrade AI skills. Provide free online courses to bridge gaps in AI expertise.

Keep AI ethics front and centre: Create guard-rails that root out algorithmic biases, improve transparency in AI functioning, and ensure the technology is used responsibly.

Used responsibly, this once-in-a-generation technology could transform the lives of millions of Indians for the better.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Elections News, Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 13 Aug 2023, 10:17 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App