AI from India, for India and the World: Shaping future with emerging tech
- IBEF
- December 13, 2024
Amid a challenging macroeconomic environment, India continues to shine, poised to outperform major global economies, driven by a robust consumer market, a flourishing start-up ecosystem, and a dynamic talent pool. With over 52% of its population comprising Gen Z and millennials, India boasts the largest working-age demographic globally, representing 20% of the world’s Gen Z. This offers a unique strategic advantage for global organisations seeking skilled talent. India’s tech industry, with over 5.43 million professionals and a strong presence in artificial intelligence (AI), positions the country as a key player in driving innovation. The successful implementation of digital payment systems like the Unified Payments Interface (UPI) and advancements in health technology exemplify the nation’s success in digital innovation, largely propelled by public-private sector collaboration.
Emerging technologies, particularly AI and generative AI, are set to accelerate productivity and creativity, offering vast potential for India. Research indicates that responsible adoption of generative AI could contribute an additional US$ 675 billion (Rs. 57,28,725 crore) to India’s economy by 2038. The government’s IndiaAI mission reflects a commitment to harness AI’s transformative power, focusing on consumption, adoption, and widespread skilling. As generative AI is expected to augment 31% of working hours by 2030, India must prioritise skilling and ethical AI development to maintain its edge. This includes updating academic curricula, incentivising R&D, and fostering cross-industry collaboration. With proper support, India is well-placed to lead the AI revolution while ensuring responsible growth and ethical considerations in its development.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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