“Source:- Economic Times”
Pune: Artificial Intelligence (AI) and data could add $450-$500 billion to India’s GDP by 2025, industry body Nasscom said in a report.
According to the ‘Unlock Value from Data and AI: The Indian Opportunity’ report, this could in turn aid India’s economic growth and recovery.
Nasscom’s action plan recommends focusing on five key areas — strategy, data, technology stack, talent and execution.
According to the report, if India acts quickly, it can become a leader in building a holistic data utilization and AI effort, especially as countries emerge from the pandemic and global economic slowdown.
The action plan and report has been reviewed by industry leaders including N. Chandrasekaran, Chairman of Tata Sons; Rishad Premji, Chairman, Wipro; UB Pravin Rao, Chairman, Nasscom and Anant Maheshwari, President, Microsoft India.
The recommendations were also presented to Prime Minister Narendra Modi, it said.
“Digital India has reimagined how our government connects with citizens and accelerated deployment of AI and other emerging technologies will help further this objective. In order to harness its full potential, India needs to embrace AI innovation and regulation with an open, inclusive…and a collaborative mindset,” said Minister of Law and Justice, Communications, Electronics and IT, Ravi Shankar Prasad.
Speaking at a panel discussion at the virtual launch of the report, Wipro chairman Rishad Premji said it was important to have a comprehensive view of what India can drive.
“How do we ensure we move beyond from pilots to scalability. We do a great job in starting ideas off and getting them into pilot mode, but how do we get real scale where the magic lies andidentify the challenges that lie in getting a pilot to scale,” said Premji.
Rao, echoing similar sentiments, said the country needs a razor-sharp focus on execution, given that there are opportunities to use AI in every sector.
The report suggests three key interventions to create a vibrant data economy in India.
This includes identifying datasets of national importance with each ministry with specific use cases, launching a program to create a marketplace of data and derived assets, and establishing a central agency for defining and enforcing data standards.
It recommends focusing on building a vibrant data economy by developing high quality datasets, data governance standards and data marketplace and strengthening capabilities which could position India as a global hub, enabling investment, jobs and innovation.
“India is at the inflection point of its digital journey… India has the potential to become a global hub for data and AI. The moment is now, to support and grow a vibrant AI ecosystem in India,” said Microsoft India President Anant Maheshwari.
of its digital journey… India has the potential to become a global hub for data and AI. The moment is now, to support and grow a vibrant AI ecosystem in India,” said Microsoft India President Anant Maheshwari.
“Data and AI’s true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications. The report articulates the key structural steps that India needs to take to realise the value of this opportunity,” said Debjani Ghosh, President, Nasscom.