Artificial Intelligence may contribute approximately $957 billion to India's economy, according to a statement by Accenture.
India has outlined a comprehensive plan to harness the potential of Artificial Intelligence (AI) and boost its economic growth. The draft long-term vision and action plan, published by the NITI Aayog, the Indian government's policy think tank, emphasises collaboration between policymakers, civil society, and the private sector to address the technical and ethical issues posed by AI deployment.
According to a report titled 'Rewire for Growth', AI could add US$957 billion to the Indian economy by 2035, potentially lifting the country's income by 15 percent. Rekha M. Menon, senior managing director and chairman of Accenture India, highlighted the significant potential of AI to unlock socio-economic value in India.
The focus of AI's economic growth will be on innovative technologies that enhance efficiency and allow humans to focus on creative tasks. To realise this potential, the report recommends increasing spending on core AI research, fostering collaboration for innovation, and creating opportunities for smaller players.
Digital platform companies can play a key role in driving AI innovations in India. However, the report notes that AI startups in India have witnessed higher than average growth since 2011, but the size of funding received is substantially smaller than in the United States and China.
Embrace smart regulation, setting guiding principles on "responsible AI" and developing adaptable regulation to promote trust and innovation is also crucial. More than 88 percent of businesses in India surveyed by Accenture expect to make moderate-to-extensive investments in AI-related technologies over the next three years.
To ensure the successful adoption of AI for societal and business needs, the report stresses the importance of enabling greater access to data. Additionally, investing in building multidisciplinary and STEAM skills, demanded by AI, for the next generation, is essential.
The report examines India's AI innovation ecosystem relative to other G20 economies across five key pillars. To realise the full potential of AI, India needs concentrated effort at the national level, with collaboration between policy makers, civil society, and the private sector.
Menon emphasised the need for a clear, long-term vision, and a multi-stakeholder action plan that balances growth with ethical considerations in AI. Developing a long-term vision and action plan for AI, uniting the ecosystem and addressing technical and ethical questions as they arise, is a significant step towards India's digital future.
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