AI has been on the radar of tech innovation for some time, but it is in the last decade that AI has acquired a groundbreaking status as businesses around the world are looking to … AI has been on the radar of tech innovation for some time, but it is in the past decade that AI has acquired groundbreaking status as companies around the world are looking to implement AI in some The New Vantage Partners in 2019 found that 92% of survey respondents globally were already investing heavily in AI. Artificial intelligence is the key to realizing the dream of digital India!
The same survey also reported that 21% of survey respondents, including big names like AIG, Bank of China, and Johnson & Johnson are investing over $ 500 million in AI. The growing urgency to implement AI can be understood from the fact that automation is now a necessity and embracing the power of AI is vital for the organization s to savor the success I know in the era of IR 4.0 But what is India’s position when it comes to AI and associated powerful technologies such as Machine Learning and Deep Learning?
WHAT IS THE INDIAN GOVERNMENT DOING
As India aims to complete digital transformation and build a billionaire digital economy, the country needs to strengthen its AI capabilities across all of its industries. What is the Indian government doing? On May 30, 2020, the Indian government launched the national artificial intelligence portal called INDIA ai with the aim of building the most complete AI ecosystem.
This is a big step as it will provide a common platform for accessing artificial intelligence resources in the country and also a platform for introducing government initiatives that will be crucial in introducing AI to all industrial domains of the country. The government had predicted the plan in 2018 only with NITI Aayog, the Indian think tank that publishes a paper on how artificial intelligence can help India add $ 1 trillion to its economy, provided it can get full integration with AI.
Earlier in 2017 the Department of Commerce and Industry had launched an AI task force to transform the economy! Now, with the launch of the AI portal, the government is confident that it is taking all the right steps. How enthusiastic is the Indian private sector about AI?
Accenture in a 2019 research report stated that by 2035 the Indian economy could receive around 957 billion dollars if the full potential of AI can be realized in the country! Obviously such calculations now need to be reanalyzed given the impact of the COV id-19 pandemic in India.
However, things are actually not that sad when looking at the number of AI start-ups in Indian cities like Bangalore and Pune and also to the amount of investment India is receiving from leading companies such as Google, Amazon and Facebook. The Indian Brand Equity Foundation (IBEF) reports that the Indian retail sector itself is expected to see massive growth and could even double by the end of 2024 with an overall valuation of $ 1.4 trillion.
This is where AI can be very useful as organizations are looking to digitize due to challenges such as disrupted supply chains during the national lockdown. Integrating AI into a company’s digital strategy will be immensely beneficial to both the market and the industry as a whole Realizing its immense potential, Facebook has invested Rs 43,574 crore in Reliance Jio platforms, which is the most great FDI in the technology sector of India!
The e-commerce sector is another industrial sector in India that is ripe with opportunities for AI-driven strategies For example, Swiggy, a Bangalore electronic platform for food delivery services, is already relying on intelligence artificial for managing its mobile app, using chat bots to provide excellent customer service and for a good marketing strategy. Other e-commerce initiatives in India are too. already uses artificial intelligence as the Indian market is the largest in the world! Indian cities like Bangalore, Hyderabad, Gurgaon and Delhi are also home to numerous AI-powered companies such as Manthan, Haptik and SigTuple.
Challenges in embracing the power of AI in India The main challenge in adopting AI in India is the lack of AI experience and skilled workforce. That is why the government is providing good incentives to set up artificial intelligence institutes in India and also encourage young graduates to acquire AI skills.
Other challenges include a lack of data or data sharing initiatives, a lack of intensified research on artificial intelligence, and poor awareness. To conclude, AI is making good progress in India as both the government and the private sector have recognized its potential!