How AI and ML is Affecting the Indian Economy
The global IT services and consulting major Accenture said AI has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15 percent by 2035.
The convergence of Big Data and Cloud powered by Artificial Intelligence (AI) and Machine Learning will be the next game changers and we believe it will be a multi-trillion dollar opportunity for the Indian economy. We are in the middle of the single largest transformation the world has even seen since the industrial revolution.
India, though remained undiscovered in the early 90s, holds the potential to be discovered as creators of asset class because of their ability to create unstructured data sets. India is poised to leapfrog the world in Artificial Intelligence as the demography is not constrained by the legacy usage of computers or tablets so they can move directly to the phone. Also, India is creating unstructured data at a very rapid pace and has datasets in volume that very few countries possess.
The global IT services and consulting major Accenture said AI has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15 percent by 2035. In the Budget 2018, the Government of India announced efforts to enhance research in disruptive technologies like AI, Big Data, IoT and Robotics. This will boost digital inclusion, innovation, and manufacturing; thereby creating multi fold employment opportunities directly contributing to the upsurge of Indian economy.
The convergence of Big Data and Cloud powered by AI and ML is going to transform businesses faster than ever with the first signs of this transformation appearing in the sector of Life sciences, Energy Management and Data Infrastructure. With such extensive potential, let’s take a deeper look into how AI and ML scenarios are significantly contributing to the Indian economy –
Life sciences: The use of transformative technologies to understand the complexities that arise from the combination of a variety of data from areas like clinical research, plants and animal genomics could reveal completely innovative approaches to treatment of diseases.
The Indian pharmaceutical industry has been a world leader in bringing life-saving drugs to market in a cost-effective way. Latest advancements in genome sequencing, translational strategies, and precision medicines combined with AI holds a lot of potential for Indian pharmaceutical companies to play a critical role in creating more innovative healthcare solutions. This will boost medical tourism in India that is currently projected to grow to $7- 8 million by 2020.
Energy: India has been dependent majorly on energy imports to meet the energy demand. To overcome the dependency on energy imports, a lot of attention is required towards efficient energy management. As per the estimates of the Planning Commission, Government of India needs to increase energy supply by three to four times to ensure economic growth rate of 8% by 2031-32. AI can be really helpful in managing entire energy ecosystem and thus, directly impacting the economy. Powerful computation models built on AI can help reduce dependency on energy, availability, costs and consumption.
Data Infrastructure: The rapid explosion in digital data poses challenges vis-à-vis opportunities to come up with AI-based solutions to manage huge data volumes with the right set of AI-driven technologies. There is a huge opportunity for Information Management in the areas like Data storage, Fraud Detection and Prevention, Compliance Reporting, Risk Management to name a few.
With the government pushing the digital economy concept and already available data sets, India can be at the forefront of replacing the traditional way of managing data with AI based solutions. This is a clear indicative of the growth potential AI in Data Management holds for Indian economy.
The way ahead
Embracing the change can be made easier by building a multi-disciplinary workforce. With the peripheral change in focus within educational institutions, businesses and policymakers, AI and other emerging technologies can unleash their strategic potential for the better good of Indian economy.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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