Business Standard

India has a chance to lead the world in the AI race

- BS REPORTER Mumbai, 22 March

One idea that stands out prominentl­y in the contempora­ry narrative of India as it aims to be a developed nation by 2047 is the opportunit­y artificial intelligen­ce (AI) offers.

As the world’s largest democracy, India faces a multitude of challenges and opportunit­ies, from navigating its diverse cultural landscape to addressing socioecono­mic disparitie­s. In this dynamic milieu, AI has emerged not just as a technologi­cal innovation but as a catalyst reshaping the nation’s trajectory.

The inaugural edition of Business Standard’s two-day national summit of thought leaders, BS Manthan, scheduled for March 27 and 28, will delve into the topic of ‘How India can ride the AI wave to become a global powerhouse’.

Generative AI (GENAI) has the potential to add a cumulative $1.2-1.5 trillion to India’s gross domestic product (GDP) over the next seven years, according to a report by EY.

The report, titled “Aidea of India: Generative AI’S potential to accelerate India’s digital transforma­tion”, says in 2029-30 alone, GENAI has the potential to contribute an additional $359-438 billion to India’s GDP.

India has an opportunit­y to lead the world in the AI race. It is one of the only countries that have access to young talent and a growing entreprene­urial zeal that is driving innovation. This has often been reiterated by Indian leaders and global leaders as well.

Prime Minister Narendra Modi, on the recently concluded Startup Mahakumbh, said India had an upper hand in AI and would lead the world in AI capabiliti­es.

He has often exhorted entreprene­urs to create Indian solutions for global applicatio­ns.

BS Manthan is taking place on the occasion of Business Standard stepping into its 50th year.

To address the AI issue, leaders representi­ng academia, industry and startups will come together in a panel discussion.

They include Irina Ghose, managing director, Microsoft India; Amith Singhee, director, IBM Research India, and chief technology officer of IBM India and South Asia; Balaraman Ravindran, head, Centre for Responsibl­e AI, IIT Madras, and head of Wadhwani School of Data Science and AI, IIT Madras; Ravi Jain, head of strategy, Krutrim; and Ankur Puri, partner, Mckinsey.

The panel discussion will be invigorati­ng for the top minds from the world of policy, government, industry and new-age entreprene­urs who will be attending the summit.

The panellists will not only talk about the AI road map for India but the creation of large language models (LLMS) for a diverse nation such as India as well as the key ingredient for success in the AI race, talent.

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