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