India’s innovation efforts have been boosted thanks to Covid-19. Other than that, Net Neutrality debates have also given rise to new deliberations on the subject concerning the various stakeholder’s varying viewpoints. There are also diverging perspectives about how net neutrality can be treated in the future. Artificial Intelligence (AI), Digital Marketing and other emerging developments have forced us to re-imagine our companies and make them more scalable, versatile, and customer-sensitive.
But how did we reach here?
Initiatives of the Indian Government So Far
Since the early 90s, India’s IT and ITeS services industry has played an increasingly important role in its economy, accounting for 7.7% of GDP in 2016. To capitalise on this basis, the new Indian administration declared in February 2018 that the government think-tank, the National Institution for Transforming India (NITI) Aayog (Hindi for Policy Commission), will lead a national AI research initiative. This development comes on the heels of a Task Force’s launch on AI for India’s Economic Transformation by the Commerce and Industry Department of the Indian Government in 2017.
Today we have finally reached the state of affairs where India’s overall number of tech start-ups has risen to 8,900-9,300, with 1,300 new ones introduced only this year. As India’s technology start-up scene grows to become the world’s fourth-biggest, it’s time to put academics, business, and policymakers together to develop a well-thought-out strategy and promote solutions to real-world issues of the real world.
What kind of Possibilities lie ahead?
According to several reports, it will take another 2-5 years for AI to become popular and even then, it will be at the level of pilots and programmes rather than transformative performance. With the government’s growing interest in India’s AI applications, experts claim that AI’s interest has increased significantly across all business sectors in India.
There lie great possibilities in AI to add $957 billion or 15% of the present gross value – to the Indian economy by 2035. AI can provide considerable incremental value to sectors, for example, energy, retail, manufacturing, healthcare, education, and agriculture. And will simultaneously increase the opportunity for jobs in all these sectors, each for AI experts and others.
Existing Momentum Challenges for Artificial Intelligence in India
In spite of the initial excitement for AI, some experts expressed concerns about untapped opportunities and suggested that the country should do even more to embrace and incorporate AI technologies.
Another recurring factor that stands like a hurdle is the cost of loss in India is far higher than in the West. In contrast to Western Society, Indian culture is less accepting of entrepreneurship loss. The main reason behind this is the fact that our country can’t afford such losses. So far, this has resulted in designs being copied from other sources and then customised.
In India’s comparatively underdeveloped economy, this “learning” process – obvious given the state of AI adoption in Western markets – may last longer. However, we all can keep hope for better future ideas and innovative entrepreneurs to draw on the IT services sector’s success in the near future to develop internationally competitive AI businesses.
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