On Thursday, IT company Accenture released a report, titled ‘Rewire for Growth’, which said AI has the potential to add $957 billion (Rs 62,29,113 crore) to India’s GDP by changing the nature of work to create better outcomes for businesses and society.
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 per cent in 2035, said the report.
Either for its awe-inspiring technical undertone or simply novelty, the concept of artificial intelligence had not gained much acceptance. Also, it is widely being viewed as a major threat to jobs, especially those of first and mid-level techies.
However, like any other innovation, this technology has a lot to offer to not only the IT industry but the macro-economy as a whole.
The term artificial intelligence was coined in 1956, but it has become more popular today, thanks to increased data volumes, advanced algorithms and improvement in computing power and storage, according to sas.com.
AI makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. It is the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
The Accenture report said the AI has high stakes in India, yet it trails many other G20 countries. To fully seize the opportunities presented by AI, India’s policymakers, universities, corporations, entrepreneurs and workers need to come together and work in unison.
The report has five recommendations for the stakeholders to understand how to foster growth through AI and innovation while safeguarding consumer rights and ethical considerations.
> Forge a national AI plan and multi-stakeholder partnerships;
> Strengthen India’s AI R&D ecosystem
> Enable and broaden access to data
> Create a workforce of the AI future
> Embrace smart regulation
Recognising its huge potential, many business verticals have started embracing the technology in a big way.
India’s top e-commerce player Flipkart is all geared up to double use of artificial intelligence technologies across operations ranging from conversational search, visual similarity, better last-mile delivery, fraud detection, personalisation to warehousing.
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