AI is likely to transform the way we live and work. Due to its high potential, its adoption is considered the fourth industrial revolution. As with any major technological advancement, it brings a spectrum of opportunities and challenges. On the one hand, several applications have been developed or are under development with the potential to significantly improve the quality of life.

As per a study, it is expected to double the annual economic growth rate of 12 developed countries by 2035. On the other hand, there is a possibility of loss of jobs. As per the available reports, the loss of jobs during the next 10-20 years is estimated to be 47% in the US, 35% in the UK, 49% in Japan, 40% in Australia, and 54% in the EU.

India has been making some milestone decisions regarding the future of AI. The country's presidency in the G20 has been a significant factor in these decisions. According to a recent report by LinkedIn, the number of LinkedIn profiles citing skills in Artificial Intelligence has increased 14 times in the past seven years in India, placing the country among the top five in the world with emerging talent for the technology.

The G20 Summit

India recently organized the G20 Summit under the theme of "One Earth, One Family, One Future", addressing important issues such as food security, climate and energy development, health and digitalisation.

AI, especially generative AI, and its economic impact on the works as a major talk point at the G20 Leaders' Summit in New Delhi on September 9th and 10th. According to a report by Business Today, the Leaders are acutely aware of the potential of AI, more importantly, generative AI. The topic was also discussed at length by the leaders during the summit.

Economic Impact

The leader also discussed AI's economic impact. However, they highlighted the need for more data and research to understand the impact of emerging technology. Stakeholders and industry insiders have also been concerned about regulations around AI. Ethical concerns that AI brings were also important points for discussion during the summit.

During the G20 Summit, Prime Minister Narendra Modi stated that cryptocurrency is a new subject for social order and monetary and financial stability and sought global standards to regulate it. 

On Saturday, the G20 leaders decided on swift implementations of the reporting framework for crypto assets, stressing that many member nations want information exchange on such non-financial assets to start by 2027. 

The Crypto Asset Reporting Framework (CARF) or template is being developed to ensure that tax evaders do not use such assets to conceal their unaccounted wealth. According to Nirmala Sitharaman, in an interconnected world, financial technology transcends borders, therefore making cross-border partnerships crucial.

Responsible AI

In August 2023, Prime Minister Narendra Modi proposed building a robust framework to promote the safe and responsible use of Artificial Intelligence on Saturday while addressing the G20 Digital Economy Ministers' Meet held in Bengaluru through a video message.

PM Modi also recommended promoting advanced digital technology by farmers and small businesses and establishing the framework to develop a global digital health ecosystem. He also stressed the need for an entire ecosystem of technology-based solutions that should be built to address the challenges humanity encounters. Modi further said that the G20 nations have a unique opportunity to lay the foundation for an inclusive, prosperous and secure global digital future.

During the G20 Digital Economy Ministers' Meet in Bengaluru, while addressing the audience, the PM spoke about the development of Bhashini. This AI-powered language translation platform will support digital inclusion in all the diverse languages of India. 

Bhashini, developed by the government of India, aims to build a National Public Digital Platform for languages to develop services and products for citizens by leveraging the power of artificial intelligence and other emerging technologies.

AI future

The future of AI in India looks bright. In August this year, Prime Minister Narendra Modi reportedly called for a global framework for the ethical use of Artificial Intelligence while he flagged the concerns around AI bias and its impact on society. While addressing the B20 Summit India 2023, PM Modi mentioned India is preparing a global framework for Green Credit and advised the industry leaders to adopt life and businesses with a focus on planet-positive actions.

Furthermore, per the reports, the Ministry of Electronics and Information Technology is expected to organize the anticipated Global IndiaAI 2023, which will happen in October this year. Several poignant AI players, start-ups, researchers, and investors in India and worldwide will participate in the conference. 

The conference will cover a wide array of topics such as next-generation learning and foundation AI models, the tremendous applications of AI in sectors like governance, healthcare and next-generation electric vehicles, future AI research trends, AI computing systems, investment opportunities and nurturing AI talents.