Ever since the AI boom, India has witnessed a thriving ecosystem of Artificial Intelligence startups. These organisations are using cutting-edge technologies like AI to spur innovations and develop useful solutions across various sectors. India is a significant player in the global AI market with the assistance given to these AI firms by government programs, venture capitalists and incubators.

India’s ecosystem for AI startups

AI is transforming various industries in India. AI companies are concentrating and reshaping drug research, medical imaging, patient care and diagnosis in the healthcare sector. They are developing AI-powered solutions for healthcare analytics, remote patient monitoring, personalised treatment and disease prediction. Likewise, Indian startups are leveraging the power of AI in the banking sector. They are advancing the industry considerably by building AI-based solutions for automated customer assistance, credit scoring, risk assessment, algorithmic trading and fraud detection.

Moreover, AI is encouraging advancements in automation and robotics. Indian startups are investigating how to incorporate AI into intelligent robots for various uses. To simplify procedures and boost productivity, these robots are used in manufacturing, logistics, customer services and healthcare. This combination of AI and robots offers a new avenue and transforms how works are done in diverse industries.

AI collaboration for Indian startups

International Centre for Entrepreneurship and Technology (iCreate) and Microsoft recently signed a Memorandum of Understanding (MoU) facilitated by the Ministry of Electronics & IT (MeitY) to enhance the growth of AI startups in India. This MoU aligns with the vision shared by Prime Minster Shri Narendra Modi in his meeting with Microsoft Chairman and CEO Satya Nadella last year.

Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology, and Jal Shakti, Shri Rajeev Chandrasekhar, presided over the signing of the MoU, and he said that this collaboration will back and transform AI startups not just in big cities but also in smaller towns and villages.

During his address, the Minister said, “The MoU signing for the partnership between Microsoft and iCreate to launch the IMPEL AI program will catalyse AI startups in India. It takes forward the vision set forth by PM Modi ji during his meeting with Microsoft Chairman and CEO Satya Nadella last year. This partnership reflects our shared vision to build impactful collaborations in AI and emerging technologies, catalysing startups not only in big cities but also in smaller towns. We believe that partnerships are the way to accelerate the growth of our innovation ecosystem.”

The subsequent growth of the Indian innovation ecosystem

Minister Chandrasekhar added, “This partnership will be durable and shape the future of what India and Microsoft tend to achieve with IndiaAI. The Indian innovation ecosystem has reached an inflection point where there has never been a more exciting time than now because growth so far is just the tip of the iceberg. The Next Wave of startups will come from emerging technologies like AI, semiconductors, and HPC, shaping the future of tech. Our government is committed to shaping, nurturing, and catalysing the future of Safe & Trusted AI.”

In Minister Chandrasekhar’s presence, Microsoft and iCreate launched the iMPEL-AI (iCreate-Microsoft programme for Emerging Leaders in Artificial Intelligence) programme. The program will screen 1100 AI innovators across India to become AI’s Most Valuable Players (MVPs) and focus on priority themes of Healthcare, Financial Inclusion, Sustainability, Education, Agriculture, and Smart Cities. During the second stage, the program will select and scale 100 startups across India to build with Azure OpenAI, and the top 25 will receive go-to-market support from Microsoft’s Global Network to develop advanced, globally competitive products.

Microsoft and iCreate will also provide AI skilling opportunities to 11,000 innovators, startups, and young Indians nationwide through Microsoft’s Learning Management System. On completion, participants will receive globally recognised certifications from Microsoft, significantly boosting their employability and career progression.

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