AI has the potential to be a huge opportunity for India, indicating that it may mark a significant turning point in the country's economic development by fostering innovation and boosting productivity in a number of industries, according to S. Krishnan, Secretary at the Ministry of Electronics & Information Technology.

S. Krishnan was speaking at the AI Alliance NCR Chapter 2024, held on May 17th, which showcased the transformative potential of artificial intelligence (AI) in revolutionizing the National Capital Region's (NCR) landscape. 

"We believe that AI represents a huge opportunity for India. We believe that it could represent an inflection point in the growth path of the Indian economy" stated S Krishnan during the event. 

India, a leading force in the global economy, has just allocated over 10,400 crore budget to the IndiaAI Mission. This substantial investment will be distributed over the next five years, enhancing India's AI ecosystem, fostering innovation, and promoting entrepreneurship.

"AI represents a horizontal technology which can enhance productivity to the extent that it can completely transform the way that the economy works and thereby present an opportunity for huge growth," he added. 

According to Krishnan, India has a significant advantage in terms of human resources preparation, making it a very promising potential for the country.

"Of course, there are big risks in terms of people losing jobs, in terms of the user harms that it may create, the misinformation, disinformation issues. All of those are also equal concerns but the opportunity is huge," Krishnan noted. 

In addition to outlining the mission's objectives, Krishnan participated in a fireside chat. This discussion delved into India's efforts in AI policy formulation, chip development, and the identification of use cases. Through examples and insights shared during the chat, attendees better understood India's initiatives to harness AI for national development.

"Indian youth, who are well trained in STEM (science, technology, engineering, and mathematics), would be able to absorb a lot of the AI technology and would-be drivers of AI models [and] AI applications across the world, and that is an opportunity. I think many people believe that India would lead the AI charge and would take a frontline position," Krishnan stated. 

Nevertheless, India has obstacles, such as needing more AI computing infrastructure. Several AI models developed thus far have not sufficiently utilized Indian data or been trained on Indian cultural sensitivities.

"So these are issues which we would still have to grapple with and make sure that we develop AI models which would work in the Indian context," Krishnan noted. 

Krishnan states that the primary objective of the IndiaAI Mission is to enhance AI computing capability by providing a minimum of 10,000 GPUs (graphics processing units) to academics, educational institutions, enterprises, and particularly to entrepreneurs and startups throughout the country.

"So there is a PPP (public-private partnership) effort which has to be made with regard to harnessing these 10,000 GPUs and enabling the buildout of a further AI compute facility in the country, which hopefully needs to take place in about 18 to 24 months for it to be really useful for India to catch the AI wave," he added. 

The event provided a platform for engagement with leading IT and venture capital firms. It allowed participants to glean insights from unicorns and industry leaders spearheading regional AI-driven advancements. 

Furthermore, attendees witnessed firsthand how AI reshapes the NCR's economic and technological landscape, setting new benchmarks for innovation and business success in one of India's most dynamic economic hubs.

Source: moneycontrol