According to NASSCOM, Data and Artificial Intelligence (AI) could add $450-$500 billion to India’s GDP by 2025 and can contribute to the country’s economic recovery and growth.
Artificial Intelligence (AI)
• It refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.
• The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving.
• The ideal characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal.
• Reduction in Error: With Artificial intelligence, the decisions are taken from the previously gathered information applying a certain set of algorithms. So, errors are reduced and the accuracy with a greater degree of precision is a possibility.
• Takes risks instead of Humans: We can overcome many risky limitations of humans by developing an AI Robot which in turn can do the risky things for us. Let it be going to mars, defuse a bomb, explore the deepest parts of oceans, mining for coal and oil, etc.
• Available 24x7: An Average human will work for 4–6 hours a day excluding the breaks. But using AI we can make machines work 24x7 without any breaks and they don’t even get bored, unlike humans.
• Repetitive Jobs: Using AI we can productively automate repetitive mundane tasks and can even remove “boring” tasks for humans and free them up to be increasingly creative.
• Faster Decisions: Using AI, we can make machines take quick decisions and carry out actions quicker.
• Daily Applications: Daily applications such as Apple’s Siri, Window’s Cortana, Google’s OK Google are frequently used whether it is for searching a location, taking a selfie, making a phone call, replying to a mail and many more.
• High Costs of Creation: As AI is updating every day the hardware and software need to get updated with time to meet the latest requirements. Machines need repairing and maintenance which need plenty of costs. It’ s creation requires huge costs as they are very complex machines.
• Making Humans Lazy: AI is making humans lazy with its applications automating the majority of the work.
• Unemployment: As AI is replacing the majority of the repetitive tasks and other works with robots, human interference is becoming less which will cause a major problem in the employment standards.
• No Emotions: Machines cannot develop a bond with humans which is an essential attribute when comes to Team Management.
• Lacking Out of Box Thinking: Machines can perform only those tasks which they are designed or programmed to do, anything out of that they tend to crash or give irrelevant outputs which could be a major backdrop.
• NASSCOM has released its latest report ‘Unlock Value from Data and AI: The Indian Opportunity’ which highlights that data and AI could address dual goals of economic and social value creation and recovery.
• According to the report, if India acts quickly, it can become a leader in building a holistic data utilization and AI effort, especially as countries emerge from the pandemic and global economic slowdown.
• According to the report, if India acts quickly, it can become a leader in building a holistic data utilisation and AI effort, especially as countries emerge from the pandemic and global economic slowdown.
• A coordinated programme across five building blocks (strategy, data, technology stack, talent and execution) is required to capture the opportunity.
• AI has become a strategic lever for economic growth across nations and will continue to be one of the most crucial technologies of the future.
• To harness its full potential, India needs to embrace AI innovation and regulation with an open, inclusive and a collaborative mindset.
• Potential actions needed to improve data utilization and AI in India-
o Launch the National Program for AI and create an apex body
o Consider finalizing India’s Data and AI Action Plan
o Identify datasets of national importance
o Kick off work on 3-5 programs of socio-economic importance
o Increase data utilization by facilitating access to datasets
o Create schemes to engage the AI ecosystem