How AI and ML is Affecting the Indian Economy

By pratosh |Email | Apr 9, 2018 | 13101 Views

The merging of Big Data and Cloud powered by Artificial Intelligence (AI) and Machine Learning will be the next game changers and we consider that it will be a multi-trillion dollar prospect for the Indian economy.  We are in the halfway of the single largest renovation the world has even seen since the industrial revolution. 

India, though persisted undiscovered in the early 90s, holds the potential to be revealed as creators of asset class because of their ability to create unstructured data sets. India is poised to leapfrog the world in Artificial Intelligence, as the demography is not controlled by the legacy usage of computers or tablets so they can transfer directly to the phone. Also, India is creating amorphous data at a very speedy pace and has datasets in bulk that very few countries possess.

The global IT services and consulting giant Accenture said AI has the possibility to raise India's annual growth rate of gross value added (GVA) by 1.3 percentage points, bracing the country's income by 15 percent by 2035. In the Budget 2018, the Government of India declared the efforts to improve research in disruptive technologies like AI, Big Data, IOT and Robotics. This will kick digital inclusion, innovation, and manufacturing, thereby creating multi fold employment opportunities directly contributing to the upsurge of Indian economy.

The merger of Big Data and Cloud motorized by AI and ML is going to transform businesses faster than ever with the first signs of this renovation appearing in the sector of Life sciences, Energy Management and Data Set-up. With such wide spread potential; let us take a deeper look into how AI and ML developments are considerably backing the Indian economy-

Life sciences: The use of transformative technologies to comprehend the difficulties that arise from the amalgamation of a variety of data from areas like clinical research, plants and animal genomics could expose entirely pioneering approaches to treatment of diseases.

The Indian pharmaceutical industry has been a world leader in bringing life-saving drugs to market in an economical way. Latest developments in genome sequencing, translational plans, and precision medicines combined with AI holds a lot of potential for Indian pharmaceutical companies to play a precarious role in creating more innovative healthcare solutions. This will enhance medical tourism in India that is currently projected to grow to $7- 8 million by 2020.

Energy: India has been reliant on majorly on energy imports to meet the energy demand. To overcome the reliance on energy imports, a lot of attention is required towards efficient energy management. As per the estimates of the Planning Commission, Government of India needs to escalation energy supply by three to four times to maintain economic growth rate of 8% by 2031-32. AI can be helpful in managing entire energy ecosystem and thus, directly affecting the economy. Powerful computation models built on AI can help reduce dependency on energy, availability, costs and consumption. 

Data Infrastructure: The rapid flare-up in digital data poses challenges vis-a -vis opportunities to come up with AI-based solutions to handle huge data volumes with the right set of AI-driven technologies. There is a huge opportunity for Information Management in the areas like Data storage, Fraud Detection and Prevention, Compliance Reporting, Risk Management to name a few.

With the government pushing the digital economy concept and already available data sets, India can be at the forefront of replacing the traditional way of managing data with AI based solutions. This is a clear indicative of the growth potential AI in Data Management holds for Indian economy.

The way ahead

Accepting the change can be made easier by building multi-disciplinary workers. With a minor change in focus within educational institutions, businesses and policymakers, AI and other emerging technologies can unleash their strategic potential for the better good of Indian economy. 

Source: HOB