India’s GDP is likely to upscale by 2.5 % with a unit increase in artificial intelligence. According to a report launched by the National Association of Software and Services Companies in collaboration with Google and think tank ICRIER.
AI Intensity measure
The ratio of AI to total sales of the firm is what determines AI intensity. Since there isn’t any measure of AI at the firm level, the model takes investment in AI-related products in its place. Software, database ad computer machinery is all taken to be a proxy for AI.
The model thus reveals a positive relationship between AI and an increase in total factor productivity (TFP), state organizations.
Research Findings
The study mentions the inadequacy of contemporary AL investments to add to the growth in GDP. However, there is a need to accelerate AI intensity. It is suggested that Rs 7000 crore investment in the AI program by the ministry of finance will boost the intensity to around 1.3 times. In addition to this, the trickledown effect will thus bring about a 3.2 % increase in India’s GDP, mentions study.
Policy measures
The organization is confident of the results based on econometric estimation. Thus, emphasizing the need for having a policy system to adopt AI on a larger scale. Measures include having an agency to administer the development and implementation of AI. Also, it requires to bring government, industry, and academia under a collaborative framework. A comprehensive and inclusive data strategy is needed along with filling the gap in AI. Lastly, developing AI safety standards is also proposed under policy measures.
AI is the future
AI will approximately add $ 15 trillion to the global GDP, in the next decade. This makes about 17% of the global GDP in total.
The AI system, in upcoming years, will mark its presence in the Healthcare, finance, security, education, industry, agriculture, entertainment, and research sectors.
Artificial intelligence laboratory
The GMR Institute of Technology (GMRIT), situated in Andhra Pradesh\’s Srikakulam district has opened an Artificial intelligence laboratory. The institute aims to provide training and certification pertinent to AI app development.
The training will revolve around equipping students with the right skillset and render a social impact on various sectors.
AI is vastly smarter than humans
Tesla and SpaceX CEO have recently made a claim over AI turning vastly smarter than humans
In an interview with the New York Times, Elon Musk said \”We are headed toward a situation where AI is vastly smarter than humans. I think that the time frame is less than five years from now. But that doesn\’t mean that everything goes to hell in five years. It just means that things get unstable or weird.\”
Open AI
However recently Artificial intelligence research lab Open AI, a musk’s brainchild, has launched a commercial text generating software. Open AI hasn’t let out enough information regarding the software since it fears its misuse at the hands of bad actors.
India calls data to be a “national resource”
There has been a debate going on regarding India claiming data to be “a national resource”. This sentiment holds true for tech giants, Facebook, Google, Intel. All of whom are making billions out of the largest data generator in the world – India.
The advancement in AI is undeniably moving, However, the progress comes at a cost. And in the present case, it greatly depends on preserving a transparent system without any privacy breach. The developed countries are pushing forward the case with great zeal, but how long will it serve humanity for good, remains unsettled.
