Info-tech

AI, a $3-t opportunity for India

M Ramesh Chennai | Updated on October 15, 2018

India stands to gain a whopping $3.14 trillion by 2030 by the adoption of Artificial Intelligence (AI), Nethra Sambamoorthi, Founder and Managing Director of the New Jersey, USA-based Institute of Analytics.

Speaking at a conference on ‘AI transformation for India’ organised here by the Madras Management Association, Sambamoorthi said that AI could solve the daunting problem of providing services to 1.3 billion people, equitably.

For example, “a farmer — (whether) sophisticated or not — from a remote corner will have same high-quality access to global market as anyone who is highly educated and technologically savvy,” he said. He observed that driverless vehicles, enabled by AI, could “save energy, almost eliminate accidents and reduce wear and tear.”

Sambamoorthi called for the setting up of a ‘National Bureau of AI Administration’ to oversee the adoption of AI in India. The notion that AI would take away jobs was a myth, because jobs will always be created elsewhere. The global AI market would be as big as $ 15.6 trillion by 2030, of which India could get 3 trillion.

In her inaugural address, Pramad Jandhyala, Co-Founder Director of the USA-based Latent View, a digital analytics company, projected a lesser figure of $ 1 trillion as India’s AI opportunity by 2035.

Addressing the conference from Chicago, USA, Thomas Miller, Faculty Director, NorthWestern University, pointed to a recent report of the World Economic Forum and said that the 71-29 per cent split in human-machine work hours, would shift to 58-42 by 2022, and the trend would continue. Srinath Jangam, Global Head of Advance Analytics, IT & Services, L&T Construction, said, 28 countries were curating regulations on AI.

Published on October 15, 2018

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