Artificial intelligence (AI) in different forms can help India reach the $5-trillion economy benchmark in the next five years and engagement with this modern tool is a good way to ensure that financial professionals don’t get left behind in the days and years to come, Piyush Goyal, Union Commerce & Industry and Railways Minister, said on Monday.

“AI would have huge potential in our lives, in our efforts (towards) ease of doing business, ease of living and to help farmers double (their) income. I see no area where we can’t use AI or machine learning. Crime detection, better border control and international trade — there is huge scope to engage in each of these areas. AI can be used in India for both economic activity and social good,” Goyal said after launching ‘The NSE Knowledge Hub,’ an AI-powered learning ecosystem to assist the BFSI sector.

The ‘NSE Knowledge Hub’ has been developed by NSE Academy, a wholly-owned subsidiary of the National Stock Exchange (NSE). .

This platform seeks to assist the banking, financial, securities and insurance (BFSI) sector in enhancing skills for their employees and helping academic institutions in preparing future-ready talent skilled for the financial services industry.

Goyal said that India needs to go beyond BPOs — things that the country had done well in last two decades. “Post the dot com bust, our own contribution to the digital world has been immense — let us not rest on those laurels as that would be detrimental to the future. We should now be focused on engaging with future with modern technology and modern tools and AI engagement,”he said.

The ‘Fintech hub’

Preparing a workforce for the future of India that could handle $5 trillion and $10 trillion economy is an excellent way to begin the new year, he said, adding that this effort to connect financial sector and digital India is great move forward. “India is recognised as the world’s second biggest fin-tech hub today. This initiative should take us the number one spot,” Goyal said.

Describing the ‘NSE Knowledge Hub’ as a “brilliant initiative”, Goyal urged NSE Academy to look at partnering with Universities and organisations like a Railways for AI engagement. He highlighted that already Railways has started looking at AI in a big way.

NSE’s Managing Director (MD) and CEO Vikram Limaye said that India in its path to $5-trillion economy needs future-ready talent for industry as well as next generation of savers and investors to create personal financial wealth and broader economic prosperity.

“NSE Knowledge Hub brings together the entire ecosystem of learners, content developers, subject matter experts and academicians and learning and development professionals. Our aim is to eventually bridge the gap on the learning and earning continuum by helping learners in skilling and up-skilling for outcome-based career planning,” he said.

“Skill building will go a long way in building resilience in the fast-changing world of work which has been impacted by the advent of automation and new-age technology. New-age technologies such as AI and mobile have opened new opportunities to learn at one’s own pace from anywhere and anyone,” Limaye said.