“Artificial Intelligence (AI) will be the single largest tech revolution in our lifetime and it has made a leap in recent times and this is due to digitisation of data, digitalisation of processes, digital transformation and the start of machine and human collaboration,” said Vijay Thadani, Vice-Chairman and Managing Director, NIIT.

Addressing the 14th India Innovation Summit, organised by the Confederation of Indian Industry (CII), Thadani said: “Over the last year AI CAGR has grown over 60 per cent and it is predicted to grow at over 50 per cent over the next decade. Unlimited computing power, decrease in cost of storage and explosion of digitisation of data is the prime reason for the growth of AI.”

According to him, the application of AI is only limited by our imagination. Apart from the traditional verticals that have been using AI there is huge scope for AI in education and skilling. AI has the potential to impact societies and develop economies. It can potentially shift the global balance of power.

He further said that India is currently at 57th in the global innovation index and “we should work towards improving the ranking by increasing the investment in research by a magnitude, promote collaborative R&D and allocate funds to research institutes as well as higher educational institutions.”

“The focus on research has been predominantly on presenting papers, we need to move from papers to patents, from patents to products and from products to profit. AI needs to be incorporated into education right from kindergarten level, as a meta-subject that is part of every subject. We currently have a Right to Education but we also need right education and right way of education,” said Thadani.

Speaking at the meet, KJ George, Karnataka Minister for Large and Medium Industries and IT & BT, said: “IT/BT and Aerospace have traditionally flourished in Karnataka due to the excellent ecosystem and talented workforce. As the world continues to evolve and adopt new technologies the government will leave no stones unturned to make the State future ready. Karnataka has taken concrete steps to introduce progressive policies and schemes for the State.”

Kris Gopalakrishnan, Chairman, India Innovation Summit, said that the India Innovation Summit has been an immense source of inspiration and a patron for Innovation, it provides an ideal platform for Indian Industry to study and understand the various flavours of innovation across all verticals of the Industry, it is also a platform to engage and drive the innovation led growth strategies from India for global markets.

According to him, India is witnessing the commercialisation of Artificial Intelligence. The technology is now accessible, the cost has come down and it is touching every aspect of our life and every business.

He said that every aspect of disruption will have pros and cons and until we fully understand the implication of technology this AI will need to be navigated very carefully and in a balanced manner.

AI will be good for the world provided the technology is used appropriately and this is where the government will have a role. The government must allow the industry to try AI based applications in an environment that is safe and secure.

“We need to create a sand box for the introduction of AI so that we don’t slow down progress, we must create the right regulations to retrain and educate our workforce. India has the opportunity as well as the responsibility to lead the world in AI. India is the third largest ecosystem for start-ups and it’s the start-ups that bring out new applications of technology in various industries.

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