While addressing a crowd at the Japan AI Experience in 2017, DataRobot CEO Jeremy Achin began his speech by offering the following definition of how AI is used today:
"AI is a computer system able to perform tasks that ordinarily require human intelligence... Many of these artificial intelligence systems are powered by machine learning, some of them are powered by deep learning and some of them are powered by very boring things like rules."
Artificial intelligence has a growingly imperative role in our lives and economy and is already having an impact on our world in several ways. All over the world, the competition to realise its advantages is compelling, and countries like United States of America is emerging on this popular front.
The adoption of Artificial Intelligence is not only restrained to businesses and organisations but is also being adopted by all kinds of economies. They are doing this because they feel that this will help them boost their growth. The United States of America, European Union and China are already in the race, and many developing countries like India are also joining in.
AI is seen by many as a drive for efficiency and economic growth. It can expand the fruitfulness with which things are done and to a substantial extent and improvise on the decision-making procedure by examining vast amounts of data. It can also generate the formation of new products and services, markets, and industries, therefore giving a boost to consumer demands and thus strengthening the economy. Few examples of Artificial Intelligence are Siri, Alexa, self-driving cars, Netflix recommendations etc.
The McKinsey Global Institute recently analysed economic data from the United Nations, the World Bank, and the World Economic Forum and reported that by 2030, AI has the potential to add 16% — or about $13 trillion — to the global economy. It could also boost the global gross domestic product (GDP) by up to 26%.
The generation of AI has arrived. Established companies are moving far beyond experimentation. Money is flowing into AI technologies and applications at large companies. The number of patents filed on AI technologies in G20 countries has increased at a more than 26 percent compound annual growth rate since 2010. Funding for AI start-ups has been growing at a compound annual growth rate of almost 60 percent. Governments in leading G20 countries are embracing AI for public good.
When it comes to India, the AI stakes are high. In the last couple of years, the Government of India established a Task Force on Artificial Intelligence and mandated the NITI Aayog to prepare a National strategy on AI to leverage it for inclusive growth. The country remains the most competitive in South Asia, yet trails many other G20 countries in AIQ. That is despite Indian companies adopting AI technology at a larger scale, the country’s investments in tech infrastructure and improving tech skills of its citizens.
To fully seize the opportunities presented by AI, India’s policy makers, universities, corporations, entrepreneurs, and workers need to come together and do much more. Indeed, to boost its AIQ, India must harness both an innovative private sector and a supportive policy and regulatory framework—pursuing a balanced approach to AIQ enhancement across stakeholders.
Bibliography
What is Artificial Intelligence? How Does AI Work? | Built In. (2021). Retrieved 22 September 2021, from https://builtin.com/artificial-intelligence
(2021). Retrieved 22 September 2021, from https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637967/EPRS_BRI(2019)637967_EN.pdf
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