Leveraging AI for equitable growth

October 22, 2020

The adoption of Artificial Intelligence (AI) significantly increased during the COVID-19 pandemic. Apart from industries that were propelled to use automation due to social distancing norms, economies too are beginning to incorporate AI into their growth strategies. The emerging economies were particularly lagging in this regard, including India, but the Government of India’s (GoI) redirected focus on building AI capabilities suggest that the fourth industrial revolution could finally arrive in India. 

 

The use of automation across the world can negatively impact India’s competitive advantage of low-cost labour. As AI-based technologies become more profitable, India could lose its value in the global market. Further, the global digital divide can widen for us unless we join the race of AI adoption. Moreover, at a time when the economy has suffered a heavy setback from the pandemic, AI could unlock a new path for recovery. According to experts, AI has the potential to add US$ 957 billion to India’s economy in 2035.