Even as technology is fast evolving, artificial intelligence (AI) has taken a centre stage in every tech discussion. The global AI market is expected to hit $1.81 trillion by 2030. The new-age technology is being used by businesses across sectors. In an interview with news18.com, Subi Chaturvedi, global senior vice-president and chief (corporate affairs & public policy officer) at InMobi and FICCI Chair Women in Technology, Policy & Leadership, talks about AI, its market, and future prospects. Edited excerpts:
Q. Why is AI Seen as the Next Biggest Disruptive Innovation for Businesses?
Artificial intelligence is today being heralded as the next major disruptive innovation due to its transformational potential across various sectors, industries, and facets of life.
Unlike past innovations like 3D printing, which has still not been able to find widespread application and adequate use cases; AI’s application transcends a variety of industries, such as healthcare, finance, education, manufacturing, and transportation, and greatly increases efficiency while spurring innovation.
Artificial intelligence (AI) has the power to radically transform how we live, work, and interact by building intelligent, adaptable systems. Because of its ability to learn, adapt, and change, AI certainly stands at the vanguard of spurring the fourth industrial revolution.
The global AI market is expected to reach $1,811.8 billion by 2030, underscores its monumental impact. In India, AI’s market share is projected to hit $17 billion by 2027, highlighting its role in driving innovation and economic growth.
Q. Where Does India Rank in Terms of the Ecosystem for AI Development?
India is rapidly emerging as a significant player in the global AI ecosystem, ranking among the top countries for AI talent and innovation. The country boasts a vibrant startup ecosystem with numerous AI-focused startups and an increasing number of research institutions dedicated to AI.
India is the current chair of GPAI and is hosting the best minds in AI in New Delhi through a hybrid conference. Government support, through initiatives like the India AI Mission, has been pivotal in creating an environment conducive to AI development.
However, challenges such as funding, skill development, and regulatory frameworks remain where more needs to be done as it is a constantly changing landscape with new breakthroughs in technology taking place everyday.
Q. How Can Indian Businesses, Especially Small and Medium Enterprises (SMEs), Be Encouraged to Adopt AI Technologies?
Encouraging AI adoption among Indian businesses, especially SMEs, requires creating a supportive ecosystem with financial incentives, accessible technology, and educational initiatives. Providing subsidies and grants can alleviate the financial burden of adopting AI technologies.
Developing affordable and scalable AI solutions tailored to SMEs’ needs will make these technologies more accessible. Offering training programs and workshops can build AI literacy among SME owners and employees, empowering them to integrate AI into their operations. Facilitating collaborations between large corporations and SMEs can foster knowledge transfer and resource sharing, further encouraging AI adoption.
The NIHIT knowledge-sharing platform under the India US CEO Forum supports MSMEs and startups in India and the US with connections, mentorship, capacity building, and market access. The program is now being expanded to include government schools as well and has a special focus on women led businesses as well.
Q. What Role Do You Think the Government Has Played in Advancing the Field of Artificial Intelligence?
The Indian government has been instrumental in advancing the field of artificial intelligence through a series of strategic initiatives and policies. Key among these is the National AI Strategy, which outlines a roadmap for AI development in the country. The establishment of the National AI Portal serves as a central hub for AI resources and information.
Moreover, the government has also been proactive in funding AI research, promoting public-private partnerships, and launching AI-focused hackathons and challenges to stimulate innovation.
The government’s Rs 10,372-crore investment in the India Artificial Intelligence (AI) mission is a welcome step. Key pillars and initiatives are IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI.
Q. How Can India Leverage AI to Improve Governance and Public Services?
India can leverage AI to significantly enhance governance and public services by implementing AI-driven solutions that improve efficiency and decision-making. For example, using AI, the power ministry’s renewable energy management centres (REMCs) can provide enhanced renewable energy forecasting, scheduling, and monitoring capabilities by processing large datasets of past weather, generation output history, and electricity requirement in a region.
Also, renewable energy generators and discoms can reduce losses and boost efficiencies by employing AI in the energy industry to better predict grid load management, which will ultimately make the deployment of renewables cost-effective. There are several other use cases in agritech, healtech, edtech, manufacturing which can truly help MSMEs and startups by leveraging the power of AI.
The US India CEO forum’s WG7, co-led by InMobi and Mastercard and supported by Tata Sons, has created a new knowledge-based platform called NIHIT and is doing workshops with leading experts in AI and cybersecurity for building skills of the future.
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