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AI Can Help India Become A $5 Trillion Economy, Says Piyush Goyal

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Commerce and Industry and Railways Minister Piyush Goyal this week inaugurated the National Stock Exchange (NSE) Knowledge Hub in New Delhi, an artificial intelligence-powered learning ecosystem that will assist the banking, financial services and insurance sector. Speaking on this occasion Commerce & Industry Minister said that although India has developed as the second-largest fintech hub in the world, a lot of work still needs to be done in the BFSI sector. He hoped that the Knowledge Hub created by NSE will fill in these gaps and help the financial sector to move into the future.

The NSE Knowledge Hub will enhance skills and help academic institutions in preparing future-ready talent for the financial service industry. It is also available on mobile and attempts to bring together world-class content and learners through this state- of- the- art and future-ready platform.

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Commerce and Industry Minister said that this industry-driven learning ecosystem will help India in building next-generation skills and capabilities in the BFSI sector. The use of AI will ensure that the skill upgradation is affordable and accessible and helps in the creation of a workforce that is adequate for the requirements of the sector, said Piyush Goyal. AI and Machine Learning will contribute $1 trillion by 2035 and this is a good beginning by NSE to tap the potential of AI and use it as a tool to create a workforce in the BFSI sector in India added the Minister.

“We in the government believe that AI can, in different forms, help us achieve the $5 trillion benchmark, which we have set for over [the next] five years.”

Commerce and Industry Minister assured continued Government support to investors and startups and said that India is a safe investment destination today for investors, even the smallest of investors and this Knowledge Hub by NSE will strengthen and empower those working in the BFSI sector and will benefit investors and the financial services to give world-class services through knowledge, innovation and value- addition.

To experts who have been watching government enterprises adopt emerging technologies, this news comes as no surprise. Under the leadership of Railway Minister Piyush Goyal, the mass transport system has seen the adoption of technologies like AI, ML and computer vision over the last few years. From chatbot Ustaad to using AI to serve hygienic food, the Indian Railways are on a journey of adopting technologies in all spheres.

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Prajakta Hebbar
Prajakta is a Writer/Editor/Social Media diva. Lover of all that is 'quaint', her favourite things include dogs, Starbucks, butter popcorn, Jane Austen novels and neo-noir films. She has previously worked for HuffPost, CNN IBN, The Indian Express and Bose.

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