According to a recent report by NASSCOM, artificial intelligence and data could add $450-$500 billion to India’s GDP by 2025. The report suggested that nearly 45% of this value is likely to be delivered by three sectors — consumer goods and retail, agriculture, banking and insurance.
The report puts an optimistic view that if India acts quickly it can become a leader in building a holistic data utilisation and AI effort, especially as countries emerge from the pandemic and global economic slowdown.
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The report titled “Unlocking Value from Data and AI: The India Opportunity” highlights that data and AI could address dual goals of economic and social value creation and recovery. It focused on the five building blocks to capture this opportunity — Strategy, Data, Technology stack, Talent and Execution.
It focuses on the key interventions needed to create a vibrant data economy in India. It suggests doing so by identifying datasets of national importance, increasing data utilisation by facilitating access to datasets, bringing data governance standards and strengthening capabilities to place India as a global leader.
It highlighted the need to launch the National Program for AI and create an apex body and also the need to finalise India’s Data and AI action plan.
It said that Data and AI can help drive economic growth as well as inclusive development. It can be used in supporting social initiatives and equitable growth, contribute to COVID-19 response and economic recovery.
The action plan and report has been reviewed by industry leaders such as N. Chandrasekaran, Chairman of Tata Sons; Rishad Premji, Chairman, Wipro; UB Pravin Rao, Chairman, Nasscom and Anant Maheshwari, President, Microsoft India. It further said that the recommendations have been presented to Prime Minister, Narendra Modi.