Advertisement

Active Hackathon

India Should Invest In AI, Robotics, Blockchain: Economic Survey 2017-18

artificial intelligence india

artificial intelligence india

The Economic Survey 2017-18 on Monday threw key insights in the areas of futuristic technologies.

THE BELAMY

Sign up for your weekly dose of what's up in emerging technology.

Looking at focusing more manpower and funds for research and development in science and technology sector, the Survey suggested that India needed to make ‘right’ investments in futuristic technologies such as artificial intelligence, machine learning and blockchain, among others.

The Survey said, “This is hugely multidisciplinary area including deep mathematics used in artificial intelligence, machine learning, big data analytics, blockchains, expert systems, contextual learning going to integration of all of these with intelligent materials and machines, control systems, sensors and actuators, robotics and smart manufacturing.”

In fact, the latest Economic Survey presented by the Department of Economic Affairs, Finance Ministry of India, also suggested that India had the potential to be a ‘global leader’ if the right investments were made in the sector.

“Cyber Physical System (CPS) refers to machine based communication, analysis, inference, decision, action, and control in the context of a natural world (‘physical’ aspect)… Together these are the building blocks of future industry that will throw up both new challenges and opportunities,” stated the Survey.

The Survey suggested six areas that could be taken up as ‘national missions’ to promote India’s R&D capabilities. One of these was the National Mission on Cyber Physical Systems.

“India under-spends on R&D, even relative to its level of development. A doubling of R&D spending is necessary and much of the increase should come from the private sector and universities. To recapture the spirit of innovation that can propel it to a global science and technology leader — from net consumer to net producer of knowledge — India should invest in educating its youth in science and mathematics, reform the way R&D is conducted, engage the private sector and the Indian diaspora, and take a more mission-driven approach in areas such as dark matter, genomics, energy storage, agriculture, and mathematics and cyber physical systems. Vigorous efforts to improve the ‘ease of doing business‘ need to be matched by similar ones to boost the ‘ease of doing science’,” said the report.

It was also mentioned in the report that the Indian IT industry grew from $129 billion to $140 billion — hitting the 8 percent mark this fiscal year.

More Great AIM Stories

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.

Our Upcoming Events

Conference, Virtual
Genpact Analytics Career Day
3rd Sep

Conference, in-person (Bangalore)
Cypher 2022
21-23rd Sep

Conference, in-person (Bangalore)
Machine Learning Developers Summit (MLDS) 2023
19-20th Jan, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
21st Apr, 2023

Conference, in-person (Bangalore)
MachineCon 2023
23rd Jun, 2023

3 Ways to Join our Community

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Telegram Channel

Discover special offers, top stories, upcoming events, and more.

Subscribe to our newsletter

Get the latest updates from AIM
MOST POPULAR
[class^="wpforms-"]
[class^="wpforms-"]