Adoption of Artificial Intelligence Technology for Future Growth in India

Career scope in artificial intelligence

Indian Government recently has given its focus on developing a plan and several career scope in artificial intelligence technology. They have decided to apply strengths (deep analysis of AI applications and implications) to determine (a) the state of AI innovation in India and (b) strategic insights to help India survive and thrive in the global market with the help of AI initiatives.

Experts travelled to Bangalore to speak with experts from the Government of India and specifically Indian AI startups, AI academic researchers in India and data science executives at some of the corporate giants operating in India such as Reliance ADA, Amazon, NVIDIA and many more.

All these researches were basically held upon few objectives –

  • To understand how the state has adopted the Artificial Intelligence technology culture in India
  • To determine the opportunities and the risk that AI poses for Indian Industry and society
  • To provide the Indian Government and tech community leaders with strategic recommendations for using AI to promote prosperity in India

After a many undergone analysis, we broke it down into the following sections –

Artificial Intelligence Adoption in India

The Covid-19 pandemic has exponentially increased the evolution of work design and deployment. Many countries worldwide and many companies have started experimenting with innovation using emerging technologies such as Artificial Intelligence (AI) to reimagine their business and operating models, making themselves more agile, flexible, and much more responsive.

The new emerging technologies like enhancement of computing power, digitization, and increased data storage capabilities at reduced costs have greatly improved the importance and applicability of AI in business and society.  These have greatly enhanced the focus on AI, with many organizations and economies concentrating on building and scaling up AI capabilities in India.

As of now, AI adoption in India is primarily driven by the extensive global technocrats, selected startups and the Global Capability Centers based out of India.

Sectors Which Have Adopted the Artificial Intelligence

Adoption of AI in Banking and financial services industry

Many companies in India have started leveraging Artificial Intelligence technology to solve India-centric issues. For example, a leading financial technology company uses AI to develop customized financial products for the highly heterogeneous rural population. Some of the banks have adopted this technology to increase digitization to improve customer experience, enhance investment returns and use an algorithm in risk management (for example, fraud detection). This automation has highly affected the growth of the banking sector.

AI in Pharma and Healthcare

A Hyderabad based health care startup launched AI-powered low-cost ventilators which can capture patient information to make medical intervention decisions. Similarly, a Mumbai based startup has used this technology to analyze chest X-rays to identify the infection in the lungs and help in the detection of tuberculosis.

Use of AI in Agriculture

A company in Andhra Pradesh uses Artificial Intelligence technology to power a sowing app which results in higher crop yield. Moreover, AI algorithms are being used to monitor soil health, and AI-based analytics are used for specific events like crop harvesting, pest control and fertilization to optimize yields.

While there are good Artificial Intelligence technologysector success stories in India, less than 25% of Indian corporate giants have deployed AI solutions. Some of the restrictions to this AI adoption are as follows:-

  • Limited knowledge in this AI sector: Many industries in India have not yet fully understood the fundamental importance and benefits of leveraging Artificial Intelligence technology in their enterprises.
  • Lesser evolved startup ecosystem: AI requires an initial investment/incubation period, for example, POCs, discerning real use-cases. The startup/investment funding ecosystem in India is yet to scale up in terms of AI startups and service providers.
  • Limited availability of AI-trained talent: There are minimal infrastructure and sources to democratize and scale up in terms of AI skills such as deep learning and neural networks.

The leading countries in terms of the development of AI in adoption are China, the USA and Israel. India should consider a few learning from these countries to further scale up its AI ecosystem while considering the overall social development and include all social agendas into the development process. The focuses are on the following main key areas:-

  • Central strategy and Policy framework Development: The National Strategy for Artificial Intelligence (NITI Aayog, June 2018), which mainly focuses on inclusive AI for all, and the New Education Policy (NEP, 2020), which addresses the need to teach AI in the curriculum are the proper strategic steps in the direction to encourage core and applied research. However, We can accelerate AI adoption in India through patent control and security by developing better policies focused on innovation.
  • Government, Corporates and Academia Collaboration: These three typical stakeholders need to come together and work systematically to undertake actions like developing entrepreneurship, promoting re-skilling, encouraging research and development, driving the policies on the ground. At the same time, this is happening in the short terms—these need to operate on a large scale with proper planning and precise results.
  • Leveraging Corporate Giants and their GICs: Corporate giants and their GICs have adopted the AI culture to their fullest. We can leverage their experience towards approach and business solutions effectively to help other companies learn about AI applicability in their industry to accelerate AI adoption further.

Conclusion

With the increase in completion in the market and the rise of new technologies, fast and scalable innovation has become essentially important for companies to survive and thrive in this ever-changing and complex economic and social environment. AI will play a vital role in creating this future in India due to its development strengths and has the potential to lead the way if it makes the right choices now. As Abraham Lincoln famously said, ‘The best way to predict the future is to create it.”

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