This year, India experienced many significant feats: it successfully sent a spacecraft to the lunar surface—a feat achieved only by three other nations before—and became the fifth-biggest economy in the world. Concurrently, it rolled out 5G technology and made substantial advancements in artificial intelligence and machine learning development.
As the year 2024 comes closer, we eagerly await to see: how will artificial intelligence mold the future of India or Bharat.
Growth of AI in India
Since the 1980s technological revolution, India has continuously advanced in IT and computer science; it now stands as a leading country for AI research and development. The primary factors driving this progress are a pool of skilled engineers and scientists and robust governmental support of innovation, specifically technology enhancements, alongside investments from domestic and foreign companies.
A report from fDi Intelligence identifies India and China as the world’s leading destinations for establishing Artificial Intelligence labs. This goes on to show the potential success of AI in the country.
Impact of AI in India
Beyond research and development, AI holds transformative potential in various industries, including agriculture, healthcare, finance, infrastructure, transport, education, etc. Let’s take a thorough look at them.
AI in Agriculture
India operates as an agrarian economy. It means that the livelihood of a significant portion of its population is dependent on agriculture. However, this industry faces serious challenges—unpredictable weather, scarce rainfall, substandard storage and infrastructure, and a lack of equipment are some of them.
India, one of the world’s largest grain producers, harbors a serious hunger level, with over 16% of its population undernourished. Its position on the Global Hunger Index (GHI) stands at 111 out of 125 countries.
If AI is brought into this sector, it could help with these issues, improve food security, boost farmers’ income, and potentially alleviate hunger.
AI in Healthcare
A country boasting a population of 1.4 billion and a GDP worth $3.75 trillion might reasonably be expected to have one of the world’s premiere healthcare facilities; unfortunately, that is not the case for India.
According to a Lancet Study, India ranks 145 out of 195 on the list of countries with the best healthcare.
The country possesses excellent hospitals, doctors, and nurses; however, top-tier healthcare services are limited to metropolitan and tier 1 and 2 cities. A scarcity of medical professionals combined with inadequate infrastructure significantly limits accessibility to a notable chunk of the population.
AI can be used in diagnostic tools to improve accuracy and help doctors make more accurate diagnoses. It could be used to extend and improve healthcare services in rural and remote areas.
How Generative AI can transform Public Sector for productivity and impact
AI in Finance
According to BFSI, the Indian financial market is the third-largest in the world. Moreover, its burgeoning FinTech industry boasts a whopping worth exceeding $50 billion. It is expected that this figure will escalate within two years and potentially surpass $150 billion. India also has the highest adoption rate of FinTech services globally.
AI can power systems to analyze vast amounts of financial data in real time and provide personalized financial advice to clients. It can automate repetitive tasks, detect fraud, and minimize risks.
These days, the popularity of robo-advisors is also on the rise. They use AI algorithms to provide investment recommendations and manage portfolios.
AI in Smart Cities and Infrastructure
According to the Department of Foreign Affairs & Trade, India’s current infrastructure is inadequate and does not meet the needs of the 1.4 billion people living here. Therefore, this sector requires urgent development.
Leveraging AI in this can help optimize transportation, reduce energy consumption, and improve traffic management. It can assist in urban planning by predicting population growth patterns and identifying areas that need development.
The implementation of Artificial Intelligence in infrastructure promises to not only enhance the quality of life but also foster the development of smart and sustainable cities
List of Top 9 Documentaries on Artificial Intelligence
AI in Education
India is the second-largest hub for education with thousands of schools and universities; it is also deemed a young country. Despite having many prestigious universities such as IIT, IISc, and TIFR- none of them have made it to the list of the global top 100 university rankings.
The current Indian education system faces many challenges, such as rote learning and poor curriculum, and most of them can be solved using AI.
AI can create learning platforms that are tailored to each student’s needs and increase the efficiency and accessibility of education. It can bridge the learning gap by encouraging lifelong learning, early intervention for underachieving kids, and changing the curriculum to encourage in-depth learning.
Challenges Faced
AI has the potential to revolutionize multiple sectors and industries. And just like everything else, it has its advantages and disadvantages.
On one hand, it can revolutionize multiple sectors of the country, cater to the needs of the population, and bridge the gap between the privileged and the downtrodden. On the other hand, it raises the question of ethics, can be used for ambiguous tasks, and may lead to the loss of multiple jobs.
AI is a double-edged sword that has to be used cautiously.
AI in 2023: Best Innovations and Advancements of Artificial Intelligence So Far
FAQs
AI has the potential to revolutionize multiple sectors and industries. It can transform the agricultural, financial, educational, transportation, and infrastructural sectors of the nation.
Yes, AI has a future in India. In fact, India, or Bharat has emerged as one of the most attractive destinations for AI research and development.
According to Stanford University’s AI Index Report 2023, India has emerged as the leader in the AI skill race. It has the highest AI skill penetration rate in the world and is expected to be at the forefront of the AI race.
