Use of Data and AI can increase India’s GDP: Nasscom

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Use of data and artificial intelligence will add up $450-500 billion to India’s GDP by the year 2025. This will represent around 10% of the $5 trillion economy mark of the Indian Government says NASSCOM.

In this around 45% of it is been delivered by the major 3 sectors – consumer goods and retail ($90-95 billion), agriculture ($60-65 billion), and banking and insurance ($60-65 billion) as per said by the report. Moreover, this report has unlocked value from the data and AI. 

They also included in it with the five parameters to be considered are increasing the data utilization, adopting the use of AI, by also taking consideration of strategy, data, technology stack, and lastly with the talent as well as execution. But they emphasized the data and also gave it the importance by each ministry which has their specific use of it. 

The program is to be creating a market place of data and derived assets with the help of a central agency which is been established for defining as well as maintaining the data standards. The report also states that by creating AI services, models, open sources, and applications they must have to ensure the security, reliability, interoperability, and economic viability of the stacks. 

They suggested that it is to be taken care with the collaboration of various ministers, various groups of industries as well as other stakeholders for suggesting the launch of a National Programme for AI. Thus, the report indicates the importance of developing the AI innovation ecosystem concerning this a high participation of the private sectors and entrepreneurs is required. 

The schemes which are associated with the AI ecosystems are start-ups, academia, civil society, and lastly industry. With this, there is also a suggestion that came up is that research and innovation to be taken more effective way. By unveiling, this report Minister Ravi Shankar Prasad said Digital India has reimagined how the government will get connected with thecitizens and also boost the usage of AI as well as other technologies. 

The COVID pandemic has also enabled India to show its potentials with the use of AI technology by majorly focusing this into education, agriculture and healthcare said by the minister. Therefore, if we use the data and AI by their true potentials then we can use it for transforming across the multiple sectors with the help of a varied range of applications. 

The key structure of this report is that what all steps to be taken care of by India for achieving the great economy of $5 trillion said by Debjani Ghosh, President of Nasscom. She also added that it makes India stronger and emerges as a great nation in the COVID crisis. 

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