McKinsey Head (Global Analytics) Noshir Kaka said the development in the field of AI in India can add around USD 500 billion to the economy over the next four-and-a-half years based on Prime Minister Narendra Modi''s aspiration to make the country a USD 5-trillion economy.
Speaking at the RAISE 2020 summit, Sawhney said AI is moving towards being an ecosystem that includes database, authorised service provider, authorised service agency and authorised registrar, among others.
"We are trying to move forward to make this happen in all the important domains in the economy, starting with health care. It''s not just announced but being rolled out in pilot phase in six Union territories," Sawhney said.
He added that data resources that are created to deliver a project can be shared across several projects in a structured manner to create new solutions on top of the projects.
Kaka said that going by the vision of the prime minister to make India a USD 5-trillion economy, AI can contribute around 10 per cent to it in the next four-and-a-half years.
"If you look at our prime minister''s aspiration of reaching a USD 5-trillion economy by 2025, we think that a combination of AI plus data can deliver up to 10 per cent of that.
"Ten per cent or USD 500 billion in 4.5 years is larger than what our tax services industry has created in 30 years," Kaka said.
He said India is the most unique country where you can see opportunities from AI in agriculture as large as it is in banking. "There is no other country possibly in the world that you can see. Banking and agriculture sectors could be between USD 60 billion and 80 billion each."
He added that the energy sector is another area that offers huge potential for the use of AI.
The National Strategy for Artificial Intelligence has highlighted the potential of AI in boosting India''s annual growth rate by 1.3 percentage points by 2035 and identified priority sectors for the deployment of AI with the government''s support. PTI PRS HRS
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI