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India's AI Opportunity
India's AI Opportunity

March 18, 2024

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We are all living through an incredible inflection point which is a defining moment for the world. In this new era, AI is shaping up to be the most important technology of our time. This is especially the case for India, where there is a unique opportunity to scale positive impact with generative AI.

 

There are a number of reasons for this: India is one of the top five AI talent hubs in the world, producing 16% of the global AI talent pool; there are 14 times more AI professionals since 2016, and the AI market is expected to be worth $17 billion by 2027; there are more than 6 million software developers and many thousands of innovative companies growing at pace.

 

That’s not all: the India Stack represents an enormous opportunity to rapidly climb the ladder of digitalization, increase financial inclusion, and bring the country’s 1.4bn people online. It is a world-leading model for other nations, many of which are looking to India as an example of how technology can empower their citizens.

 

This presents the real possibility of a future where everyone feels empowered and benefits – a future where AI can be a great equalizer.

 

Building a dynamic skilling ecosystem

The educational reformer, Horace Mann, once observed that “education, beyond all other devices of human origin, is the great equalizer of the conditions of men, the balance wheel of the social machinery.”

 

Mann was speaking in the 19th century, and the same is true today. But if we consider, as early research suggests, that generative AI may asymmetrically benefit the less skilled and less productive, could it become another balancing wheel in society?

 

To arrive at this point, we need to ensure everyone has access to new skills and a path to meaningful work. No company or organization can achieve this alone. We can only achieve transformative change if we work together across sectors and industries to democratize access to tech skills nationwide. 

 

India’s Innovation Engine

As India enters its ‘Techade’, we must also ensure that we empower the next generation of innovators to use AI to solve complex problems and scale positive impact for society and the economy.

 

The disruptive vision of startups is fueling India's innovation engine and startup ecosystem, which is becoming a model for many other nations on the global stage. From Fluxgen’s AI & IoT-based water management solution to innoSoli, an app by Innoterra that aims to sustainably increase the knowledge and income of illiterate and semi-literate smallholder farmers, the strength of the Indian tech ecosystem lies in its large pool and diversity of startups. To unleash the potential of even more startups, innovators and ideas on India's journey, we must partner with organizations and initiatives that focus on skill development, as well as on fostering a spirit of innovation with an emphasis on tackling key societal challenges and bringing solutions to market that we can share with the rest of the world.

 

India will lead the world in realizing the promise of AI. By working together across the public and private sectors, harnessing the country's incredible spirit of innovation, and applying the power of generative AI, it will be exciting to see what the next few years will bring to drive innovation and economic growth.


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