India Urged to Lead Global AI Hub with Open, Inclusive Approach
India is urged to adopt an open and inclusive approach to artificial intelligence (AI) innovation and regulation. A recent study by McKinsey & Company, 'Unlock Value from Data and AI: The Indian Opportunity', highlights the nation's potential to become a global hub for data and AI. Swift action could see India lead in data utilization and AI efforts, particularly in the post-pandemic era.
The study suggests that coordinated action is needed to enhance data and AI capabilities across various sectors. Three key interventions are proposed: identifying datasets of national importance, launching data marketplaces, and establishing a central agency for data standards. This would foster a vibrant data economy in India.
AI and data can drive transformation across multiple sectors through diverse applications. To explore this further, Nasscom will host the 'Xperience AI' virtual summit from September 1-4 in partnership with Telangana AI Mission. The event aims to bring together industry leaders, policymakers, and entrepreneurs to discuss the potential of AI in India.
With the potential to add $450-500 billion to India's GDP by 2025, AI is seen as a strategic lever for economic growth and crucial for future progress. To build an AI innovation ecosystem, greater participation from the private sector and entrepreneurs is encouraged. By embracing AI innovation and regulation with an open mindset, India can unlock its full potential in the global data and AI landscape.
