As the world is leaning more towards digital avenues for sectors — from banking to healthcare — artificial intelligence (AI) has taken the centre stage as the instrument that enables smooth transition and operations. As per a recent study, in collaboration with the Centre for Economics and Business Research (CEBR), India as a market is more mature for leveraging AI than the US or the UK. This follows a recent comment by Union Minister of Commerce and Industry Piyush Goyal who said AI will help India become a developed nation by 2047.
Looking Ahead: [email protected] | Check Out More Articles Here
What is artificial intelligence?
Before we dive in, let’s quickly understand what AI is.
Any sentient being possesses natural intelligence, which helps them execute actions to solve problems. From untying knots to solving Rubik’s puzzle, natural intelligence helps us resolve issues based on our knowledge and understanding of the problem.
Now, imagine this natural intelligence being transferred to a machine (like a computer or a robot) to solve problems or issues faced by humans. This is termed ‘artificial intelligence’.
To quote Britannica, AI is “the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.”
It’s a known fact that robots are designed to make our tasks easier and more efficient. A sentient robot, which already knows how to solve an issue based on its programming, uses AI to take care of problems with minimum (or no) human interference.
The area of technology that deals with developing systems with the ability to possess human-like intellect (such as the ability to reason, discover meaning, generalise, or learn from past experience) come under AI research and development.
Putting it in real-world terms, when you ask your phone’s assistant (Siri or Google or Alexa) to remind you to “pick up eggs on your way back home”, you are actually asking your phone’s AI to solve complex problems involving reminder alarms, GPS positioning, and speech recognition, to send you a reminder based on your location and time. As mentioned earlier, AI is designed to make our work easier and more efficient.
ALSO READ: Artificial Intelligence Can Help Control Fingers Of Bionic Hand Using Natural Commands
India’s AI-readiness overtakes the US
As per the inaugural Decision Intelligence (DI) Maturity Index report by UK-based firm Peak, as shared by INDIAai, the US was an early leader in AI (as is generally the case with most tech-focussed innovations). The study showed that over the past six years, 28 percent of US businesses have adopted AI tech. In comparison, 25 percent of Indian businesses have done the same, while for the UK, the number stands at 20 percent.
However, the report also noted that when it comes to leveraging AI, India is more mature as a market. It scored 64 out of 100 on Peak’s DI maturity scale, while the US scored 52 and the UK scored 44.
For the study, Peak invited insights from 3,000 decision-makers with at least 100 employees across India, the US, and the UK. Commercial AI readiness has been scaled across five main sectors — decision-making, strategy, data and technology, people and process, and value — each of which is scored between zero to 100. This helps indicate if a business is ready to adopt, deploy, and leverage AI-aided decision intelligence.
ALSO READ: Dead Woman Talks To Mourners At UK Funeral Thanks To AI, Shares India Link No One Knew About
What is India doing to enhance AI’s reach?
The Peak report noted that in terms of AI usage, Indian businesses are able to stand out of the crowd by maximising education about AI and also through internal communication.
As per the survey, 18 percent of US workers weren’t sure if their businesses used AI at all — compared to just 2 percent in India. Additionally, 28 percent of Indian junior staff believe AI can positively impact workers in the next five years — compared to 47 percent in the US.
Interestingly, the AI industry is second only to IT, computer and technology in terms of maturity, with a mean score of 56 across India, the US, and the UK.
AI to act as a ‘catalyst’ in India’s transformation
During his address at the Global Artificial Intelligence Summit & Awards in October, Goyal said, “AI will act as a catalyst in India’s journey towards becoming a developed nation by 2047 and bring prosperity to every citizen in the country.”
Goyal added that when combined with the ‘Make In India’ vision, AI can help India provide a platform to develop technology and equipment that can be shared with other countries as needed. He said that several of the government’s projects and schemes are already using AI to the fullest, including the likes of the Unified Logistics Interface Platform (ULIP), PM-GatiShakti National Master Plan, Open Network for Digital Commerce (ONDC), and Government e Marketplace (GeM).
As per a recent report by the Internet and Mobile Association of India (IAMAI), Microsoft, and Bain & Company, India has the third-highest AI talent pool in the world, at 16 percent. Much of this demand has largely been driven by micro, small, and medium enterprises (MSME) that are regularly on the lookout for AI contractors.
Even India’s defence sector, notably the Indian Navy, is planning to integrate AI-grounded tech in critical mission areas.
India is still an early market for AI and it still has to steadily meet the demand-and-supply ratio when it comes to AI talent. However, given the recent developments, it’s clear that the age of AI has indeed arrived and is here to stay.
ALSO READ: Tech-ing Care Of Cows: How AI, Blockchain Can Help Track Stray Cattle And Modernise Cow-Based Economy