India is a hub of all the hype created around Artificial Intelligence. The country receives 65% of the global IT off-shore work and 40% of global business processing work. This leaves a great potential for intelligent automation as tech experts claim that about 70% of jobs in India’s formal employment sector will be automated by 2030. Surprised?
While these numbers may paint a pretty gloomy picture, there are financial takeaways to cheer about. On one hand, automation will escalate technology adoption across industries, economies of scale that the country offers will put it as a favourite among the global off-shore business, especially after Covid-19. Global manufacturing hubs are shifting their businesses from the People Republic of China to business friendly and transparent economies like India, Vietnam, and Indonesia., and this is definitely advantage India.
AI advantage India
A study by PWC titled “Artificial Intelligence in India- Hype of Reality” throws interesting observations, while on one hand 71% businesses trust that AI will help humans solve complex problems & live richer lives, a mammoth 83% business leaders said AI advisors at work will be more or equally fair.
These number point to the bright fact that AI is slowly progressing its steps among the countries’ hinterland, reaping social causes and enabling the country’s citizens to live more fulfilling lives. Businesses and its stakeholders now look forward to trust AI powered solutions which involve machine learning, virtual private assistants, decision support systems, automation to have a great future impact among all business functionaries.
While the research major says that the C-Suite would prefer more of pure play AI and its algorithms, involving no hassle to plug and deploy. Businesses would also vote for automated AI advisors or a combination of AI and human advisors that give it impetus to jumpstart its AI journey.
Reaping Benefits from AI
• Human touch will be imperative in care-giving and educational related job functions, technology here would take a backseat.
• Heath check-ups and face to face customer service will vouch for human touch, where AI would have a supportive role to play.
• AI- led digital assistants will be powering different scenarios at home, work and on the commute to help the nation’s citizens save time, receive reminders and get their things done.
India ‘offshore services sector offers a rich mix of call centres, BPOs, contributing roughly 18% of the Indian GDP combined these have a significant potential opportunity to cater to the demand for data cleaning and human-augmented AI training. Circa,2020 and beyond as highlighted by Nasscom’s “Unlocking Value From Data and AI- The India Opportunity” an integrated data utilization strategy can add US$450- US$500 billion to India’s GDP by 2025. However, to achieve that a co-ordinated program is required across five building blocks along with the promotion of R&D and innovation in the field of AI.
Riding on data and AI, India can achieve the bold vision of becoming a US$5 trillion economy by 2025. To achieve this, AI needs to be extensively utilized in all sectors ranging from agriculture, MSMEs, financial services, healthcare to energy and logistics to create a vibrant AI economy
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Kamalika Some is an NCFM level 1 certified professional with previous professional stints at Axis Bank and ICICI Bank. An MBA (Finance) and PGP Analytics by Education, Kamalika is passionate to write about Analytics driving technological change.
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