Financial Express Digital Bharat Economy Conclave Highlights: Unlocking the power of AI

Next up we have another panel discussion titled- ‘From edtech to healthtech to food tech, agritech: How AI is expected to transform businesses.’

Our panellists are Ritvik Kulshreshtha, CEO, Extramarks Education, Amit Gupta, chief product officer, BeatO, Amit Kumar, Sales Director, Google Cloud India; Akshay Verma, co-founder, FITPASS; Khusbhoo Aggarwal, founder, Zyla Health and this session is moderated by Anushree Bhattacharyya, editor- brand and marketing, FE Digital.

“For MSMEs, accessible infrastructure like reliable broadband and digital payment systems is crucial, along with skills training for digital adoption. Simplifying finance access and offering financial literacy are key. Lastly, fostering a culture of innovation will help MSMEs thrive,” Dahiya concluded.

“Given the crucial role of advancements in facilitating access to capital, streamlining systems, and upgrading processes, how can these innovations address the rising consumer aspirations and growing demand across the country? What specific strategies would you recommend for effectively bridging the supply-demand gap in this context?” Devanathan asked.

“Here’s a suggestion for stakeholders, especially in banking and government: Eliminate offline loan applications. For MSMEs needing loans, local branches often avoid approving applications. Moving entirely online can streamline the process and improve access,” Gupta concluded.

“It’s crucial to keep up with government updates for MSMEs. I always tell them to stay compliant, be financially disciplined, and maintain ethical practices. Without these, your business will suffer,” Gupta advises.

“A major issue for MSMEs is the lack of technological upgrade. The upcoming Online Dispute Resolution (ODR) system, set to launch in 15-20 days, will help. The government offers subsidies and low-interest schemes to support tech upgrades, which are crucial for MSMEs to stay competitive,” Gupta added.

“Credit bureaus like CIBIL, combined with bank statements and other financial data, offer deep insights into past behavior and fund usage. They can quickly reveal issues like dishonored checks or misused funds, making lending decisions more accurate and efficient. This tech integration simplifies the process and enhances reliability,” Gupta added.

“Young entrepreneurs in today’s world need tech to grow, but many MSMEs struggle with tech accreditation. The challenge is accessing technological upgrades. Fortunately, the government offers subsidies to support MSMEs in upgrading their tech, addressing these crucial gaps,” Gupta said.

“In cloud computing, SMEs face key challenges like access to capital, competition, and skills gaps. The biggest issue is the lack of expertise and resources to adopt and implement the latest AI technologies. This manifests in struggles with cloud practices, automation, and enhancing customer experience,” Dahiya added.

“With one-fourth of GDP coming from SMEs, an economic slowdown will hit hard. It’s not just large companies driving the economy—SMEs are crucial for supply chains, providing goods, services, and last-mile connectivity. Their absence will cause major disruptions across sectors,” Dahiya explained.

“SMEs are like the oxygen of this ecosystem. Everyday essentials are a part of SMEs; without this, if we look from an economy perspective, this ‘universe’ can collapse,” Gupta said.

We have Fireside Chat titled- Unlocking the potential for SMEs. Our panelists are Mukesh Mohan Gupta, president, the Chamber of Indian Micro Small and Medium Enterprises and chief executive officer, Nodefaulters.com; Taru Dahiya, managing director, Google Cloud Asia Pacific; and the moderator for this panel is Narayan Devanathan, president and chief strategy officer, South Asia, Dentsu

“AI should be more than just an automation tool; it should act as a partner that enhances thinking. It’s widely acknowledged that AI can aid in planning, prioritising, and calendar management. A tool that handles email replies and summarises important points would significantly save time. While Google does a good job sorting emails, a tool that reads and highlights key points would add even more value,” Panelists concluded on a lighter note.

“At Adobe, we tackle content overload by empowering creators with tools like Firefly and Express. Firefly enables quick, on-brand content creation, while Express simplifies campaign development. For India, Firefly supports eight languages, making it easy to localize and duplicate campaigns across diverse linguistic regions with just a prompt,” Srinivas answered.

“At this point of time, India is a huge creator economy? How is adults creative tools or helping empower further?” Jose asked.

“Success is built on trust. At our digital healthcare platform, we use AI across tech, marketing, and operations, clearly disclosing AI use in our communications. AI aids in translating content into multiple languages, media planning, and data analytics for risk management. We’re also piloting AI in call centers and using it to enhance risk assessment and acquisition strategies,” Vashishtha highlighted.

“I would want to understand how does use of alternative AI enable trust and transparency customers,” Jose asked.

“As India‘s largest digital healthcare platform, we’re leveraging AI to transform healthcare. AI accelerates drug discovery, enhances clinical trials, improves radiology accuracy, and digitizes health records. It helps in early risk assessment and disease management, especially in areas like cancer, but it is still in its nascent stage,” Doegar said.

“We’re a nonprofit dedicated to fostering global entrepreneurship, operating across 20 countries, including India, Brazil, Mexico, and various African nations. Founded by Romesh, who has built 42 companies, our mission is to create sustainable jobs worldwide. We partner with top institutions to design approved entrepreneurship courses, focusing on helping students and professionals become job creators rather than seekers. We’ve supported successful startups like Practo, with no equity stake involved,” Isac said.

“We ensure transparency with our AI rules by building guardrails for both consumers and internal employees. This fosters accountability and clear communication, ensuring that when information is shared, everyone is aware and informed, maintaining trust and integrity throughout the process,” Isac highlighted.

“At Adobe, we follow three core principles for AI ethics: accountability, responsibility, and transparency. Accountability means we ensure our AI-generated content is accurate and reliable for commercial use. Responsibility involves verifying the sources of content and properly crediting original creators. Transparency ensures that our processes and decisions are open and clear,fostering trust with our customers and stakeholders. These principles guide how we handle AI and its outputs,” Srinivas commented.

“Transparency is key when using generative AI. Organisations must maintain an ethical code of conduct, ensure regular audits, and respect customer data privacy. Also, when training AI models, be aware of potential biases in the data, such as gender, and address them carefully,” Vashishtha said.

“Ethics is crucial in AI, given its unprecedented nature. Organisations need clear AI policies to guide usage—ensuring employees understand where and how to use AI tools effectively. For instance, AI bots summarising conference calls should be managed carefully. Equally important is handling data responsibly. AI’s effectiveness depends on high-quality data, so access controls are vital to safeguard and properly manage the data used for training models,” Doegar said.

“How have Indian organisations been adopting AI over the years, balancing its potential for automation and innovation with the ethical considerations that come with its integration? Could you provide insights on how they are addressing these concerns one by one?” Jose asked.

“Organisations must embrace AI as a strategic tool, focusing on practical applications rather than just theoretical knowledge. The biggest challenge is not technological but psychological, with employees fearing job loss. AI should be seen as an efficiency enhancer, not a job eliminator. For example, generative AI can assist in content creation or act as a co-pilot in call centres, improving efficiency while reducing costs. Change management is key to overcoming these fears,” Vashishtha added.

“AI can process data and generate content instantly, but there are challenges. For example, Google can now differentiate between human and AI-generated content, making it crucial to use AI to structure articles and suggest relevant topics rather than generating full content directly. Additionally, in financial services, while AI can improve efficiency by handling initial customer interactions and reducing call center costs, the real challenge lies in addressing psychological barriers and integrating these technologies effectively,” Vashishtha said.

“Companies should view AI as a key digital transformation tool, not just a departmental solution. It needs to be integrated across the organisation, starting with upskilling knowledge workers to understand AI’s value and boost productivity. There’s a need for more practical, hands-on AI training rather than just theoretical courses. Organisations must be bold in incorporating AI into their strategic planning to fully leverage its benefits and drive change,” Srinivas said.

“We’ve observed that the impact of AI depends heavily on an organization’s vision. If AI is seen merely as an efficiency tool for cost-cutting, its potential is limited. However, when AI is viewed as a means to drive 10x growth and productivity, its power is truly unleashed. The key lies in educating employees on advanced AI usage, like effective prompting techniques, to maximize its value across all departments, not just IT,” Isaac said.

“We’re facing significant challenges in job creation. In the next decade, India will need 50 million jobs, but current growth might only create 20 million. To address this, we collaborate with government and educational institutions to foster entrepreneurship. Our approach includes running pilot programs for skilling and helping entrepreneurs learn from both successful and failed ventures. Many entrepreneurs realise too late that they’ve ‘climbed the wrong mountain’, so we aim to guide them better,” Isac said.

“We’re not just focusing on asset efficiency; our priority is productivity and creativity. With India‘s growing need for jobs, we’re partnering with government institutions to support entrepreneurs in starting businesses. Our AI tools, which we’ve been refining since 2023, help entrepreneurs ensure they’re tackling the right problems. By guiding them from idea generation to viable business creation, we aim to foster job growth and make a significant impact, Isac said.