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

“Firstly, I’ve heard that CEOs are now directly asking AI systems for answers instead of analysing and interpreting data themselves. Secondly, considering India’s ambition to become a global manufacturing hub, optimising supply chains will be crucial. Given that the government has invested significantly in infrastructure over the past decade to support robust supply chains, how do you see AI contributing to the optimisation of supply chains? In a globally connected economy, what role does AI play in improving efficiency and predictability in both manufacturing and supply chain management?,” Sindhwani asked.

“AI is not without its costs. For instance, running a single query on a large AI model like ChatGPT can generate a carbon footprint comparable to that of five cars running for a whole month. This highlights the environmental impact associated with AI operations, emphasising the need for more sustainable practices in its deployment,” Kumar highlighted.

“As someone with a technologist background, I’d like to take a moment to address a common misconception about AI. Often, there are high expectations of AI, akin to asking a small child to run a marathon. It’s crucial to manage these expectations realistically. Now, addressing your question on how AI will boost the Indian economy: Currently, India is experiencing a GDP growth of around 7%, with projections indicating it could reach $7-10 trillion over the next seven years. According to studies cited by the Indian Express, AI is expected to contribute an additional $1 trillion to India’s GDP by 2035 and $500 billion by 2030,” Kumar said.

“In your line of business, including manufacturing, are there any practical use cases where you’ve implemented AI and found that it adds significant value?” Sindhwani asked Kumar.

“For example, if data on individuals with problematic backgrounds is fed into AI systems integrated into cameras at sensitive areas like hospitals, educational institutions, or public places. Rather than relying solely on external security, these AI systems could prevent individuals flagged for human rights issues from entering these locations. This illustrates a small but impactful example of what AI can do,” Bhatia added.

“As we evolve, AI steps in to handle routine tasks, allowing us to focus on higher-level skills and responsibilities that require unique human intelligence. This shift enables individuals to take on more complex and creative roles, moving beyond repetitive work. AI thus plays a transformative role, facilitating this transition and highlighting its value in enhancing human capabilities and innovation,” Bhatia added.

“AI plays a crucial role in today’s economy and daily life. Many mundane tasks previously handled by humans are now being taken over by AI. Over time, we’ve shifted from relying on manual labour to leveraging mental and cognitive abilities. This transition reflects how businesses have been increasingly driven by intellectual and strategic thinking, with AI streamlining repetitive tasks and allowing humans to focus on more complex and creative aspects of work,” Bhatia said.

Mr. Bhatia has joined the panel virtually.

Now, we move on to the first Fireside chat titled – The role of AI in Shaping the future of the Indian Economy. Our panelists are H. S. Bhatia, founder and MD, KELWON Electronics and Appliances, Vinay Kumar, CIO and technology leader. The moderator for this session is Sanjay Sindhwani, CEO, The Indian Express Online Media.

“While AI is not a magic bullet, it provides a powerful set of solutions to tackle India‘s healthcare challenges. By harnessing AI’s potential responsibly and ethically, we can work towards a future where quality healthcare is a right for every Indian, regardless of their education or background,” Taneja concluded.

“AI can play a crucial role in preventing health issues by leveraging data to predict and manage common ailments. In developing countries, conditions like diabetes, cardiovascular diseases, and hypertension often correlate with lifestyle and climate. For example, issues like diabetes and iodine deficiency are common among expectant mothers of developing countries, while seasonal outbreaks of diseases like dengue and malaria are predictable due to our unique climate and ecology. AI can analyse extensive data to forecast these outbreaks and identify high-risk populations before issues escalate, enabling public health officials to take early and effective action,” Taneja said.

“Over the next 10 years, Apollo Radiology International plans to utilise these AI models for millions of screenings for diseases like tuberculosis, lung cancer, and breast cancer. This initiative aims to assist hundreds of thousands more people across India, enhancing the accuracy and timeliness of diagnoses,” Taneja stated.

“In a country where diagnosing lung and breast cancer poses a challenge due to a shortage of trained radiologists in remote areas, AI can play a crucial role. It can interpret chest X-rays for tuberculosis and lung cancer screening, and assist in analysing mammograms for breast cancer detection. This not only makes these services more accessible but also improves early detection rates,” Taneja highlighted.

“AI has the potential to transform healthcare in India across three key areas. First, it can significantly enhance the efficiency of hospitals and healthcare facilities by streamlining operations, reducing wait times, and optimising resource allocation. Second, AI can expand doctors’ capacity by automating routine tasks and providing decision support, enabling them to manage more patients effectively and improve care delivery. Third, AI can play a crucial role in preventative healthcare by facilitating personalised health monitoring and early disease detection, thereby promoting healthier lifestyles and reducing the incidence of preventable conditions,” Taneja highlighted.

“Despite India being the sixth-largest healthcare system globally and a major centre for medical advancements, we face significant challenges. Even with a large number of high-quality professionals, the per capita availability remains insufficient for our vast population,” Taneja said.

“When discussing India, its complexity and multifaceted nature are often highlighted. The diversity makes it less predictable—what holds in Bareilly can change significantly by the time we reach Shimla. For effective governance, administrators need data from every district and tehsil. AI not only makes this data collection possible but also enables the assimilation and generation of detailed insights, which can transform the design of public policies,” Taneja highlighted.

“In every major technological shift, whether it was the telephone, television, or the internet; technology initially remained confined to affluent segments of society. It took decades for these innovations to become affordable and widespread. AI, however, is different. With extensive technical infrastructure and nearly universal access to mobile phones in India, the benefits of AI are set to reach the entire population almost instantly,” Taneja said.

“It feels impossible to return to the way things were before technology transformed our lives. Advances in technology have revolutionised how we communicate, shop, and even interact spatially. In recent years, artificial intelligence has particularly captured the public’s imagination,” Taneja said.

Now Aparna Taneja, software engineer, Google Deepmind, will address the audience in the Standalone Session titled – On the promise of AI in transforming healthcare

“Having shared our vision for a digitally safe and advanced India, I want to emphasise the government’s strong commitment to realising this vision. Our goal is to achieve a digitally empowered and developed Bharat, ensuring progress and security for all,” Prasada concluded.

“India is the third-largest startup ecosystem globally. Our vision is for technology startups and entrepreneurship to reach every corner of the country. For instance, if a startup in Mumbai launches a drone today, startups in Muzaffarnagar, Mau, and Morena could replicate this in just five minutes. Today, over 200 drone startups in metro cities are delivering COVID-19 vaccines, aiding in river Ganga cleanup, assessing crops, and more. The indigenous drone market is projected to reach $23 billion by 2030. This progress is a far cry from 1999 when India had to import drones from Israel for land control during the Kargil conflict,” Prasada said.

“Over 50% of startups have emerged from tier two and three cities. States like Bihar, Madhya Pradesh, Rajasthan, and Uttar Pradesh collectively host more startups—around 25%—than any other region. Additionally, the Northeast has produced more startups than Punjab. As the Prime Minister emphasises, startups are becoming a national cultural phenomenon,” Prasada highlighted.

“AI and startups are helping bridge the language divide as well. The government’s flagship AI initiative, Bhasini is leading the way by making all government services accessible to citizens in their native languages. This ensures that everyone can engage with governance in a language they understand,” Prasada said.

“A key part of our digital strength is the success of our startups and MSMEs, which are creating valuable job opportunities. As the government enters its third term, our focus remains on ensuring that our efforts lead to job creation and provide opportunities for everyone. Not to forget how they are bringing several divides. You will be surprised to know that India has launched one startup every 40 minutes, in the last year, making the country a true Mahakumbh for startups, more than 45% of our one lakh 40,000 starters are women-led, and more than half of all startups, having at least one woman director,” Prasada said.

“On top of this, a recent BCG Nasscom report has concluded that India’s AI market is set to 30 to 35% in the next three to four years. This has been highlighted by the Prime Minister is a recent interaction with the Indian diaspora in Poland,”

“The India AI Startup Financing pillar is crucial because it determines how government funds are allocated. The focus should be on directing funds strategically and supporting startups that prioritise societal impact over profit. By doing so, we ensure that funding supports those who genuinely benefit the public, rather than solely profit-driven ventures,” Prasada said.

“There are significant concerns about the negative impacts of AI, and the government is actively addressing these issues. We are consulting with experts and stakeholders to ensure that AI technology remains safe and trustworthy, preventing any adverse effects. Rest assured, the government is diligently managing these challenges,” Prasada added.

“Our government aims to boost the AI ecosystem with a robust infrastructure of 10,000 GPUs, fostering indigenous AI models, and ensuring access to high-quality datasets. Initiatives include promoting AI applications across sectors and expanding AI education through courses and labs in tier two and tier three cities, driving broad socioeconomic transformation,” Prasada highlighted.

“Given that we have the biggest data in our country. The challenge is to ensure that the budget outlay is spent in the right direction and whatever we do impacts the people at the grassroots level,” Prasada said

“The AI mission has been a topic of discussion and priority of the government. A budget outlay of more than 10,000 crore has been sanctioned for this mission,” Prasada added.