India has the unique advantage to harness its enormous digital capital for AI-driven development, which is bottom-up and inclusive,” Ambani said.
From March lows of Rs 868, RIL shares have rallied over 165 per cent on back to back investments in digital and retail businesses
Emphasising that in the coming decades, nations will compete on digital capital, Reliance Industries (RIL) CMD Mukesh Ambani on Monday called for a sound data regulation framework that will protect this national resource and ensure privacy.
“We now have all the crucial components in place to make India a premier digital society. Together, our economy and society will generate data at an explosive and exponential rate,” Ambani said at the inaugural session of Responsible AI for Social Empowerment (RAISE 2020) virtual global summit, organised by the government.
He further said data is the raw material for artificial intelligence (AI) and intelligent data is digital capital. “In the past, nations have competed on physical capital, financial capital, human capital and intellectual capital. But in the coming decades…nations will increasingly compete on digital capital. India has the unique advantage to harness its enormous digital capital for AI-driven development, which is bottom-up and inclusive,” Ambani said.
The RIL chairman and MD said when 1.3 billion Indians are digitally empowered, they will unleash a proliferation of new digital enterprises that will create faster economic growth, greater prosperity, high-quality employment opportunities and better standards of living across all sections of the society.
“We are confident that the government will introduce a sound data regulation framework to protect this national resource and ensure data privacy,” he added.
Ambani said in the coming years, the total non-biological intelligence will exceed the rational intelligence of the entire human population. “But this does not mean that AI will replace the human mind. It never can. It never will,” he exhorted.
Rather, Ambani said, AI and other associated technologies of the fourth industrial revolution will vastly expand the capacity to solve the most complex and pressing problems before India and the world.