Artificial Intelligence (AI) could significantly boost India’s gross domestic product (GDP) growth, NITI Aayog CEO Amitabh Kant said. AI provides a commercial opportunity to India as it may add $957 billion GDP by boosting the annual growth by 1.3 percentage points by 2035. It has the potential to add $15.7 trillion to global economy by 2030. AI can be leveraged for social development and inclusive growth, the veteran bureaucrat in the Modi government also said in a letter to the states and central ministries. Healthcare, agriculture, education, smart cities, transportation and smart mobility are the focus areas, he also said in a tweet.
In the budget speech for FY19, Finance Minister Arun Jaitley asked NITI Aayog with the responsibility to develop a national programme for Artificial Intelligence. National Strategy for Artificial Intelligence was released by the government’s think tank in June 2018aiming to leverage it for economic growth and social development. The five sectors identified were healthcare, agriculture, education, smart cities and infrastructure and smart mobility and transportation. In the interim budget Finance Minister Piyush Goyal had said that the government will give importance to create a national centre for AI very soon. The government identified nine priority areas to work towards creating a national portal for AI in 2019.
The RBI, in its vision document for 2019-2021 highlighting payment and settlement systems in India, said that artificial intelligence and machine learning could be used to examine risks emerging out of innovative payment channels. The central bank talked about it aims to transform India into a cashless economy and ensure that the country has a ‘state-of-the-art’ payment and settlement systems that are safe and secure.