‘Data, AI may add up to $500 bn to GDP by 2025’

Technology to aid growth: Nasscom

Updated - August 18, 2020 11:04 pm IST

Published - August 18, 2020 10:39 pm IST - Bengaluru

Data and Artificial Intelligence (AI) could add $450-$500 billion to India’s GDP by 2025 and contribute to the country’s economic recovery and growth, said industry apex body Nasscom.

“AI has become a strategic lever for economic growth across nations and will continue to be one of the most crucial technologies of the future,” said Ravi Shankar Prasad, Minister of Electronics and IT, while releasing a Nasscom report titled ‘Unlock Value from Data and AI: The Indian Opportunity’ on Tuesday.

“Digital India has reimagined how our government connects with citizens and the accelerated deployment of AI and other emerging technologies will help further this objective,” he said.

“To harness its full potential, India needs to embrace AI innovation and regulation with an open, inclusive and a collaborative mindset,” the Minister added.

According to the report, if India acts quickly, it can become a leader in building a holistic data utilisation and AI effort, especially as countries emerge from the pandemic and global economic slowdown. A coordinated programme across five building blocks (strategy, data, technology stack, talent and execution) is required to capture the opportunity.

Debjani Ghosh, president, Nasscom, said, “The NasscomNASSCOM report on Unlocking Value from Data and AI is an action plan that can help India emerge stronger from the COVID-19 crisis. Data and AI’s true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications.”

Nasscom said it would host an Xperience AI Summit between the September 1 and 4 in partnership with the Telangana AI Mission. The platform is expected to bring together diverse stakeholders in the country’s AI ecosystem.

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