Data and AI initiative help to create Social and Economic value for India

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India’s reaction to the Covid-19 pandemic has been praised all over the globe. The significance of vulnerabilities in data infrastructure has been demonstrated through war rooms that are vital to the pandemic response and re-opening of the economy. The need for the hour is to instill trust in the construction of economic and social value data resilience.

Information and Artificial Intelligence ( AI) may be sources of help for the government and companies through the virus control pandemic. For eg, touch monitoring, labor preparation and security, allocation of capital, and the re-start of the economic engine in a structured and safe manner.

The National Association of Software and Service Companies (NASSCOM) published “Unlocking Value from Data and AI- The India Opportunity” in August 2020 after taking into consideration suggestions from leading industrialists:

The study indicates that an advanced data management approach will add $450-$500 billion to India’s GDP by 2025. However, a comprehensive plan across five basic components, along with the implementation of R&D and creativity in the field of AI, is needed to accomplish this.

The study points out that on the basis of data and AI, India will fulfill an ambitious goal of being a $5 trillion economy by 2025. To this end, AI requires to be commonly used in all industries, including manufacturing, small and medium-sized businesses, financial services, health care, electricity, and logistics. About 45 percent of this revolutionary interest is thought to have been converted from consumer products and trade, agriculture, banking, and insurance sectors.

The study also highlights how AI will accelerate India’s dream of sustainable development in three ways, including a successful COVID-19 response and economic recovery, spearheading balanced growth, and enhancing the country’s talent potential as a regional hub for AI and data services.

The study highlights the implementation of the AI Strategic System to be operated by the apex body in coordination with different ministries, the selection of datasets of national significance on the basis of identified initiatives, and the development of a digital portal as a marketplace for public and private data and AI services.

In order to build a desirable data and AI environment, the study identifies four measures that involve establishing an empowered and autonomous regulator to catalyze AI adoption, accelerating AI adoption via lighthouse initiatives, utilizing PPP models to establish data and AI infrastructures, and defining key themes for research and innovation consistent with the national AI strategy.

The report highlights:

  1. The policy should concentrate on creating a country-specific data and AI vision, defining key usage cases based on their effects, and planning a long-term action plan.
  2. Data where attempts should be taken to determine the consistency of the data obtained and to identify the holes to be filled, and to establish systems to produce and deliver data on a wide scale.
  3. Application layer, where the key goal would be to build frameworks for safe storage of data, AI applications, templates, and open-source repositories.
  4. An ability to identify AI-specific roles and to quantify the supply-demand difference in the AI workforce and implementation to be led by an appointed central apex body.

Key Learnings-

Data and AI have the ability to play a significant supporting position in all industries. India needs to move swiftly and judiciously to become the first nation to initiate a comprehensive data use and the post-pandemic AI initiative roadmap.

Sectors such as consumer products and trade, agriculture, and banking and finance would profit most from activities, risk management, and effective marketing.

Multi-faceted usage of AI will help to gain exposure to India’s dream of sustainable growth, be it successful COVID-19 answer and economic recovery, or propel India into a global hub for AI and data services.

India should take advantage of this potential and vigorously encourage the usage of data and AI across the five building blocks outlined.

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