Data and AI could add upto $500 bn to India’s GDP by 2025

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New Delhi: Data and AI could add $450 to $500 billion to India’s GDP by 2025 and help India’s economic recovery and growth according to Nasscom report.

Nasscom has come up with key recommendations and action plan for India. It has released a report title – “Unlock Value from Data and AI: The Indian Opportunity” on Tuesday.

It recommended that Data and AI could add between $450 billion to $500 billion to India’s GDP by 2025. And could play a major role in India’s vision of inclusive development. Nasscom has presented the recommendations along an action plan to the Prime Minister’s Office.

N. Chandrasekaran, Chairman – Tata Sons, Rishad Premji, Chairman -Wipro, UB Pravin Rao, Chairman – Nasscom and Anant Maheshwari, President, – Microsoft India have reviewed the recommendations and action plan.

Nasscom‘s action plan focuses on five building blocks – strategy, data, technology stake, talent and execution. Its recommendations are largely focused around data and AI.

It recommended to build a vibrant data economy by developing high quality data sets, data governance standard and data marketplace.

Also, it suggested to strengthen capabilities in data and AI and that could help position India as a global hub enabling investment, jobs and innovation.

Data and AI in near term could support governments and businesses for effective COVID-19 response and economic recovery, according to the report.

The report also highlights the importance of building an AI innovation ecosystem and to seek greater participation from the private sector and entrepreneurs.

Besides, Nasscom will host Xperience AI summit in partnership with Telegana AI Mission between September 1 and 4. The summit will have discussions on four key themes – Build AI from and for India, Scale AI Adoption in India, India’s AI Policies, Thought Leadership in AI.

It said that this summit will bring together the diverse stakeholders in India’s AI ecosystem and build an action plan on how Artificial Intelligence (AI) can augment India’s revival, potential and growth plan.

The announcement was made at a virtual conference in the presence of Ravi Shankar Prasad, Minister of Electronics and IT,Jayesh Ranjan, Secretary IT&C – Telangana, Rishad Premji, Chairman – Wipro, UB Pravin Rao, Chairman – NASSCOM, Krishnan Ramanujam, President – TCS and others.

Ravi Shankar Prasad,  Minister of Electronics and IT released the Nasscom report

During the conference, Ravi Shankar Prasad launched the Nasscom report titled, “Unlock Value from Data and AI: The Indian Opportunity.”

In these unprecedented times, as the country starts to unlock its economy, it has become critical that coordinated action is taken to enhance data and AI capabilities at scale across all sectors in the country.

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, according to Minister Ravi Shankar Prasad.

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

“In order to harness its full potential, India needs to embrace AI innovation and regulation with an open, inclusive, principal-based and a collaborative mindset,” he added.

“The Nasscom report on Unlocking Value from Data and AI is an action plan that can help India emerge stronger from the Covid crisis,” said Debjani Ghosh, President – Nasscom.

“Data and AI’s true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications. The report articulates the key structural steps that India needs to take to realise the value of this opportunity,” added Ghosh.

“AI today is driving large scale digital innovation and transforming every industry critical to economic growth,” said said Anant Maheshwari, President – Microsoft India.

“India has the potential to become a global hub for data and AI. The moment is now, to support and grow a vibrant AI ecosystem in India,” added Maheshwari.

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