The think tank of Central government, NITI Aayog, has announced a plan for creating an institutional framework for Artificial Intelligence (AI) in the country. An investment of Rs 7,500 crore is expected for the creation of a cloud computing platform called AIRAWAT and research institutes. A senior government official told ET that the Aayog has already circulated the note for consideration by the Expenditure Finance Committee, which is expected to take it up soon.
The note proposes that the allotted money of Rs. 75,000 crores would be utilized for the initial three years and set up a high-level task force to look after the roll-out and implementation of AI.
The proposal demands to invest in funding five institutes or centers of research excellence (CORE), 20 international centers for transformational AI (ICTAI) and setting up a cloud computing platform called AIRAWAT that can be accessed easily.
“Selection of institutes and partners will be done based on guidelines that are being developed while the funding for all of this will be staggered based on the milestones achieved,” said the official.
Amitabh Kant, the CEO of NITI Ayog, has already sent letters to all the states and ministries asking them to recognize their key areas where AI would be implemented.
“To give a push to adoption of AI, it is pertinent to have an AI check in all new projects to identify specific areas where AI can be used,” Kant said in a letter dated May 7.
India is a growing economy and with the assistance of AI in everyday tasks. AI can really help a country like India to address some major issues in the field like health, education, agriculture, urbanization, and mobility.
It is expected that AI has the capability to add $957 billion to India’s GDP by 2035 and boost India’s annual growth by 1.3 percentage points by 2035.
There has been significant growth in interest levels around AI across the other industries of India. However, it stands nowhere if compared to the USA and China. China has promised to build a domestic AI industry worth nearly $150 billion within the next few years. China aims to become the leading AI power by 2030.
Which AI-powered solutions are expected to be the most impactful for businesses?
- IT Sector
- Banking, financial services, and insurance
- Education teaching
India can be a country that leads AI for all because it is a necessary problem that must be solved and we do it, it will be useful for the rest of the world as well. I have full confidence that India will make the best of AI for the wellbeing of Indians, and for our healthy progress of the Indian economy. The next 5 years will be very crucial as it will be the perfect time to set a pace to begin the AI culture in India.