Artificial intelligence is transforming India's economy and the way companies do business.
As the technology expands, India — already famed for its IT industry — has the potential to play a much larger role in providing AI solutions to the rest of the world, industry experts say.
“In the coming years, the contribution from AI to the Indian economy is going to be extremely significant,” says Ganesh Gopalan, chief executive of Gnani.ai, a Bengaluru-based company that provides conversational AI voice bots for customer service automation.
AI is increasingly being used across industries in India — from banking and health care to farming and manufacturing — to improve efficiency by using the intelligence of technology and machines to perform tasks.
AI is expected to add up to $500 billion to India's gross domestic product by 2025 and $967 billion by 2035, according to a new report by TeamLease Digital.
AI has become more prevalent in the post-pandemic era where traction to move digital has become the need for most businesses today, says Gyan Pandey, head of digital at Voltas, which is part of the Tata Group.
“We have observed a strong demand for premium AI-based products not only from the developed metro markets, but also from smaller towns.”
AI has the potential to significantly boost the Indian economy by improving productivity, reducing costs and creating opportunities for innovation and growth, says Anurag Sanghai, principal solutions architect at Intellicus Technologies.
“The country is poised for realising tremendous gains through investment in developing AI skills and infrastructure, and by ensuring that the benefits are shared across all the socioeconomic strata,” he says.
To date, most AI development and investment has taken place in the West, but India's AI software segment is expected to grow annually by 18 per cent to the end of 2025, according to the TeamLease report.
India's investments in AI are growing by 30.8 per cent annually and will reach $881 million this year.
“Currently, most AI-based technology is being developed overseas,” says Vishal Jain, co-founder of Roadcast Tech Solutions.
“In India, it is at a very nascent stage. Therefore, it will take some time to mature. Besides this, AI as a sector requires substantial research and development (R&D). Therefore, to build large-scale products and support constant innovation in AI, players in India need to look at massive investments.”
Meanwhile, India has a lot to offer the world when it comes to AI and Indian companies are already leading this effort, says Mr Gopalan of Gnani.ai.
“In the coming years, we are fairly confident that India as a country will continue to invest and soon enough be a very significant part of the whole AI economy.”
Gnani.ai started out by solving problems for the Indian market, before expanding to work with customers in the Middle East, the US and other Asian countries, Mr Gopalan adds.
Also based in the country's IT hub of Bengaluru, SwitchOn is a company that uses AI to automate inspections in the manufacturing industry.
The technology is used to identify defective products in high-speed manufacturing lines making more than 10 products a second, including consumer goods and automotive components.
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AI can play a key role in boosting India's manufacturing sector, which is a critical part of India's economic growth plans.
When manufacturers use manual inspections, they would typically only inspect one out of several thousand products, says Aniruddha Banerjee, co-founder of SwitchOn.
This means that a number of defective products end up in the hands of consumers. However, AI allows each and every item to be inspected, he adds.
“By eliminating defective products, we are able to reduce supply chain costs and drastically reduce wastage for these companies,” says Mr Banerjee.
His company is also working with global companies to deploy its solutions worldwide, he says.
Along with manufacturing, AI is also playing a growing role in India's agriculture sector, which makes up about 20 per cent of the economy and is still dominated by small farmers using traditional methods.
“India has witnessed an exponential increase in AgriTech businesses that are developing and implementing AI for enhanced solution for the agricultural industry,” says Pushkar Limaye, co-founder and chief technology officer at Carnot Technologies, an Indian agricultural technology company that was acquired by conglomerate Mahindra & Mahindra.
“AI-based solutions in India are looking to help achieve healthier crops, analysing weather-related data, analysing yield as per seasons, monitoring soil and growing conditions, supply chain management.”
Anytime a disruption happens, that's an opportunity to take the leadership position and become the provider of technology
Sachin Bhatia,
co-founder and chief growth officer at Exotel
As more such start-ups emerge in the country, there is an enormous opportunity for India to build on its expertise and reputation in the IT sector to boost its presence in the global AI industry.
“Anytime a disruption happens, that's an opportunity to take the leadership position and become the provider of technology,” says Sachin Bhatia, co-founder and chief growth officer at Exotel, a cloud-based communication engagement company that offers conversational AI products to businesses.
“So here, India has a very large pool of engineers, technology graduates. We believe that India would be providing a very large pool of AI-talented engineers. And there has been a huge wave of companies which are making software in India for the global market.”
One concern that is frequently raised about the greater use of AI, however, is the impact that it will have on jobs.
With a population of more than 1.4 billion, more than half of whom are under the age of 30, it is vital for India to generate employment to lift people out of poverty.
Ultimately, however, AI “is going to lead to more productivity and is going to lead to more businesses doing better”, which will generate different kinds of jobs, says Mr Gopalan.
The Indian government is also working to boost the country's AI sector. In this year's budget, the government announced plans to set up three centres of excellence for artificial intelligence.
These initiatives aim to create a conducive ecosystem for AI development, promote R&D, and foster innovation, says Naren Vijay, executive vice president of growth at Lumenore, which uses AI to conduct predictive data analytics.
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But he also acknowledges that there are several challenges associated with the use of AI in India.
These include data privacy and security, particularly when it comes to AI being deployed in finance and health care.
Many parts of India also do not have the infrastructure needed for AI, including high-speed internet, computing power and cloud services.
There are also ethical considerations, such as AI systems possibly being trained on biased data, which can lead to discriminatory outcomes, says Mr Vijay.
“It can be a significant ethical concern when AI is used in decision-making processes such as hiring, lending and criminal justice.”
India is still awaiting its data protection legislation, which means there is still a regulatory vacuum around data security, says Rajat Deshpande, chief executive and co-founder of FinBox, which uses AI to analyse data and assess risk.
“Since AI models rely so heavily on user data, there is often apprehension around their use.”
There is also a hurdle when its comes to human resources. While India has many skilled IT workers, far more talent will be needed to fulfil its potential in AI, experts say.
“The dearth of qualified talent in India represents another important potential and challenge,” says Kunal Bhatt, head of automation at Mumbai-based CMS IT Services.
“This can be solved by funding AI-led education and training programmes to upgrade the skills of current experts.”
If these issues can be successfully addressed, India is in a prime position to benefit from the rise of AI globally.
“India’s artificial intelligence moment is truly here and now,” says Mr Bhatt.
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
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Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
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Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
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UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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UAE currency: the story behind the money in your pockets
Most sought after workplace benefits in the UAE
- Flexible work arrangements
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
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Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
More from Rashmee Roshan Lall
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
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Power: 136hp @ 1,600rpm
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Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
LIVERPOOL SQUAD
Alisson Becker, Virgil van Dijk, Georginio Wijnaldum, James Milner, Naby Keita, Roberto Firmino, Sadio Mane, Mohamed Salah, Joe Gomez, Adrian, Jordan Henderson, Alex Oxlade-Chamberlain, Adam Lallana, Andy Lonergan, Xherdan Shaqiri, Andy Robertson, Divock Origi, Curtis Jones, Trent Alexander-Arnold, Neco Williams
Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
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%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
