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.
Artificial intelligence in the UAE — in pictures
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.
Watch: UAE-built robot barista can make coffee in three minutes
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.
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
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UAE currency: the story behind the money in your pockets
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
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On day three of the process, 14 embryos were biopsied for gender selection.
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Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
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Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
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The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
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Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
Company profile
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COMPANY PROFILE
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