Mr. Madhav Sheth – CEO realme India, VP, realme and President, realme International Business Group
India is at the cusp of becoming a $5 trillion economy with a significant contribution from Digital platforms. This signifies a great leap India has taken in the technology space that has empowered people and enabled businesses to grow better while contributing to the country’s economy. The government’s efforts have been commendable towards the democratization of technology that has taken the benefits and reforms to reach the last mile.
The country has emerged as the most promising IT hub globally that’s driving innovation across new technologies including the Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, etc. Its vast data set and untapped population makes it an apt ground for AI adoption, especially, given the government’s focus for inclusive growth. International Data Corporation (IDC) has projected India’s AI market to grow at a CAGR of $ 7.8 billion by 2025.
While there have been multiple conversations around the effective use cases of AI for some years now, everyone realized its potential during the pandemic when it was used effectively for recovery and response. Here are some areas where AI could be utilised by India to drive inclusive development.
Talent generation
India is expected to witness a surge in jobs by 31.4 percent for AI by 2030. This is primarily due to the growth of tech startups in India alongside surge in Analytics and AI/ML functions across different industries. The country is already one of the largest exporters of ICT services and by skilling and upskilling its workforce with the new age technologies, can project itself as the leader in the AI segment. This will help the country create ingenious solutions and strong IPs while driving innovation for the world from India.
Tech-enabled agricultural yield
Agriculture is one of the largest sources of employment in India, however, is also severely affected by various climatic factors. In addition to different reform measures at a policy level, the government is also promoting the usage of technologies like Artificial Intelligence to help farmers get a better yield. As per reports, the Indian Government allocated INR 1756.3 cr and INR 2422.7 cr to the States for introducing new technologies including drones, artificial intelligence, blockchain, remote sensing, and GIS, etc in agriculture during 2020-21 and 2021-22.
AI-powered monitoring tools and other apps accessible via mobile phones have enabled various farmers to plan their harvest effectively by predicting the climate conditions, improving the quality of the produce, connecting with e-marketplaces for better pricing, and getting real-time updates on government policies and benefits.
The integration of AI and other technologies in the agriculture sector is set to further improve inventory management while resulting in better income for the farmers.
AI-powered education for a better tomorrow
Quality education lays the foundation of a strong economy and a brighter future. Even during Covid-19 led pandemic, we saw people utilizing different mediums including smartphones to ensure access to education. UNESCO in the month of September released recommendations for the adoption of AI in Indian schools for quality and skill-based education in alignment to the UN Sustainable Development Goals for 2030. Given how we are a youth-driven economy, where a large number of youth will enter the job market, integration of AI at the school level will make them better equipped for the market demand and build solutions for a better future.
Accessible Healthcare and Diagnostics
India continues to be affected by the lack of resources in terms of the availability of trained medical staff. AI has emerged as a great tool for screening diseases ranging from cancer, diabetic retinopathy, and cardiovascular disease. We’ve already seen some success stories across India with the work done by various organizations toward the same.
As per industry reports, AI and Data in healthcare could add $25-$30 bn to India’s GDP by 2025.
