Artificial Intelligence is gaining momentum and speeding up its success rates all across the globe. Engineers are looking forward to expanding the wings of artificial intelligence in all other aspects of life. Technology has deeply impacted the economy globally and has transformed the marketplace greatly. It has improved operations and consequently, reduced the cost of processing, and maintaining a business. It has dramatically improved the efficacy of any work environment. It has the capability to augment any task that a human can do. By freeing up the human workforce, it can take up difficult and repetitive tasks. On the other hand, humans are getting involved in more tasks involving creativity.
From an economic perspective, artificial intelligence raises the efficiency up and improves the decision-making process by helping in analyzing big data. It is seen as a device that can help in new factors of production and introduce new sources of growth. According to industry apex body Nasscom, India could make use of artificial intelligence and add $450-$500 billion to India’s GDP by the year 2025. Ravi Shankar Prasad, Minister of Electronics and IT said, “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. Digital India has reimagined how our government connects with citizens and the accelerated deployment of AI and other emerging technologies will help further this objective.”
India can make this a successful plan to grow its GDP provided it acts fast. As countries revive themselves from the lash of the pandemic, artificial intelligence can show their true potential in reviving the economy. It has the capability to bring in transformation in various sectors through the use of several applications. This promising foresight has been quiet appreciated and definitely is a ray of light for India post-COVID.