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Artificial Intelligence has the potential to increase India’s annual growth

Artificial Intelligence (AI) could add $957 billion to the Indian economy and AI needs to realise its full potential, India needs to develop a long-term vision and action plan that unites the ecosystem

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AI has the potential to increase India's annual growth.
AI has the potential to increase India's annual growth. pixabay
  • AI has the potential too increase India’s annul growth rate
  • For the above to happen India needs to develop a long-term vision and action plan
  • The economic boost will be driven by innovative AI technologies

Bengaluru, Dec 21, 2017: Artificial Intelligence (AI) could add $957 billion to the Indian economy by changing the nature of work to create better outcomes for businesses and society, a new Accenture report said on Thursday.

AI has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15 percent in 2035, said the report titled “‘Rewire for Growth”.

“The time to act is now. With the right investments, AI can create a flywheel effect ‘liberating’ people to create long term economic and societal value,” said Rekha M Menon, Senior Managing Director and Chairman, Accenture India.

For AI to realise its full potential, India needs to develop a long-term vision and action plan that unites the ecosystem, and addresses technical and ethical questions as they arise.

“Increase spending on core AI research, facilitate ecosystem collaboration for innovation, and create opportunities for smaller players,” the report added.

Investing in building multidisciplinary and STEAM (science, technology, engineering, arts and mathematics) demanded by AI will be the key, it said.

“The economic boost will be driven by innovative AI technologies that enable people to make more efficient use of their time and do what humans do best — create, imagine and innovate new things,” Menon added.

Big businesses will play a key role in unlocking the economic value of AI, with more than 88 per cent of businesses in India surveyed by Accenture earlier expecting to make moderate-to-extensive investments in one or more AI-related technologies over the next three years.

In addition, digital platform companies can play a key role in driving AI innovations in India, in line with the global trends. (IANS)

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Most Positive Buzz In India Created By Google in 2018: Report

YouGov "BrandIndex" also revealed the brands that noted the greatest improvement to consumer perception in 2018. 

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Google, smart compose
The Google name is displayed outside the company's office in London, Britain. VOA

Google created the most positive buzz in India last year, follewed by Facebook-owned WhatsApp and Google-owned YouTube, international research firm YouGov said on Wednesday.

Google had a Buzz score of 57.2 points, WhatsApp 55.7 and YouTube 52.9 points in the “2018 YouGov BrandIndex Buzz Rankings” in India.

“In the age of digital natives, it is no surprise that the top 10 list has a dominance of technology brands. Noticeably, financial brands have recorded good improvement to their buzz score in the past year,” YouGov India General Manager Deepa Bhatia said in a statement.

Google
The Google logo is seen at a start-up campus in Paris, France, Feb. 15, 2018. VOA

YouGov “BrandIndex” measures the public’s perception of brands on a daily basis across a range of metrics.

The rankings are compiled using Buzz scores from the entire year’s worth of data. Buzz scores measure whether people have heard anything positive or negative about a brand during the previous two weeks.

“According to the rankings, we see a surge in the popularity of digital brands and social networks. While the top 3 is dominated by technology giants, social networks like Facebook and Instagram park themselves at nine and 10, respectively,” said the report.

MakeMyTrip was at fourth place, followed by Amazon at fifth spot.

Google, Berlin
Google CEO Sundar Pichai and Philipp Justus, Google Vice President for Central Europe and German-speaking Countries, chat behind a Google logo during the opening of a new Google office in Berlin, Germany, Jan. 22, 2019. VOA

Cab hailing services like Ola and Uber managed to stay in the limelight for a large part of the year and grabbed seventh and eighth position, respectively.

Also Read: YouTube Bans Dangerous, Harmful Pranks From its Platform

Food-delivery platform Swiggy landed at the sixth spot in the top 10 list.

YouGov “BrandIndex” also revealed the brands that noted the greatest improvement to consumer perception in 2018.

In India, Zomato is the “most improved” brand of the past year, followed by Instagram and Kotak Mahindra Bank. (IANS)