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World Bank optimistic about India; projects 8 per cent growth next fiscal

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By Newsgram Staff Writer

The World Bank has forecast India’s growth accelerating to 8 per cent for the next fiscal year.

The World Banks’s projections came soon after the rating reports by Moody’s and Fitch changed India’s outlook from ‘stable’ to ‘positive’.

According to the World Bank, India’s gross domestic product (GDP) growth is expected to accelerate to 7.5 percent in fiscal 2015-16.

Riding on a significant acceleration of 12 per cent investment growth, India could reach 8 per cent in the fiscal year 2017-18, as cited by the economic focus report.

The report also pointed out that India is attempting to shift from a consumption-led to an investment-led growth, at a time when China is undergoing the opposite transition.

The think-tank of the rich nations, the Organisation for Economic Cooperation and Development (OECD), also endorsed India’s economic expansion projections.

Chief economist  at World Bank South Asia Martin Rama also added that cheap oil gives India the opportunity to rationalize energy prices, helping it in reducing the fiscal burden from subsidies.

However, World Bank’s bi-annual South Asia Economic Focus report hints at the exports sector in the region remains a cause for worry

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Real Estate Companies in India, China Adopting Artificial Intelligence

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report

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Artificial Intelligence Bot
Artificial Intelligence Bot. Pixabay

The real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.

Asia Pacific that contributes nearly 40 per cent in the global construction market, is estimated to be the fastest growing “AI-in-construction” market by 2024, Zion Market Research said on Monday.

The growth in Asia-Pacific “is owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India”.

Additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding material used, and commissioning data.

This has resulted in increased AI adoption by most of the construction start-ups globally for various applications, the findings showed.

According to the report, the global “AI-in-construction” market was valued at $312 million in 2017 and is expected to reach $3,161 million by 2024.

artificial intelligence, nobel prize
“Artificial intelligence is now one of the fastest-growing areas in all of science and one of the most talked-about topics in society.” VOA

“The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria,” said the report.

In addition, the need for safety measures on construction sites is also projected to drive this market’s growth.

“Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market,” the findings showed.

Also Read: Tech Giants to Face US House Hearings on Anti-trust, Cryptocurrency

Europe is projected to witness a remarkable rate of growth in the global “AI-in-construction” market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platform.

Additionally, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors contributing to this regional market’s growth, said the report. (IANS)