NITI Aayog CEO Amitabh Kant said that Artificial Intelligence (AI) could boost India’s gross domestic product (GDP) by adding 1.3 per cent points to the annual growth rate by 2035, reports Financial Express. NITI Aayog is entrusted with the responsibility to develop a national programme for AI during the budget speech for FY 2019.
Kant said that AI could add $957 billion to India’s GDP alone and it can augment the global economic size by $15.7 trillion. He said that AI could be used as a tool to entice social development and inclusive growth, in a letter to the central and state ministries.
National Strategy on AI to leverage it for economic growth and social development was unveiled in June 2018. Healthcare, agriculture, education, smart cities, infrastructure, smart mobility and transportation were the sectors identified under the strategy.
During the interim budget for the current fiscal, Finance Minister Piyush Goyal had said that government would prioritise setting up a national centre for AI.
The RBI, in its vision document for 2019-2021 has talked about it aims to use AI to transform India into a cashless economy, ensuring that the country has a ‘state-of-the-art’ safe and secure payment and settlement systems.