India Ranks 5th with Most AI investment

India Ranks 5th with Most AI investment

Tags:      Gig Economy     Economy     WTO     WTO Public Stockholding     MSP     Economic Growth     Masala Bond     Environmental Performance Index     Forecast of Economic Growth     Functions of the Finance Commission

April 12, 2023

The recently released AI Index report of Stanford University puts India at fifth in 2022 for the start-up investments that it received for AI-based services and products.

• Investments amounting $3.24 billion was received by India, surpassing nations like Germany, Australia, South Korea and Canada.

• However, for received AI investments, the country still lags behind China, Israel, the UK and the US.

• As per the report, from 2013 to 2022, start-ups in AI accumulated cumulative investments of $7.73 billion that puts India at sixth amongst all nations with the most AI investments for the period.

• However, about 40% of the investment was made in 2022 alone.

• The report also highlights that 54% researchers who work on Large Language Models (LLMs) belong to American Institutions.

Understanding Artificial Intelligence (AI)

• About

o It is engineering and scientific development of creating intelligent machines, more precisely, intelligent computer programmes.

o AI makes use of computers to figure out human intelligence without confining itself to biologically observable methods.

• Significance

o AI will create newer opportunities in different sectors without replacing people.

o AI works on data and if machines can be ‘trained’, then processes can be automated within milliseconds.

o AI is generating fresh opportunities that may not be possible with conventional and existing technology.

Challenges for India

• Concerns with current laws

o If AI is to prosper in India, the current laws must be codified as the existing laws are complex and opaque as well as, there is a large translation gap among law-creating, law-interpreting and law-implementing organizations.

o The center has done well to establish the India Code portal yet it may not be relied upon completely as a ‘single truth source’.

• Interfacing with overall process chain

o The interface must have a full chain starting from the basic Act to the secondary legislation sections including the notifications of amendment so that entities can stay fully aware.

o This type of requirement becomes even more important in special conditions like COVID-19. For example, in measures related to COVID-19, the central government issued over 900 notifications while State governments issued over 6,000 notifications on the subject.Besides, while issuing COVID-19 measures, the central government came up with more than 900 notifications while state governments issued more than 6,000 notifications.

Source – livemint.com