AI -Artificial Intelligence, the new venture for All, from Investor to Government
The rise of AI
Artificial Intelligence has been blazing stake for startup investors. According to a report by PricewaterhouseCoopers and CB Insights, Investment capital financing for AI startups jumped by 72% hitting a record $9.3 billion.
Government’s big plans
The government's intention to position India as avant-garde for developing economies when it comes to AI and is sanguine that the technology can help address some of the key factors in social sectors such as education, health, agriculture, urbanization, and mobility.
Former Infosys CEO, Vishal Sikka’s AI undertaking
A few months ago, Artificial intelligence startup Vian Systems, founded by former Infosys CEO Vishal Sikka, has raised $50 million worth capital, documents registered with the US Securities and Exchange Commission show.
Planning big gains
It is predicted that AI has the possibility to add $957 billion to India’s GDP by 2035 and lift India’s annual growth by 1.3 percentage points by 2035. In the Union budget for 2018-19, the government had confided NITI Aayog with expanding the national program on AI, following which the Aayog had in June last year announced the national blueprint for AI.
New government, fresh focus
A senior government official said that the Aayog has earlier published the note for review by the Expenditure Finance Committee, which is usually expected to consider it soon. The note recommends that the new government spend Rs 7,500 crore initially over a three-year period and set up a high-level task force to inspect roll-out and utilization of AI, the official said on condition of anonymity.
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