Indian firms should leverage on technologies, AI to leapfrog economy: NITI Aayog CEO

SINGAPORE: Indian firms can leverage on cutting-edge applied sciences and emerging fields similar to synthetic intelligence to reimagine production and leapfrog the economy, CEO of National Institution for Transforming India (NITI Aayog) Amitabh Kant mentioned on Friday.

He additionally mentioned that India wishes to concentrate on design and innovation to develop into a big manufacturing hub.

Addressing an annual International Conference on South Asia "Emerging South Asia: Politics, Economy and International Relations", organised by way of a assume tank of National University of Singapore -- the Institute of South Asian Studies, Kant mentioned India, in recent times, has channelled public finances to spur innovation.

"We need to focus on design and innovation, to become a major manufacturing hub," he mentioned and cited market estimates that synthetic intelligence (AI) has the prospective so as to add over USD 900 billion to the Indian economy by way of 2035.

He additionally mentioned that the era was once getting used to extend eficiency and give a boost to governance across the government.

Kant mentioned that the government has additionally been giving a huge impetus to entrepreneurship.

"As of ultimate month, 437 schemes throughout 57 ministeries are lined below the Direct Benefit Transfer (DBT) programme. DBT has ended in the removal of replica and pretend beneficiaries and reduced leakages.

"The government has roughly saved about USD 12.7 billion. Similarly, below the JAM Trinity (Jan Dhan, Aadhaar and Mobile Technology), the government had made super progress in bettering financial inclusion," mentioned Kant.

India has additionally relaxed 87 laws on the Foreign Direct Investment (FDI) throughout 21 sectors, he instructed around 240 delegates on the conference.

"Over 1,200 redundant regulations had been scrapped. These efforts had been appearing exceptional results. FDI is at an all-time prime. Between 2014 and 2017, India received USD 160 billion FDI."

The government, he mentioned, has additionally been offering a huge impetus to entrepreneurship.

Since the launch of 'Startup India' in 2016, greater than eight,200 startups had been recognised by way of the Department of Industrial Policy and Promotion.

"The release of innovation and startup policies of quite a lot of states and Union Territories remove the informational boundaries and coverage uncertainty across the innovation ecosystem," he mentioned.

He higlighted the Micro Units Development and Refinancing Agency (MUDRA), which gives loans to small and micro enterprises. "Nearly 79 in line with cent of MUDRA's loan beneficiaries are ladies entrepreneurs."

Touching on gender parity, he mentioned the government has got rid of key impediments to girls's labour force participation by way of easing get entry to to credit below MUDRA.
Indian firms should leverage on technologies, AI to leapfrog economy: NITI Aayog CEO Indian firms should leverage on technologies, AI to leapfrog economy: NITI Aayog CEO Reviewed by kailash soni on April 09, 2018 Rating: 5
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