What may be the most profound impacts of Artificial Intelligence on economy? Can artificial intelligence help in India's economic transformation? Discuss.
Artificial Intelligence( AI), is a collection of multiple technologies through which machines sense, learn and act. With the development of Information technology, the world is about to witness the fourth industrial revolution. Big data, high computing speed, artificial intelligence can digitize the manufacturing sector. AI has the potential to overcome the physical limitations and this can open-up new sources of growth. The basic principle behind AI is that computer systems perform tasks that previously required human intelligence. Thus by taking routine activities away from workers, AI frees human resource so that they can create, innovate and handle complex challenges instead.
AI can have a significant role in Indian economic transformation. Declining productivity is a major issue which can be resolved by AI.It is a virtual labor force and a new driver in the economy. Along with productivity improvement, AI can boost economic growth through innovation. This will enable people to do their jobs better, be more productive and focus on their high-value tasks.
To leverage artificial intelligence for ‘India’s economic transformation’ the commerce ministry formed a task force under Professor V. Kamakoti. Task force will focus on a wide spectrum of areas including agriculture and transportation.The need of the hour is to successfully integrate machine intelligence with human intelligence so that they coexist in a two-way learning relationship.