Decoding How Artificial Intelligence can boost our Economic Development, Independence Day Special

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@ Vikash Sharma | Sr Journalist

Shrikant Pandey, Managing Director at Indiamanthan Publications
Artificial intelligence is transforming the economy and the way businesses operate in India. With the advancement of technology, India can play an increasingly important role in providing AI solutions to the rest of the world. AI has the potential to improve efficiency, reduce costs and open up new opportunities for businesses. It can also help to create new jobs and increase the competitiveness of India’s economy. India is well-positioned to become a leader in AI due to its large talent pool and developing infrastructure. AI tools and techniques are becoming increasingly popular in business and in the global economy. The advent of AI might bring about radical, if not unprecedented, changes in the way we live and work. According to a TeamLease Digital report, AI will add $500 billion to the country’s GDP by 2025.
To put it simply, artificial intelligence is the attempt to replicate human intelligence, mannerisms, and thought processes in machines. Aiming to make machines perform tasks that humans do in the same way or better than humans. The field of artificial intelligence has many subfields, including computer vision and machine learning. As a result of machine learning, machines can learn from humans and grow the way they were designed. Similar to the human eye, computer vision is the way machines perceive the world. In artificial intelligence, these two fields play an important role, since they determine how fast AI can learn and grow.
In many different ways, artificial intelligence already plays a significant role in our lives and economy. In order to reap its benefits, fierce global competition is underway, and two global leaders have emerged: the US and Asia. Many people believe that artificial intelligence will boost productivity and economic growth. Using data analytics to analyze large amounts of information can increase efficiency and improve decision-making processes. By generating new markets and industries, it can also increase consumer demand and generate new revenue streams. It is possible, however, that AI may have a highly disruptive impact on the economy and society as well.
Every industry and sector is impacted by artificial intelligence in today’s technological era. Even though the impact has been quite profound, the upper limits of its potential still have yet to be realized, and there is no denying what is yet to come. There are several ways in which artificial intelligence impacts the global economy.
AI helps improve production in a few ways: –
The productivity of the company increases significantly:
In the corporate world, artificial intelligence is no longer a luxury, but rather a necessity. High-level computational roles and responsibilities that require time and effort can be managed using it. Artificial intelligence-based applications are used by about 64% of business organizations to increase growth and productivity. A good example of this is the Legal Robot AI program. After implementing AI-based systems and platforms, it uses Deep Learning, Natural Language Processing (NLP) and other Machine Learning methodologies to examine and understand legal documents, identify expensive legal errors, fix them, and work closely with legal professionals. In addition, it helps maintain industry standards by comparing contracts with others in the industry.
Performs repetitive tasks and operations:
Time and effort are wasted on labour-intensive tasks that have to be repeated several times. Using AI, businesses can automate these mundane tasks. As a result, personnel will be freed up, hiring requirements will be reduced, and senior professionals will have more time to focus on their main responsibilities.
Translation Services:
Translation Services eliminate a major barrier to oversea trade. Communication is usually ineffective or incomprehensible. In order to solve this concern, artificial intelligence can provide accurate translation services, which can eliminate miscommunications and streamline international collaboration.
Supply chain management:
It is possible to analyze data and detect patterns in supply chain management. In the marketplace, it can predict how and when demand for products will fluctuate. Moreover, AI algorithms can automatically adjust production to meet demand using efficient algorithms.
Auto-driving cars:
As compared to gasoline-burning vehicles, self-driving cars are very economical due to the fact that they emit less pollution and do not require any fuel, running entirely on electricity. As a result, in the long run, these vehicles will be more efficient, require fewer natural resources, and have a positive impact on the global economy.
As artificial intelligence grows exponentially, many countries are beginning to think about their future. A country with the most cutting-edge artificial intelligence technology could have the highest production and export rate. As a result, AI and its sub-systems such as computer vision and machine learning gain the greatest lead in the global economy with technology, economics, and military supremacy all but assured. Nowadays, cloud storage is replacing shipping containers and warehouses, while digital payments are replacing traditional payment methods.

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