AI in India: The Good, The Bad, and What’s Next

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  • 29 Jun 2023

As per Wikipedia, the term ‘Acceleration’ means the rate of change of the velocity of an object with respect to time. It can also be observed in various fields.

Similar to the change in the velocity of an object, there are instances when certain ideas gain momentum and create a surge of innovation. Currently, the acceleration is evident for Artificial Intelligence (AI).

With recent advancements in AI, machine learning, and sensor technologies, the technology has become a focal point for innovation.

Here’s how it works:

High-skilled engineers develop algorithms that can make decisions independently, without human intervention. These models are fed with existing and historical data. And these models then enable users to achieve what was once considered impossible.

The use cases of AI tools are not only limited to producing codes, content, and art. They even help investors and traders pick stocks using multiple back-tested strategies and trading systems. (You too can invest in AI-driven sectors with Mutual Funds! Click here to explore.) With that, let’s have a look at the industries at the forefront of this AI revolution and the pros and cons of it.

The banking sector is the first name that pops into mind. The Indian financial sector is witnessing a significant transformation with the integration of AI technologies. Machine learning algorithms can analyse vast financial datasets to detect fraudulent activities, assess creditworthiness, and provide personalised financial advice. AI-powered chatbots are streamlining customer service, offering quick and efficient responses to queries, and enabling seamless digital transactions.

The manufacturing sector benefits from smart robots and AI-powered machines that improve productivity and reduce costs. In agriculture, AI-powered sensors, drones, and predictive analytics help monitor crop health, optimize irrigation, and detect diseases early on. And the healthcare sector leverages AI to enhance diagnosis accuracy and personalized treatment plans.

While AI brings unprecedented technological advancements, concerns arise regarding job displacement. As automation replaces certain tasks, it is crucial to upskill and reskill the workforce to adapt to the evolving job market.

Some level of critical thinking, creativity, and complex problem-solving can only be accomplished by human minds.

Automating assembly lines in manufacturing industries has resulted in declining low-skilled labour demand, resulting in job losses.

AI's rapid growth also poses ethical and privacy challenges. Concerns surrounding data privacy, algorithmic bias, and accountability are crucial for ensuring responsible AI implementation.

However, it’s reasonable to say that all of this is in the early stages. By solving the challenges, here’s how various sectors can improve going forward with the help of AI.

The manufacturing sector, the epicentre of India’s long-term growth story, can help in quality control by leveraging AI’s capabilities. Smart robots and AI-powered machines can perform complex tasks precisely, leading to increased productivity and reduced costs.

AI also holds great potential for the agriculture sector in India, where most of the population relies on farming. By leveraging AI-powered sensors and predictive analytics, farmers can expect for improve crop yields.

And how can we miss the healthcare sector which is poised to revolutionise the industry in India by enhancing diagnosis accuracy. Machine learning algorithms can analyse medical data to identify patterns and make predictions, aiding in early disease detection.

Then there’s logistics. Digital supply chains could help companies track food, medicine, and other essential supply chains. An example could be food recall. You could immediately identify what food is “bad,” where it came from, and other affected foods. You could quickly remove the affected foods from the supply without the need to recall large amounts of unaffected foods.

Conclusion

While AI offers tremendous potential, caution is necessary. The technology will eventually grow and rapidly evolve at an enormous pace. Just one example of this rapid innovation is Elon Musk’s Neuralink which makes brain-implantable chips, and recently, it announced that it’s in the final stages with the authorities for actual use cases. The company has announced that its brain-computer interface is ready for human use. Think about having the computational power of a computer directly integrated into your brain!

Talking about the industry shift, know that hype cycles like these are known to fizzle out sooner rather than later. And even if they turn out to gain acceptance, there can be wild swings along the way.

Take cryptos, for instance, known for their booms and busts. Or the Florida real estate bubble, which started in the early 1920s. The bubble lasted almost a decade but ended as the Great Depression began. Or the dot-com bubble, where every company associated with tech dominated the markets.

Unfortunately, everything proved illusionary, and the dot-com bubble burst in 2001.

We will continue to see increases and decreases in the interest in AI for at least a couple of years. As we navigate this trend, let's embrace the opportunities while remaining mindful of the risks.

The journey ahead will be both thrilling and unpredictable, but with cautious optimism, we can leverage AI to create a better tomorrow.

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