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‘Digital India Fuels Vision of Viksit Bharat’

AI also needs to be transparent, and explainable, and it needs to be free from any bias…says Sandip Patel

The Digital India movement is the foundation for moving towards a Viksit Bharat, said Sandip Patel, Managing Director of IBM India. 

In an interview, Patel said the country is witnessing this with the government’s significant investments in frontier technologies like AI, semiconductors, and quantum technologies. Here are some excerpts from the interview:

How can India become the AI capital of the world?

Patel: We are already seeing a huge amount of experimentation with AI in India. We recently did an AI adoption index survey globally and found that 59 per cent of Indian enterprises — the highest among all the countries surveyed — said that they were experimenting or deploying AI within their enterprises in some way, shape, or form.

So we are already ahead in terms of adopting and using AI in our businesses. Further, looking at the demographic dividend that exists in India, if we can skill that human capital in AI, and also the new skills that are going to be required to deploy AI at scale, I think we can make India the AI capital of the world. This will not only be in terms of scaling AI responsibly but also being the net exporter of AI skills for the world.

How can the industry help develop safe and responsible AI?

Patel: Trust is one of the key elements that is a hindrance today in the scaling of AI. During the AI adoption index survey, Indian CEOs pointed out trust as a factor in why they were not moving from experimentation to scale.

So this is where responsible AI becomes very critical. This means that when we are creating use cases using AI, we are thinking very carefully about data stewardship.

We also have to think about AI as augmented intelligence, because it can help in making better decisions and increase productivity.

AI also needs to be transparent, and explainable, and it needs to be free from any bias.

If we can do that effectively, both through regulation and how we are deploying AI, that will lead to the right form of responsible AI that we can scale for enterprises as well as for citizen services.

How do you look at India’s digital transformation under PM Modi?

Patel: The Prime Minister has rightly said that the whole movement around digital India is going to be the foundation for moving towards a Viksit Bharat.

We are already seeing that with the investments that the government has outlaid in terms of focus on technologies, like AI, semiconductors, and quantum technologies.

I think this focus on using technology for both commercialisation, as well as citizen services, collectively will continue to move us towards the vision of Viksit Bharat.

 Any further investments and hiring plans for India?

Patel: So we continue to operate as a microcosm of the IBM Corporation here in India, which means that in addition to having a very healthy IBM domestic business, we have all of our global missions represented in India.

We are continuing to focus on innovating in India, for India and the world, and we will continue our growth trajectory in India ahead of the market. We have been doing that for the last several quarters, several years. We will continue to do that going forward.

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India News Tech Lite Technology

Digital India programme gets a Rs 14,903 cr push

1,200 startups will be supported in tier 2 and tier 3 cities and 3 Centres of Excellence in Artificial Intelligence on health, agriculture and sustainable cities will be set up….reports Asian Lite News

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved an extension of the government’s flagship Digital India scheme with an outlay of Rs 14,903 crore for five years, starting FY2021-22 to FY2025-26.

Cybersecurity has been kept as a big focus of the expansion, which includes enhancing the capabilities of the Indian Computer Emergency Response Team (CERT-In).

Union electronics and information technology (IT) Minister Ashwini Vaishnaw, while briefing the media said that it will boost the digital economy of India, drive digital access to services and support the country’s IT and electronics ecosystem.

“6.25 lakh IT professionals will be re-skilled and up-skilled under the FutureSkills Prime Programme while 2.65 lakh persons will be trained in information security under the Information Security and Education Awareness Phase (ISEA) Programme. 540 additional services will be available under the Unified Mobile Application for New-age Governance (UMANG) app/ platform. At present over 1,700 services are already available on UMANG,” the minister said, adding that 9 more supercomputers will be added under National Super Computer Mission which will be in addition to 18 supercomputers already deployed.

He further said that Bhashini, the AI-enabled multi-language translation tool (currently available in 10 languages) will be rolled out in all 22 schedule 8 languages.

“Modernisation of the National Knowledge Network (NKN) which connects 1,787 educational institutions and Digital document verification facility under DigiLocker will now be available to MSMEs and other organisations,” Vaishanw said.

1,200 startups will be supported in tier 2 and tier 3 cities and 3 Centres of Excellence in Artificial Intelligence on health, agriculture and sustainable cities will be set up.

He further said that the outlay will also enable cyber-awareness courses for 12 crore college students and new initiatives in the area of cyber security, including development of tools and integration of more than 200 sites with the National Cyber Coordination Centre.

Today’s announcement will give a boost to the digital economy of India, drive digital access to services and support India’s IT and electronics ecosystem, he added. (ANI)

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Business

What Digital India means for Indian retail investors

The ‘WealthDesk Year-end Bulletin’ underscored that the country has made significant progress in terms of digital friendliness since 2017…reports Asian Lite News

The ‘Digital India’ theme has emerged as an incredible wealth-generation opportunity for retail investors, investment technology platform WealthDesk said on Wednesday.

The ‘WealthDesk Year-end Bulletin’ underscored that the country has made significant progress in terms of digital friendliness since 2017.

As per the bulletin, ITC Ltd., ICICI Bank, Coal India, Sun Pharmaceutical Industries and State Bank of India were the most popular stocks among the ‘WealthBasket Curators’. ITC Ltd had the highest WealthBasket count with the stock being included in 19 WealthBaskets.

ICICI Bank followed suit with 12 WealthBasket counts. Coal India had a WealthBasket count of 11, while Sun Pharma and SBI were included in 10 WealthBaskets, respectively.

Additionally, Alpha Bluechip emerged as the most trending WealthBasket of 2022 with an absolute return of 13.21 per cent and Gulaq Gear 6 was the best WealthBasket in terms of outperforming the index with 16.4 per cent absolute returns. “Securities Market regulator SEBI has created a great incubation ground to enable innovation in capital markets keeping the investor interest at the epicentre. This builds a lot of confidence and empowers many first-time Investors in Equities to start their investment journey,” said Ujjwal Jain, Founder and CEO, WealthDesk.

“Owing to a strong macroeconomic environment India will continue to grow at a better pace than many emerging markets. There will be opportunities in specific sectors from time to time, however, investors can look to invest with WealthBasket curators who align their stock bets accordingly,” Jain added.

The government aims to enhance the digital economy’s contribution to 20 per cent of GDP by FY25.

As the country inches closer to the $5 trillion mark for GDP by 2025-26, $1 trillion in GDP from the digital economy is a highly promising projection for the government and businesses to aim towards, said the bulletin. If this is achieved, the country may witness exponential growth opening several wealth-generating possibilities that an investor should look forward to pursuing.

Going forward, “anything that is a government-associated play from a policy perspective will be good investment and it can be infrastructure, PSU banks, cement, or defense,” according to Sagar Lele, WealthBasket Curator and Founder, Rupeeting.

While Rajesh Kothari, WealthBasket Curator and Founder, AlfAccurate Advisors, chose banking and finance, Capex, consumerism and China+1 strategy (diversify business into other countries besides China), Sumit Singh, WealthBasket Curator and MD, Xumit Capital, said that banking, FMCG, construction materials and capital goods will perform well in 2023.

The WealthDesk Year-End Bulletin can be downloaded here: https://wealthdesk.in/wp-content/uploads/2023/01/WealthBasket-Bulletin-2023.pdf

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