Page 46 - Banking Finance August 2023

FEATURES

Generation AI: It is India’s time

to play chief disruptor

apid advancements in Generative Artificial India now needs to prioritize a comprehensive Generative
R Intelligence (AI) and in its ability to mimic human AI strategy on top of its AI foundation to drive breakthrough
intelligence to write computer code and much
productivity gains across all aspects of life, business and
more have caught us all by surprise. We have
layer of intelligence in every product, service and process,
seen and lived through many technology shifts, but few as society. If leveraged right, we can embed a foundational
significant as this one. Jensen Huang, CEO of Nvidia, summed significantly boosting overall productivity. To achieve this, we
it up as the most powerful democratization source we have recommend a four-pronged approach that brings together
ever seen. A tool for engineers and coders till now, today diverse stakeholders and is enabled by strong execution.
you don’t need to know any of the programming languages
to use AI tools. A simple prompt in English is enough. First, real competitive differentiation will be about talent
and skills. While India ranks first in AI skills penetration as
As per Goldman Sachs, the right use of Generative AI can per the OECD, we need to move the narrative from AI
add around $7 trillion to the global GDP in the next decade. talent to ‘Generation AI’. Can we unlock the full potential
In a world faced with slowing economic growth, we must of India’s demographic dividend and its propensity to
invest in technologies that aid growth and productivity, solve technology adoption by creating a generation of AI-literate
complex problems like climate change, and create a more citizens who know how to use it responsibly? For this, we
inclusive society. However, this needs to be done with the recommend a tiered strategy:
right guard-rails.
For few: Aim to become the world leader in data and AI
India today has the opportunity to provide much-needed skills by training 1 million world-class AI professionals to meet
thought leadership globally on Generative AI. Our proven global demand in areas such as Natural Language
track record of creating inclusive technology for societal Processing, Large Language Models, responsible AI, and data
impact at scale, be it UPI for financial inclusion or Diksha fundamentals.
for education, provides a framework to create open,
interoperable and affordable platforms for services and For many: Empower an 18-20 million workforce to use AI
products that can be scaled exponentially. tools for enhanced productivity across sectors. Provide
training in domain fundamentals, AI tool usage and
Can we build on these learnings and envision it as a strategic responsible AI.
inflection point for India to lead the world into an era of
Augmented Intelligence? India sowed the seed for it when For all: India needs AI literate citizens who constitute an
we designed our national AI strategy to enable AI for All in entire generation of AI users equipped with skills and
2019. Since then, initiatives across government, industry and capabilities to unlock its potential across all aspects of life.
startups have focused on the inclusive and responsible Provide education in AI application security, AI awareness
adoption of AI. and responsible AI.

46 | 2023 | AUGUST | BANKING FINANCE