AI to contribute $1 trn to economy by 2035
Most preferred branch of education as it plays an important role in sectors such as energy, legal, hospitality, medical, fintech and manufacturing, says CII zonal chairman
Managing Director P P Lal Krishna on Friday said artificial intelligence has the potential to add $1 trillion to the Indian Economy by 2035.
He was speaking during an interaction with the members of Confederation of Indian Industry here as the zonal chairman of CII.
AI technologies will play an important role in sectors such as energy, legal, hospitality, medical, fintech and manufacturing. AI and ML (machine learning) has become the most preferred branch among students pursuing engineering and the demand would continue for the years to come, he stated.
Referring to the Indian pharmaceutical industry, he said it enjoys a significant global presence with share of 20 per cent generic medicines to the global supply chain. Currently, it is valued at $50 billion and it is expected to grow to $65 billion by 2024 and around $120-130 billion by 2030. Pharma is one of the priority sectors for Visakhapatnam, with its excellent ecosystem, scope for scaling up the value of production, given its skills to meet stringent standards has great potential to boost exports from this region, he said.
India is an extremely vibrant economy and a preferred destination for the inflow of overseas funds. Unlike China, which has a majority of older population, India is a young country with the bulk of its population being in the working zone. And interestingly, a majority of the Indian population is taking towards entrepreneurship unlike before, which is going to highly contribute towards the positive growth of the country’s economy, he observed.
“The 21st century is called the century of the knowledge industry. Hence, the entrepreneurs in our nation should contribute towards creating a better country with a strong foundation for the working population by creating more and exciting employment opportunities. Despite the global headwinds, the Indian economy has shown resilience and remains a bright spot. We are witnessing robust consumption demand, sustained capex, and exports resulting in a combination of higher GDP growth and lower CPI inflation among the major economies, he said.
Lal Krishna mentioned that India has become a preferred partner for global businesses in the areas of R&D, collaborations in the areas of technology and finance across the sectors aimed at manufacturing in India and exports to global markets. All this is possible due to our best manpower, pro-active government support and policies, better financing options by