Data and AI Could Add $400-500 bn to India’s GDP by 2025: NASSCOM

NASSCOM announces Xperience AI virtual summit 1 - 4 September 2020; launches report titled, “Unlock Value from Data and AI: The Indian Opportunity”

Story Highlights
  • 1. Data and AI could add $450 – 500 bn GDP by 2025 and drive India’s vision for inclusive development.
  • 2. Action plan focuses on 5 building blocks: Strategy, Data, Technology stack, Talent and Execution
  • 3. Build a vibrant data economy by developing high quality datasets, data governance standards and data marketplace
  • 4. Strengthening capabilities in Data and AI could position India as a global hub – enabling investment, jobs, and innovation

The National Association of Software and Services Companies (NASSCOMannounced that it will be hosting Xperience AI summit from 1st – 4th September 2020 in partnership with the Telangana AI Mission. A first of its kind platform to bring together the diverse stakeholders in India’s AI ecosystem and build an action plan on how Artificial Intelligence (AI) can augment India’s revival, potential and growth plan. The announcement was made at a virtual conference in the presence of Hon’ble Minister of Electronics and IT, Mr Ravi Shankar Prasad and other stalwarts like Mr. Jayesh Ranjan, Secretary IT&C, Telangana, Rishad Premji, Chairman, Wipro, UB Pravin Rao, Chairman, NASSCOM, and, Krishnan Ramanujam, President, TCS.  At this event, Mr Ravi Shankar Prasad launched the NASSCOM report titled, “Unlock Value from Data and AI: The Indian Opportunity”.

In these unprecedented times, as the country starts to unlock its economy, it has become critical that coordinated action is taken to enhance data and AI capabilities at scale across all sectors in the country.

Sharing his thoughts on the occasion, Minister of Law & Justice, Communications, Electronics and IT, Mr. Ravi Shankar Prasad, said, “AI has become a strategic lever for economic growth across nations and will continue to be one of the most crucial technologies of the future. Digital India has reimagined how our government connects with citizens and accelerated deployment of AI and other emerging technologies will help further this objective.  In order to harness its full potential, India needs to embrace AI innovation and regulation with an open, inclusive, principal-based and a collaborative mindset”.

Sharing her thoughts at the launch, Debjani Ghosh, President, NASSCOM, said, “The NASSCOM Report on Unlocking Value from Data and AI is an action plan that can help India emerge stronger from the Covid crisis. Data and AI’s true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications. The report articulates the key structural steps that India needs to take to realise the value of this opportunity”. 

Action Plan and Report 

The action plan and report has been reviewed by industry leaders including Mr N. Chandrasekaran, Chairman, Tata Sons, Mr Rishad Premji, Chairman, Wipro, Mr UB Pravin Rao, Chairman, NASSCOM and Mr Anant Maheshwari, President, Microsoft India. The recommendations were also presented to the Hon’ble Prime Minister.

According to the report, if India acts quickly, it can become a leader in building a holistic data utilization and AI effort, especially as countries emerge from the pandemic and global economic slowdown. A coordinated program across all 5 building blocks (strategy, data, technology stack, talent and execution) is required to capture the opportunity. The three key interventions needed to create a vibrant data economy in India include – 1. Identify datasets of national importance with each ministry with specific use cases 2. Launch program to create a marketplace of data and derived assets and 3. Establish a central agency for defining and enforcing data standards.

The report also showcased that, in the near term, data and AI could support governments and businesses for effective COVID-19 response and economic recovery.

The report also highlights the importance of building an AI innovation ecosystem and to seek greater participation from the private sector and entrepreneurs.

Speaking about the findings of the report, Anant Maheshwari, President, Microsoft India, said, The adoption of data and AI is increasingly becoming a differentiator for business success. AI today is driving large scale digital innovation and transforming every industry critical to economic growth. India has the potential to become a global hub for data and AI. The moment is now, to support and grow a vibrant AI ecosystem in India”. 

The Xperience AI summit scheduled from 1 – 4 September will witness curated discussions on four key themes – Build AI from and for India, Scale AI Adoption in India, India’s AI Policies, Thought Leadership in AI. Additionally, deep-dive sessions will be organized to for developers to understand the latest trends in AI technologies and use cases.

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Brian Pereira

Brian Pereira is an Indian journalist and editor based in Mumbai. He is the Founding Editor of Digital Creed, which he founded in 2015. A technology buff, former computer instructor, and software developer, Brian has 28 years of journalism experience (since 1994). He is sound and confident about his knowledge of business technology concepts. And he is a believer in continual education/learning. Brian is the former Editor of CHIP and InformationWeek magazines (India). He has written hundreds of technology articles for India's leading newspaper groups such as The Times of India and Indian Express Newspapers (among others). And he has conducted more than 300 industry interviews during his journalism career. Brian also writes on Aviation, cybersecurity, startups, and topics directed at small and medium businesses. He achieved certifications from the EC-Council (Certified Secure Computer User) and from IBM (Basics of Cloud Computing). Apart from those, he has successfully completed many courses on Content Marketing and Business Writing. Follow Brian on Twitter (@creed_digital) and LinkedIn.

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