Leaders in the IT sector stated at a panel discussion on Wednesday that India should serve as the hub for all advancements in artificial intelligence technology due to the amount of data produced there and the desire for fresh solutions that AI can offer.
“India has always had the history of using technology for the last mile and benefit of people instead of using it for advertisement. We are hungry for those use cases,” said Amitabh Nag, chief executive of the Bhashini division of Digital India. How companies and technologists instill and nurture the use cases of the technology across the services and platforms that they offer to the users will determine the success of AI and how well it is implemented, he said during the panel.
However, Sarbvir Singh, joint CEO of PB Fintech, the parent company of insurance aggregator Policybazaar, advised businesses and technology to become acquainted with emerging technologies like generative AI (genAI). In addition, he said, they should be able to clearly identify the areas in which AI is most appropriate for usage in their organization and possess the skills necessary to determine what is feasible or not.
Singh stated that the cycle of initial excitement, the valley of darkness, and reemergence if the technology persists is one of the main problems with emerging technologies like genAI.
Most new technologies, he observed, go through the ‘valley of darkness’ because people hype it up without understanding what it can do or not. “I think the main thing is to be able to understand what is possible and have those small wins. If you can have those small wins, it builds confidence in the company and then you can work on higher impact projects.”
While nations like India are still price-sensitive, Harshjit Sethi, a managing director at venture capital firm Peak XV Partners, stated that there is a significant chance for Indian startups and businesses to develop AI-based solutions for the nation’s enterprise market because the cost of training and developing newer foundational models will continue to decline in the near future.
“Therefore, the opportunity that exists for companies in India as opposed to those in the West is to think about how they can design their product in a way that they are able to most efficiently use AI models to be able to be cost competitive for the enterprise partners,” Sethi said.
However, according to CoRover CEO Ankush Sabharwal, the concern that AI will lead to job losses and the total displacement of particular service-related industries is unfounded. By making coding and computers accessible to all, technologies like artificial intelligence (AI) and genAI will encourage more individuals to pursue these careers, he continued. “I am not saying these no-code, low-code platforms can be written without any codes. What I am saying is to let a few engineers and senior scientists be there to create these platforms. There is enough technology, enough LLMs (large language models).” He added that companies must pick up the right use cases and problems to improve ease of living for citizens.
According to Tarun Dua, CEO of E2E Networks, India’s potential for new technologies, particularly artificial intelligence (AI), will develop naturally as the country’s younger generation begins to learn about the latest advancements as soon as they recognize an opportunity.
“The total number of people who are qualified to work with AI as of date might be low. But two-three years down the line, I think that the number of AI-fluent, talented people who are working in the industry across Indian companies would be huge,” Dua added.
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