India’s Minister of State (MoS) for Electronics and Information Technology, Rajeev Chandrasekhar, highlighted the rapid digitization of India’s economy during the Global AI Summit hosted by Britain. He emphasized India’s goal to achieve 20% of its GDP from the digital economy by 2025-26, an ambitious target that reflects the country’s substantial progress in recent years.
Progress in Digitization
Minister Rajeev Chandrasekhar noted that India has made significant strides in digitizing its economy over the past eight years. During this period, India has increased the contribution of the digital economy to its GDP from approximately 4.5% to a target of 20% by 2025-26. Currently, the digital economy accounts for about 11% of India’s GDP. Moreover, he highlighted that the digital and innovation sectors are growing at a rate 2.5 to 3 times faster than the non-digital components of the economy.
Global AI Summit
The Global AI Summit convened delegates from various countries, including digital ministers, technology leaders, academics, and civil society representatives. The summit aimed to discuss shared risks associated with emerging AI technology and explore strategies for risk mitigation.
International Collaboration
Minister Chandrasekhar stressed the significance of international collaboration and conversations between nations, especially in the context of technology’s potential to reshape the future. He emphasized that technology presents exciting opportunities and challenges, making global cooperation crucial for addressing these issues.
AI’s Role in the Digital Economy
Chandrasekhar underscored that artificial intelligence serves as a dynamic enabler of the digital economy’s growth and government initiatives. It is seen as a pivotal force behind India’s expanding digital landscape and economic prosperity.
Coalition of Nations
Prime Minister Narendra Modi’s vision, as described by Chandrasekhar, emphasizes a coalition of nations driving the future of tech, innovation, and technology regulation for the common good of humanity. This approach prioritizes international collaboration and seeks to establish a sustained and strategically clear institutional framework.
UK’s AI Investment
On the first day of the summit, the UK and its global partners announced an £80 million project for funding AI initiatives worldwide, starting in Africa. This funding, a result of collaboration between the UK, Canada, and the Bill and Melinda Gates Foundation, is aimed at promoting “safe and responsible” AI development. The UK AI for Development Programme is contributing £38 million to this effort, showcasing a commitment to using cutting-edge technology to address global challenges.
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