AI: Upskilling key to mitigate job loss risks

The government has set a target to create a $1 trillion digital economy by 2026 and Union Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, says that AI will work as a “kinetic enabler” in achieving this target.

An increasing focus on AI by corporates and policymakers is evident. After hosting the Global Partnership on Artificial Intelligence (GPAI) summit from December 12-14, Prime Minister Narendra Modi’s government is scheduled to unveil its AI policy under the India AI Programme on January 10.

According to Nasscom’s AI Adoption Index report, AI will potentially add $500 billion to India’s economy by FY2026. Around 60 per cent of this value addition to the economy is expected in four sectors – banking, financial services and insurance; consumer packaged goods and retail; healthcare; and industrial and automotive.