Artificial Intelligence: way forward for India

Abstract

Artificial Intelligence (AI) is likely to transform the way we live and work. Due to its high potential, its adoption is being treated as the fourth industrial revolution. As with any major advancement in technology, it brings with it a spectrum of opportunities as well as challenges. On one hand, several applications have been developed or under development with potential to improve the quality of life significantly. As per a study, it is expected to double the annual economic growth rate of 12 developed countries by 2035. On the other hand, there is a possibility of loss of jobs. As per the available reports, the loss of jobs during the next 10-20 years is estimated to be 47% in the US, 35% in the UK, 49% in Japan, 40% in Australia, and 54% in the EU. In the era of globalization, no country can isolate itself from the impact of the advances in technology. However, the benefits can be maximized and losses can be minimized by putting necessary infrastructure and policy in place. Though several countries have decided their strategy for AI, India has not yet formulated its strategy. This article reviews the international as well as national scenario and suggests way forward for India.

Automation and artificial intelligence in hospitality and tourism

“…Steps should be taken to address verification and validation, accountability, transparency, decision-making, bias, privacy and safety (Srivastava, 2018). Buhalis (2019) confirmed the need for human–computer interaction, natural language and gesture processing, AI and neuromarketing, in addition to ecosystem business management dynamics and agility for competitive advantage.…”

AI Technologies and Motives for AI Adoption by Countries and Firms: A Systematic Literature Review

“…The most mentioned motivation for AI adoption was to catch up with AI trends and technologies. This motives was given in 10 articles [9,14,18,21,23,25,29,39,41,43]. Our interpretation is that most articles focused on emerging economies (e.g., China, India, South Africa, and Philippines).…”

“…South Africa that wants to keep its banking sector dominating the African economy [36] by using AI. Similarly, Romania [43] and India [9] want to become leaders in the automobile and health sector with the help of AI.…”

“…In this case, many countries and companies chose to adopt AI, increase R&D funds, or to develop AI policies, in order to be able to compete with other rivals on the global market. In detail, articles were found, which stated the main reason for adopting AI to be: pressure to competition [17]; competitiveness [9,20,29,39,44]; competition [4,23,37,41]; sustain global competitiveness [32]; increase competitiveness [33]; maintain competitiveness advantages [36]; and get competitiveness advantages [43].…”

The effect of artificial intelligence on the sales graph in Indian market

“…More than 80% of youth in Western countries refer to Artificial intelligence for shopping (Del Valle 2018). The Indian market has seen users like Amazon, Facebook, Instagram use Artificial Intelligence (Srivastava 2018). The Artificial intelligence has provided the marketer with plenty of advantages such as services being automated and making sales pitch (Luo et al 2019).…”