Time for government, companies to adopt artificial intelligence: Deloitte India | Economic Times

MUMBAI: In the midst of Indian companies battling the Covid-19 disruption, there is a growing realisation and acceptance that artificial intelligence (AI) is not only unavoidable but it must be adopted quickly to remain competitive in the marketplace, Deloitte India CEO N Venkatram told ET.“Indian companies need to re-skill, train, and acquire more relevant talent, if they are to successfully integrate AI technologies. Most importantly, they should be willing to make the continued investment. It is an uphill race in which there will be winners and losers,” said Venkatram.Many experts believe not just companies but the government's adoption of advanced digital technologies like AI, IOT or analytics is critical for transformation of public works, especially in large economies like India.“The way the government responds to cognitive technologies, both as a regulator and as a user, will shape our societies for years to come. One reason AI can work well for the government is because it is the largest creator of data. AI should help free up policy makers to focus on being innovative and prescriptive rather than bureaucratic and technical in their use of data. The same reasoning should allow for ambitious problem-solving,” said Venkatram.The Deloitte CEO said whether it is manufacturing, banking, services or agriculture – technology is key for India’s aspirations in any of these sectors.“We have examined the opportunity for investment, job creation, value overtime etc. - and all our assumptions are magnified by the economic impact of Covid-19. The toolkit of AI - computer vision, natural language processing and machines that learn over time – will enhance almost everything done in government and business,” he said.India’s economy was hit hard by the Covid-19 pandemic with GDP contracting 23.9 per cent year-on- year (YoY) in April-June quarter but the bounce-back has been encouraging ever since the economy was unlocked. So will the pandemic have long-term growth implications for the Indian economy?"Growth by its very nature is impermanent. It is therefore necessary to look more long term in setting growth aspirations. The IMF’s statement that India will regain its position as the fastest growing emerging economy in 2021 inspires confidence and confirms our own prediction that India’s GDP will rebound in double digits in FY2022. The question on India’s $5 trillion economy is therefore not whether it will come to be, but when,” said Venkatram.“To have a substantive role in a post-pandemic global economy, India should build on its competitiveness and comparative advantage to ensure inclusive, profitable growth,” he added.