Artificial intelligence is transforming India's economy and the way companies do business.
As the technology expands, India — already famed for its IT industry — has the potential to play a much larger role in providing AI solutions to the rest of the world, industry experts say.
“In the coming years, the contribution from AI to the Indian economy is going to be extremely significant,” says Ganesh Gopalan, chief executive of Gnani.ai, a Bengaluru-based company that provides conversational AI voice bots for customer service automation.
AI is increasingly being used across industries in India — from banking and health care to farming and manufacturing — to improve efficiency by using the intelligence of technology and machines to perform tasks.
AI is expected to add up to $500 billion to India's gross domestic product by 2025 and $967 billion by 2035, according to a new report by TeamLease Digital.
AI has become more prevalent in the post-pandemic era where traction to move digital has become the need for most businesses today, says Gyan Pandey, head of digital at Voltas, which is part of the Tata Group.
“We have observed a strong demand for premium AI-based products not only from the developed metro markets, but also from smaller towns.”
AI has the potential to significantly boost the Indian economy by improving productivity, reducing costs and creating opportunities for innovation and growth, says Anurag Sanghai, principal solutions architect at Intellicus Technologies.
“The country is poised for realising tremendous gains through investment in developing AI skills and infrastructure, and by ensuring that the benefits are shared across all the socioeconomic strata,” he says.
To date, most AI development and investment has taken place in the West, but India's AI software segment is expected to grow annually by 18 per cent to the end of 2025, according to the TeamLease report.
India's investments in AI are growing by 30.8 per cent annually and will reach $881 million this year.
“Currently, most AI-based technology is being developed overseas,” says Vishal Jain, co-founder of Roadcast Tech Solutions.
“In India, it is at a very nascent stage. Therefore, it will take some time to mature. Besides this, AI as a sector requires substantial research and development (R&D). Therefore, to build large-scale products and support constant innovation in AI, players in India need to look at massive investments.”
Meanwhile, India has a lot to offer the world when it comes to AI and Indian companies are already leading this effort, says Mr Gopalan of Gnani.ai.
“In the coming years, we are fairly confident that India as a country will continue to invest and soon enough be a very significant part of the whole AI economy.”
Gnani.ai started out by solving problems for the Indian market, before expanding to work with customers in the Middle East, the US and other Asian countries, Mr Gopalan adds.
Also based in the country's IT hub of Bengaluru, SwitchOn is a company that uses AI to automate inspections in the manufacturing industry.
The technology is used to identify defective products in high-speed manufacturing lines making more than 10 products a second, including consumer goods and automotive components.
Artificial intelligence in the UAE — in pictures
AI can play a key role in boosting India's manufacturing sector, which is a critical part of India's economic growth plans.
When manufacturers use manual inspections, they would typically only inspect one out of several thousand products, says Aniruddha Banerjee, co-founder of SwitchOn.
This means that a number of defective products end up in the hands of consumers. However, AI allows each and every item to be inspected, he adds.
“By eliminating defective products, we are able to reduce supply chain costs and drastically reduce wastage for these companies,” says Mr Banerjee.
His company is also working with global companies to deploy its solutions worldwide, he says.
Along with manufacturing, AI is also playing a growing role in India's agriculture sector, which makes up about 20 per cent of the economy and is still dominated by small farmers using traditional methods.
“India has witnessed an exponential increase in AgriTech businesses that are developing and implementing AI for enhanced solution for the agricultural industry,” says Pushkar Limaye, co-founder and chief technology officer at Carnot Technologies, an Indian agricultural technology company that was acquired by conglomerate Mahindra & Mahindra.
“AI-based solutions in India are looking to help achieve healthier crops, analysing weather-related data, analysing yield as per seasons, monitoring soil and growing conditions, supply chain management.”
Anytime a disruption happens, that's an opportunity to take the leadership position and become the provider of technology
Sachin Bhatia,
co-founder and chief growth officer at Exotel
As more such start-ups emerge in the country, there is an enormous opportunity for India to build on its expertise and reputation in the IT sector to boost its presence in the global AI industry.
“Anytime a disruption happens, that's an opportunity to take the leadership position and become the provider of technology,” says Sachin Bhatia, co-founder and chief growth officer at Exotel, a cloud-based communication engagement company that offers conversational AI products to businesses.
“So here, India has a very large pool of engineers, technology graduates. We believe that India would be providing a very large pool of AI-talented engineers. And there has been a huge wave of companies which are making software in India for the global market.”
One concern that is frequently raised about the greater use of AI, however, is the impact that it will have on jobs.
With a population of more than 1.4 billion, more than half of whom are under the age of 30, it is vital for India to generate employment to lift people out of poverty.
Ultimately, however, AI “is going to lead to more productivity and is going to lead to more businesses doing better”, which will generate different kinds of jobs, says Mr Gopalan.
The Indian government is also working to boost the country's AI sector. In this year's budget, the government announced plans to set up three centres of excellence for artificial intelligence.
These initiatives aim to create a conducive ecosystem for AI development, promote R&D, and foster innovation, says Naren Vijay, executive vice president of growth at Lumenore, which uses AI to conduct predictive data analytics.
Watch: UAE-built robot barista can make coffee in three minutes
But he also acknowledges that there are several challenges associated with the use of AI in India.
These include data privacy and security, particularly when it comes to AI being deployed in finance and health care.
Many parts of India also do not have the infrastructure needed for AI, including high-speed internet, computing power and cloud services.
There are also ethical considerations, such as AI systems possibly being trained on biased data, which can lead to discriminatory outcomes, says Mr Vijay.
“It can be a significant ethical concern when AI is used in decision-making processes such as hiring, lending and criminal justice.”
India is still awaiting its data protection legislation, which means there is still a regulatory vacuum around data security, says Rajat Deshpande, chief executive and co-founder of FinBox, which uses AI to analyse data and assess risk.
“Since AI models rely so heavily on user data, there is often apprehension around their use.”
There is also a hurdle when its comes to human resources. While India has many skilled IT workers, far more talent will be needed to fulfil its potential in AI, experts say.
“The dearth of qualified talent in India represents another important potential and challenge,” says Kunal Bhatt, head of automation at Mumbai-based CMS IT Services.
“This can be solved by funding AI-led education and training programmes to upgrade the skills of current experts.”
If these issues can be successfully addressed, India is in a prime position to benefit from the rise of AI globally.
“India’s artificial intelligence moment is truly here and now,” says Mr Bhatt.
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
SPEC%20SHEET%3A%20APPLE%20TV%204K%20(THIRD%20GENERATION)
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Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
The%20Woman%20King%20
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E268hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E380Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh208%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
MATCH INFO
Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Tour de France
When: July 7-29
UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
