India Can be AI Capital: Needed Improvements & Existing Programs. Tata Sons Chairman N Chandrasekaran addressed the key aspects of AI in education, healthcare and data governance that India should take in order to become the global AI capital.
India is slowly improving its potential to become a tech hub. The country would be an Artificial Intelligence (AI) capital of the world because of the talent pool and complex problems that it has, and a policy framework for the technology can accelerate development, Tata Sons Chairman N Chandrasekaran said while speaking at RAISE Summit.
Chandrasekaran’s view: India clearly has the potential to become the AI capital of the world. India is in a sweet spot where Indians have the talent and a kind of complexity that only AI can solve.
Indian government’s initiative: Recently, India has had a bunch of opportunities from both big and small tech companies across the globe. The reason behind private players turning their face towards India is because of the great hit China is facing. China has been at the bad light of the United States for a long time. The arrest of Huawei CFO, Meng Wanzhou in Canada under the US order and prolonged extradition process has officially begun the mistrust of countries over China. The situation was further triggered by the trade war and the outbreak of Covid-19 pandemic that killed jobs and left millions unemployed across the world, and jeopardised the global economy. Many companies were rethinking the supply chains and where they could make and sell goods. Some countries are also looking to shore up their own manufacturing and businesses. However, India comes as a safe haven for them. The country has labour-power and developing technologies that could resort the need for hovering tech companies. The Indian government is taking further initiatives to facilitate easy approach for foreign incomers.
Even though when lockdown and economic troubles were paralyzing the growth for a while, it is a big opportunity for India to move forward. The Indian government has initiated an incentive program in April called the ‘Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing.’ The plan targets makers of mobile phones and certain electronic components by offering them financial incentives to start or build up their existing domestic manufacturing capacity.
The scheme will pay an incentive of 4-6% on incremental sales of goods manufactured in the country for five years starting August 1 to tech manufactures. To benefit the most out of the program, manufacturers have to make at least US$10 billion worth of goods between 2020 and 2025. The program is meant for the incoming of foreign tech companies by compensating the business for the country’s lack of adequate infrastructure, domestic supply chain and logistics; high cost of finance; inadequate availability of quality power; limited design capabilities and focus on the R&D by the industry; and inadequacies in skill development. Even though when the scheme highly profits small sector companies, it has already made an impact in intriguing big giants like Apple.
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