20 APR,2019 | MEDC
Today’s disruptive technological changes – from artificial intelligence to genomics to the internet of things – are rapidly altering the way people all over the world live, work, play, do business, and interact with the government and each other. It is predicted that by 2022, 46% of the workforce will be employed in jobs that do not even exist today. As the Indian economy goes digital, we face our share of opportunities and challenges. Automation is here to stay and every sector of economic activity, including agriculture, manufacturing, transportation, energy, finance and banking, and MSMEs have to learn to embrace it wholeheartedly. Private players have so far invested $ 150 million in India’s artificial intelligence sector, but even that amount may not be enough. To be able to compete with the world’s largest economies, the USA and China, India needs to invest significantly more to create a conducive environment to nurture innovation and attract talent.
Public policies also need to keep up with the rapid pace at which these emerging technologies are disrupting our lives and changing business models in every sector of the economy. We need to strengthen our data protection and privacy laws, and not just leave it to informed consent, which, in most cases, happens to be subtly biased by vested interests. A wobbly technological infrastructure, inadequate HRD, and the lack of standards and intellectual property safeguards are some of the key technocratic issues India needs to address on a priority basis. Digitization is proceeding at an exponential pace and our focus needs to remain on the development of socially responsible technology and the relentless pursuit of innovation in every sector of the economy. Failure to do so will ensure that we miss the global technology boat, and that will cost all Indians dear.
*Photo Credit: Google