RAISE 2020: Mukesh Ambani bets on AI for $5 trillion economy goal

Reliance Industries Chairman Mukesh Ambani on Monday said that Artificial Intelligence (AI) will enable India to move faster towards achieving its $5 trillion economy goal. AI will also help to make the country's industry and the small businesses Atmanirbhar and dominate new global value chains, Ambani further said at Raise 2020 Summit (Responsible AI for Social Empowerment, 2020).

"Data is the raw material for artificial intelligence. Intelligent data is digital capital, it is a vital national resource. In the past, nations have competed on physical capital, financial capital, human capital and intellectual capital," Ambani said.

"We are confident that the government will introduce some data regulation framework to protect this national resource and ensure data privacy," he added.

AI and other associated technologies of the 4th Industrial Revolution will vastly expand the capacity to solve most complex and pressing problems before India and the world, Ambani noted. India has the unique advantage to harness its enormous digital capital for AI-driven development, which is bottom-up and inclusive, he said, adding that this is because of its twin strengths of democracy and demography.

Ambani also said that India has delivered 4G broadband coverage to more than 99 per cent of the countrymen. India has gone from 155th in the world to number one in mobile data consumption, he added. "With 5G around the corner, India will maintain its leadership position," Ambani said.

Prime Minister Narnedra Modi has repeatedly underlined the need for inclusiveness to make India a $5 trillion economy by 2024.

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