New Delhi, August 31: To become a global artificial intelligence (AI) hub, India needs to leverage its vast talent pool and establish AI-focused centres of excellence in collaboration with academic institutions and industry leaders, Stephen Ibaraki, a technology futurist and global thought leader, said on Saturday. Ibaraki said the country, with its robust digital infrastructure, needs to continue investing in AI research and development, and creating a conducive environment for startups and innovation.

"Additionally, the government should implement policies that encourage foreign investments in AI and facilitate public-private partnerships to scale AI initiatives across sectors like healthcare, agriculture, and finance,” he told IANS. New technologies like AI are emerging as the biggest strategic differentiator determining the economic prosperity of nations. UPI Transactions Surge: India Surpasses Global Digital Payment Platforms, Records INR 81 Lakh Crore Worth Transactions in April-July.

India is the founding member of the Global Partnership on Artificial Intelligence (GPAI), having joined the multi-stakeholder initiative in June 2020. The Cabinet recently approved an allocation of over Rs 10,300 crore towards the comprehensive ‘IndiaAl Mission’ to democratise access to Al innovation pillars and ensure the global competitiveness of India’s Al ecosystem. Canada-based Ibaraki hailed India AI Mission, saying nations can ensure responsible, safe, and trusted AI by developing robust regulatory frameworks that emphasise ethical AI development and deployment while still ensuring innovation.

This includes implementing clear guidelines on data privacy, transparency, and accountability. Governments should work closely with international bodies, private sectors, and academia to create standards that align with global best practices. “Additionally, fostering public awareness and education on AI's benefits and risks can help build trust and ensure that AI systems are used for the greater good,” stressed Ibaraki who was in India to participate in an event organised by Young President’s Organisation (YPO) in Bengaluru.

He also visited the Sona College of Technology in Tamil Nadu to address students on emerging technologies. According to him, AI can supplement human jobs by taking over repetitive and mundane tasks, allowing workers to focus on more creative, strategic, and complex aspects of their roles. Global Fintech Fest 2024: PM Narendra Modi Hails Bharat’s Fintech Innovation, Says Industry Received Record USD 31 Billion Investment in Last 10 Years (Watch Video).

Reskilling and upskilling programmes are crucial to equip the workforce with the skills needed to work alongside AI. By fostering a collaborative environment where AI tools enhance human capabilities rather than replace them, businesses can drive innovation while ensuring job security.

(The above story first appeared on LatestLY on Aug 31, 2024 11:31 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).