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Focused Story Of The Week #1: The Impact Of AI On The Indian Economy
India ranks fifth in countries with most AI investment. Total investments in AI startups in India stood at USD 3.24 billion in 2022, placing it ahead of South Korea, Germany, Canada and Australia, among others.
As AI works for digital inclusion in India, it will have a ripple effect on economic growth and prosperity. Analysts predict that AI can help add up to USD 957 billion to the Indian economy by 2035. The opportunity for AI in India is colossal, as is the scope for its implementation. The Index additionally shows that India was the sixth-largest nation in terms of AI investments between 2013 and 2022, with funding for AI companies totalling USD 7.73 billion over the past ten years. This investment was made last year to the tune of about 40 per cent.
Despite the fact that the economic downturn has reduced investment in AI globally since 2021, experts predict a surge in VC financing this year, especially in light of the enormous demand for generative AI products like OpenAI’s ChatGPT among both companies and customers.
India’s strong position in AI investment is a testament to the country’s commitment to embracing new technologies and driving innovation. With a large pool of skilled talent and a rapidly growing startup ecosystem, India is well-positioned to become a leader in the development and deployment of AI solutions.
The impact of AI on the Indian economy will be far-reaching. From improving efficiency and productivity across industries to driving innovation and creating new employment opportunities, the potential benefits are significant. As India continues to invest in AI and harness its potential, the country is poised to reap the rewards of this transformative technology.
"India’s strong position in AI investment is a testament to the country’s commitment to embracing new technologies and driving innovation."
Focused Story Of The Week #2: The Impact Of 5G On The Global Economy
Humans are always aiming for the greatest, fastest, and largest. Following the previous 2G, 3G, and 4G standards, 5G is the most recent mobile communications standard. It is the de facto communication standard, with users now able to download data from the internet much more quickly. 5G networks are completely capable of providing socioeconomic benefit. 5G networks are expected to produce USD 13.2 trillion in global sales activity by 2035.
5G networks offer a wide range of applications, including manufacturing, social, economic, healthcare, education, and agriculture. Increased digital inclusion via 5G networks will drive innovation and improve service quality.
Despite all of its advantages, there are still hurdles to overcome. Rural areas may require additional attention in terms of installing more transmission towers and antennas to boost network coverage, as well as additional expenditure to fully realise the potential of 5G. Furthermore, existing towers must be updated to handle the increased capacity provided by the 5G network. Furthermore, the issues of security and privacy remain prominent.
That being said, as technology advances and the aforementioned pain points are solved, the economic impact of 5G will be significant, and it will provide an additional boost to the fourth industrial revolution through the acceleration of the Internet of Things. Its real-time data transfer speed and reliability would greatly benefit sensors and control units located in facilities, machinery, and logistics chains throughout industries.
"5G will be critical in the evolution of how we do business across multiple industries at global scale."