DNA Money Edit: How artificial intelligence could boost economy

A recent report by Accenture said artificial intelligence (AI) could add $957 billion to the Indian economy. The report titled 'Rewire for Growth' said AI has the potential to increase India's annual growth rate of gross value added (GVA) by 1.3%, lifting the country's income by 15% in 2035. Big businesses will play a key role in unlocking the economic value of AI, with more than 88% of businesses in India surveyed by Accenture earlier expecting to make moderate-to-extensive investments in one or more AI-related technologies over the next three years. What is more, digital platform companies can play a key role in driving AI innovations in the country.

AI is no longer a buzzword. You call it AI when the software makes decisions for itself. It will make enterprises efficient and accountable. No doubt, it is going to reshape society in a decade. Machine learning, deep learning and AI are all making a change already.

As Accenture India's chairman rightly pointed out, AI can create a flywheel effect 'liberating' people to create long-term economic and societal value, with the right investments. It is important that India needs to develop a long-term vision and action plan that unites the ecosystem. Even the technical and ethical questions need to be addressed as they arise if we were to achieve the full benefit.