With Reliance Industries slated to introduce its own AI chatbot this month, India intends to invest $1.2 billion in AI startups.
The world’s most populous nation, India, is laying claim to the booming field of artificial intelligence by investing $1.2 billion in a variety of projects related to the technology.
According to a statement released by the information technology ministry late on Thursday, the money would be used to establish computer infrastructure and assist in financing AI firms.
According to junior minister Rajeev Chandrasekhar, the investment “will position India as a force shaping the future of AI for India and the world” and “catalyze India’s AI ecosystem.”
Local IT trade association Nasscom has projected that by 2027, India’s fledgling artificial intelligence market will have a valuation of $17 billion.
This sum is a very small portion of the worldwide market for AI software, which according to US research firm Gartner may reach $297 billion by the same year.
The worldwide outsourcing boom that started in the 1990s gave rise to India’s sizable software services sector, and AI software is both an opportunity and a threat.
AI models may pose a threat to engineering graduates employed in typical contact center or coding positions.
Last year, Sam Altman, the CEO of OpenAI, warned Indian enterprises and entrepreneurs that without substantial financial support, it would be difficult to develop AI products.
The public and business sectors in India have started developing AI applications.
This month, the nation’s leading colleges will collaborate with billionaire tycoon Mukesh Ambani’s Reliance Industries, the largest firm in India based on market capitalization, to launch a chatbot program akin to ChatGPT.