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India and Artificial Intelligence

09:57 PM | 4 Sep, 2023
Artificial Intelligence
Source: Social media

Ahmed Bin Ali

In recent years, India has risen as a prominent player in the global Artificial Intelligence (AI) market, marked by a promising and rapid growth. This trend holds the potential to reshape ecosystems, influencing decision-making and opening new avenues for advancement. The strategic establishment of AI in India, particularly its national debut in May 2020, has set the stage for transformative developments across diverse sectors, including Agriculture, Healthcare, and Education.

In 2022, India's AI market size was estimated at USD 672 million and it has been said that the size may grow at a compound annual growth rate of 32.26%, reaching a value of USD 4 billion by 2029. According to a World Economic Forum report, AI expenditure in India is expected to reach $11.78 billion by 2025 and add $1 trillion to India's economy by 2035.

The diffusion of AI across various sectors bears the promise of catalyzing India's prospects. Businesses, for instance, stand to gain from streamlined operations as AI adoption reduces costs, enhances efficiency, and fortifies customer service.

Moreover, as AI gains ground in India, its academic institutions are assuming a pivotal role in nurturing the AI talent. The younger generation too holds a vital position as they embrace robotics as a critical tool for experiential learning, underscoring the integration of technology into education. The impact of this research extends far beyond national borders. If shared on an international scale, its outcomes have the potential to benefit millions of students worldwide. However, challenges await India's government and institutions in the realm of AI. The country's rich cultural diversity, coupled with generational divides, could pose hurdles to the widespread acceptance of technological transformations.

Despite these challenges, India's progress in recent years is undeniable. The influx of international and national investments into the AI sector speaks to the nation's growing significance in the field. The Indian government's recognition of AI's importance has spurred further encouragement for businesses to invest in AI-driven initiatives. This synergy of startups, academic institutions, and governmental initiatives solidifies India's commitment to making substantial contributions to the advancement of AI. In the realm of problem-solving, AI-powered solutions offer a powerful tool to address a myriad of social, economic and political challenges, significantly enriching educational experiences. AI, however, holds the promise of more than just problem-solving. Unlocking the full potential of both the private and public sectors could transform AI into a game-changing technology, redefining conventional paradigms.

As India continues its forward march in the realm of AI, a brighter future beckons, especially for the younger generations. By leveraging AI's potential, India aspires to create a landscape where technology and innovation coalesce to form a powerful engine of progress.

While India makes significant strides, Pakistan is embarking on its own AI journey, aiming to revolutionize industries and foster innovation. Currently, according to a State of AI Report, Pakistan ranks 117 out of 172 countries and has an index score of 34.03 in terms of AI readiness at a global scale. Keeping this scenario in view, the  Ministry of Information Technology and Telecommunication has drafted the “National Artificial Intelligence Policy,” aimed at embracing AI by appreciating human intelligence and stimulating a hybrid intelligence ecosystem for equitable, responsible, and transparent use of AI.

Pakistan faces certain challenges that warrant attention. Infrastructure constraints present a hurdle in the seamless integration of AI technologies across the nation's landscape. Additionally, while the aspiration is high, the shortage of AI experts poses a challenge to the swift realization of AI-driven ambitions. Addressing these obstacles is crucial for Pakistan to effectively leverage AI's potential and ensure its benefits reach all corners of society.

In the global context, both India and Pakistan are at crucial junctures. Their respective trajectories in harnessing the power of AI will undoubtedly shape their prospects, economies, societies, and education for generations to come.

Ahmed Bin Ali is a student of A levels at Aitchison College, Lahore

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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