AI, machine learning can help achieve a target of $5 trillion: Piyush Goyal

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“Our government believes artificial intelligence, in different forms, can help us achieve the $5 trillion benchmark over the next five years, but also help us do it effectively and efficiently,” Goyal said while inaugurating the NSE Knowledge Hub here. The hub is an AI-powered learning ecosystem for the banking, financial services and insurance sector.

Commerce and industry minister Piyush Goyal on Monday said artificial intelligence (AI) and machine learning can help India achieve the $5 trillion economy benchmark over the next five years.

“Our government believes artificial intelligence, in different forms, can help us achieve the $5 trillion benchmark over the next five years, but also help us do it effectively and efficiently,” Goyal said while inaugurating the National Stock Exchange (NSE) Knowledge Hub here. The hub is an AI-powered learning ecosystem for the banking, financial services and insurance (BFSI) sector.

The minister referred to an Accenture report that said AI and machine learning have the potential to contribute nearly $1 trillion to the Indian economy by 2035 and said the Knowledge Hub created by NSE will fill in the gaps and help the financial sector to move into the future.

Goyal said Prime Minister Narendra Modi sat through a whole day with officials from various ministries to get the sense of urgency to understand the importance of AI and how it can help put the Indian economy on the fast track.

This article has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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