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Paving the Way for a Future-Ready Workforce
The new government is all set to propel into an era of accelerated innovation, ethical considerations, and human-AI collaboration
As the global AI market surges, with an estimated $15.7 trillion revenue potential by 2030, India aims to harness its 16 per cent share of the global AI talent pool.
An a landmark agreement, India and the US have embarked on an ambitious journey through the Initiative for Critical and Emerging Technologies (iCET), establishing an innovation bridge to foster joint research projects. At the forefront of this collaboration is Artificial Intelligence (AI), a key focus area set to transform the workforce, economy, and society. As the global AI market surges, with an estimated $15.7 trillion revenue potential by 2030, India aims to harness its 16 per cent share of the global AI talent pool. This article delves into the strategic development of AI and its profound impact on shaping a future-ready workforce.
UNLOCKING THE ECONOMIC POTENTIAL
The global AI market, estimated at $136 billion in 2022, is poised for a remarkable CAGR of 37 per cent from 2023 to 2030. By contributing an estimated $967 billion to the Indian economy by 2035 and $450-500 billion to the GDP by 2025, AI is set to account for 10 per cent of India's $5 trillion GDP target. This potential economic boom underscores the need for a robust collaboration between the two nations.
INDIA'S STRENGTHENING AI TALENT
India's strength lies in its significant share of the global AI talent pool, standing at 16 per cent. With leadership roles in the G20 presidency and the chairmanship of the Global Partnership on AI, India is strategically positioned to drive innovation and establish a cohesive framework for administering AI effectively.
WORKFORCE TRANSFORMATION AND UPSKILLING
As automation reshapes the job market, approximately 45,000 open AI jobs were recorded in February 2023. The mantra for the evolving job market is "repair, prepare, and upskill." Recognising this shift, educational institutions are adapting their curriculums, collaborating with industries, and offering AI-focused courses. Initiatives like FutureSkills Prime, a collaboration between MeitY and NASSCOM, aim to bridge the skill deficit by providing upskilling and reskilling opportunities, with seven-lakh candidates signing up as of March 2022.
INDUSTRY PERSPECTIVES ON AI-READINESS
Employers display a positive outlook on AI, with 56 per cent initiating targeted AI programmes to unlock hidden talent. A further 35 per cent are in the planning phase, indicating a proactive stance toward incorporating AI into their organisations. Encouragingly, 80 per cent of the workforce believes AI will create new jobs and learning pathways. A majority (54 per cent) feels organisations should prioritise reskilling and upskilling, while 46 per cent advocate for building AI technologies within organisations.
Employers display a positive outlook on AI, with 56 per cent initiating targeted AI programmes to unlock hidden talent.
SYNERGY BETWEEN EMPLOYERS AND EMPLOYEES
The survey reveals a harmonious synergy between employers and employees, with 86 per cent agreeing that in-house talent can enhance AI capabilities. Integrating AI into existing operations and providing learning opportunities in collaboration with external experts are seen as pivotal. Only 14 per cent suggest a need to hire external talent, showcasing the confidence in leveraging internal resources for AI advancement.
THE FUTURE OF AI: WHAT TO EXPECT
AI is not just a technological trend but a transformative force shaping the future of industries, economies, and societies. As we stand at the cusp of a new era, several key developments are poised to redefine the landscape of AI and its applications.
1. ACCELERATED INNOVATION AND BREAKTHROUGHS
The future of AI promises an era of accelerated innovation and groundbreaking discoveries. With increased collaboration between researchers, industries, and nations, we can anticipate breakthroughs in AI algorithms, models, and applications. This surge in innovation will likely lead to more efficient AI systems, capable of solving complex problems and adapting to dynamic environments.
2. ETHICAL AI AND RESPONSIBLE DEVELOPMENT
As AI becomes more ingrained in daily life, the need for ethical considerations and responsible development practices will take center stage. Expectations for transparency, fairness, and accountability in AI systems will drive the implementation of robust ethical frameworks. Striking the right balance between innovation and ethical considerations will be pivotal in shaping a trustworthy AI future.
3. HUMAN-AI COLLABORATION
The future will witness a shift towards greater collaboration between humans and AI systems. Rather than replacing human jobs, AI will augment human capabilities, leading to a synergistic relationship. From healthcare diagnostics to creative endeavors, the collaboration between humans and AI will unlock new possibilities, enhancing productivity and problem-solving across diverse sectors.
4. PERSONALISED EXPERIENCES AND SERVICES
AI's ability to analyse vast amounts of data will pave the way for highly personalised experiences and services. From personalised healthcare treatments to tailored educational programmes, AI-driven systems will cater to individual preferences and needs. This personalisation is expected to extend to various aspects of life, including entertainment, shopping, and communication.
5. AUTONOMOUS SYSTEMS AND ROBOTICS
Autonomous systems and robotics will see significant advancements, with AI at the helm. From self-driving cars and drones to robotic assistants, the integration of AI will lead to more sophisticated and reliable autonomous technologies. This, in turn, will reshape industries such as transportation, logistics, and manufacturing. The future of AI holds the promise of a dynamic and interconnected world where innovation is boundless, ethics guide development, collaboration flourishes, experiences are personalised, and autonomous systems redefine efficiency. As we navigate this AI-powered future, ensure that the benefits of AI are harnessed for the good of humanity.
— anam@khaleejtimes.com
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