India to launch world’s largest publicly assembled datasets AI program
TCN Service/Mumbai
India’s Artificial Intelligence (AI) program will be launched in the latter half of March month and it will be one of the largest publicly assembled datasets in the world, Indian Minister of State for Electronics & IT Rajeev Chandrashekhar said.
“India AI program along with the Fintech ecosystem will catalyse the next generation of Fintech and Internet,” he said while detailing about growth of the Fintech ecosystem in India and its role.
He said that the emergence of India’s fintech ecosystem has helped resolve the decades’ long problem of ensuring government subsidies reach beneficiaries without leakages and intermediation.
“The program will be one of the largest publicly assembled and available data sets in the world. Working with the fintech ecosystem, it will certainly catapult and catalyse the next generation of fintech and other parts of the Internet,” he added.
Chandrashekhar termed the Unified Payments Interface as a crucial component of the Fintech ecosystem and said, “India today has amongst the highest fintech adoption rates in the world at 87 percent as opposed to the world average of 67 percent.”
“A single dimensional, digital economy that we inherited in 2014 has become a broad-based, high growth, independent, asynchronous component of the digital economy that is growing rapidly and creating innovation in their wake,” he further stated.
He stressed on the Indian government’s initiatives in providing an enabling framework and added, “All legislations are based on the idea of not creating road bumps for the innovation ecosystem.”
