The digital era is upon us, and it's here to stay. Understanding and embracing this shift is crucial for moving forward. Where does India stand in this digital revolution?
Though later than some developed nations, India has made significant strides. The rise of Artificial Intelligence (AI) marks the dawn of a promising future. Reports suggest that AI could boost India's innovation rate by 230% within the next two years. A study by Accenture indicates that AI could add nearly $1 trillion to the Indian economy by transforming work and generating better business outcomes, potentially increasing India's income by 15% by 2035.
AI's Potential in India
India's vast, predominantly young population provides fertile ground for AI's growth. For instance, Google Virtual Assistant is widely used across urban and rural areas in various languages, highlighting AI's penetration. With the widespread use of smartphones and the momentum of the 'Digital India' initiative, AI's adoption is set to increase significantly.
The corporate sector, already eager to employ AI professionals, sees the pandemic accelerating the need for automation. This scenario creates a surge in demand for AI expertise in India and globally.
Government Initiatives and Employment
The government is also keen on leveraging AI for job creation and efficiency. The Union Cabinet's national mission on cyber-physical systems is expected to create 40,000 jobs in the short term and 200,000 in the long term. AI applications are being explored in various sectors, including:
Defense: The Indian army aims to use AI to reduce human error in weapon systems and surveillance.
Housing: AI algorithms are being implemented to combat corruption in bookkeeping.
Agriculture, Banking, and Education: Plans are underway to integrate AI to enhance productivity and efficiency.
Workforce Challenges and Opportunities
As of 2019, about 72,000 professionals were employed in AI, up from 40,000 in 2018. However, the demand for AI talent outstrips supply, with 2,500 positions remaining unfilled in 2019 due to a lack of qualified candidates. While leading institutes like IISc and IITs offer quality AI education, the number of graduates is still insufficient.
Changing Mindsets for Digital Entrepreneurship
For digital entrepreneurship to thrive, a shift in mindset is essential. Understanding that everything is digital now is the first step. Entrepreneurs must:
Be Active on Digital Platforms: Establish a strong online presence across all major platforms.
Build and Share Your Brand: Consistently share your brand’s story and values.
Make the Process Efficient: Streamline operations to fully leverage digital tools.
Digital Marketing and Global Reach
Digital marketing is now a critical component of business strategy. Social media is a key arena for engaging with customers. Staying updated with technical trends and understanding consumer behavior are vital for effective digital marketing.
The digital audience is global, but capturing attention requires creating customer-friendly and engaging content. Mastering digital advertising across all social media platforms is crucial.
Join IDM to Stay Ahead
To navigate this evolving landscape, continuous learning is essential. Join IDM to stay updated and effective in the digital world. Our courses will equip you with the necessary skills to thrive in this new era.
