AI and Economy in India are Climbing the Progression ladder

Modi's contribution for the chip makers is likely to escalate AI and Economy

Ever since the advent of AI and it's entry in India, its escalation has been directly proportional to that of Indian economy. AI and economy in India are in immense competition with that of other nations and the 'Make in India' drive is one such move to make it climb the progression ladder.

What is Make in India drive?

Launched in 2014, Make in India is an initiative by Prime Minister Narendra Modi to transform India into a global designing and manufacturing hub. Back in 2013, the year that witnessed aggressive decline in technology and economy that somewhat resonated with America's great depression; Make in India drive was a response to handle this critical situation.

The idea is to boost India's progress in terms of productions and widen the chances of businesses. With this motive, the drive has now steered into funding AI where an amount of $ 1 billion will be distributed to semiconductor companies.

What does this scheme aim at?

'Make in India' aims at bringing total independence of the Indian market on Taiwan market for supplies. This program is also an encouragement for local chip makers in India, ensuring that government will be a buyer and mandating the purchase of local made chips.

AI is an effective player

The consumer electronics industry is fast paced and is an important segment of our daily lives. This is inclusive of smart phones, DSLRs, computers, tablets and all possible advanced electronic gadgets. With AI, this industry is reaching to greater heights and artificial intelligence offers diverse pathways for scientists to experiment with.

It goes without saying that where there is chip making, there is AI. The government's previous attempts were to play with similar ideas but failed to because of the unstable Indian infrastructure of auto and electronics in India.

However, AI as a domain has grown and gained immense power over the years to an extent that an electronics industry is unimaginable without it as artificial intelligence impact on Indian economy is not a myth anymore.  AI and the economy have proved to be best partners where one follows the other.

The impact of artificial intelligence on Indian economy

The monetary aid offered to the Indian chip makers by the Indian government is one promising way to ensure a rise in jobs in India for engineers. Besides, the literature on AI economics in India can also be strengthened if the drive finds success.

Strengthening of the Indian economy is just not enough when we also have our independence to cherish. The government is hesitating to rely on China for supplies and wishes to establish its own chip fabrication units. Implementation of this will make the Indian market more independent and it can gain strength on its own accord.

How are the business giants reacting?

Indian business chains like that of Reliance and the TATA group have expressed their contentment regarding this drive aimed at local chip makers. The proposal was made back in December in the year 2020 in a session "expression of interest" and had invited chipmakers to put forth their views on the proposal.

Post covid suffrage of the economy can be healed if the 'Make in India' scheme directed at chip makers is materialised properly. It is also a chance for business to come forward and work in unison towards a sustainable future.