Investment announcements at AI Summit
At the India AI Impact Summit, Prime Minister Narendra Modi called for the democratisation of artificial intelligence. He put forward the idea of “Human Vision,” saying it would become a key link for the welfare of humanity in an AI-driven world of the 21st century. He also said that the AI summit held in India was different from the earlier summits held in France and the United Kingdom, as it focused on making AI human-centric and responsible rather than machine-centric. He noted that when the internet first arrived decades ago, no one expected it to create so many job opportunities. Similarly, AI also has the potential to benefit the whole world if it is shared and used responsibly, India believes.
India is expecting investments worth Rs 58.2 lakh crore through the summit. Major companies, including Reliance Industries, Adani Group and Amazon, have already announced large investments. Amazon said it will invest Rs 3.19 lakh crore across various business sectors in India by 2030, as a continuation of its earlier investment of Rs 3.6 lakh crore in the country. For AI development in Global South countries, Microsoft has announced an investment of Rs 45 lakh crore, of which Rs 1.60 lakh crore is earmarked for India. Google CEO Sundar Pichai also said the company will invest Rs 1.37 lakh crore in India. Other confirmed investments include Rs 18,200 crore by Yotta Data Services and Rs 5,500 crore by Blackstone. The Tata Group has also announced an investment of Rs 64,000 crore.
These investment promises are seen as the biggest gain for India from hosting the AI summit. One major reason global tech companies are attracted to India is the availability of a skilled workforce at relatively lower cost compared to developed countries. In addition, India’s stable democratic system and protection of freedoms are also considered key factors. More than 110 countries, around 30 international organisations, about 20 heads of state and nearly 100 major tech companies took part in the summit. The event is expected to strengthen India’s position as a third major force in the field of artificial intelligence.
In essence, global prosperity and reduced inequality are seen as essential for the welfare and happiness of humanity. India believes in working not only for its own development but also for the development of the world as a whole. However, some protests that took place during such an important summit were seen by many as damaging to the country’s image, as such acts in the name of politics are not considered part of the nation’s culture.