Artificial Intelligence used in Indian Economy Development and Management

Abstract

The rapid advancement of Artificial Intelligence (AI) has significantly transformed industries across the globe, including the economic landscape of India. This research paper explores the multifaceted role of AI in the development and management of the Indian economy. With a focus on key sectors such as agriculture, healthcare, manufacturing, and finance, this paper provides a comprehensive analysis of how AI technologies are reshaping traditional paradigms and propelling India towards economic growth and sustainability. In the agricultural sector, AI-driven solutions are improving crop yields, resource management, and supply chain optimization. Through precision farming techniques, AI enables farmers to make data-driven decisions, thereby enhancing productivity and reducing resource wastage. Furthermore, AI-powered weather forecasting systems aid in mitigating climate-related risks. Manufacturing, a cornerstone of India's economy, has witnessed a revolution with the integration of AI-powered robotics and automation. This has led to increased efficiency, reduced costs, and improved product quality, making Indian manufacturing globally competitive. Moreover, this research paper delves into the opportunities and challenges of AI adoption in India, taking into account factors such as infrastructure development, skill enhancement, and international collaborations. It highlights the importance of a cohesive approach involving government, industry, and academia to harness the full potential of AI for economic development.