Abstract
Artificial Intelligence (AI) is likely to transform the way we live and work. Due to its high potential, its adoption is being treated as the fourth industrial revolution. As with any major advancement in technology, it brings with it a spectrum of opportunities as well as challenges. On one hand, several applications have been developed or under development with potential to improve the quality of life significantly. As per a study, it is expected to double the annual economic growth rate of 12 developed countries by 2035. On the other hand, there is a possibility of loss of jobs. As per the available reports, the loss of jobs during the next 10-20 years is estimated to be 47% in the US, 35% in the UK, 49% in Japan, 40% in Australia, and 54% in the EU. In the era of globalization, no country can isolate itself from the impact of the advances in technology. However, the benefits can be maximized and losses can be minimized by putting necessary infrastructure and policy in place. Though several countries have decided their strategy for AI, India has not yet formulated its strategy. The report reviews the international as well as national scenario and suggests way forward for India.
Highlights
Artificial Intelligence (AI) is concerned with understanding the nature of human intelligence and designing intelligent artefacts which can perform the tasks which, when performed by humans, are said to require intelligence
Though the field of AI has been an area of extensive research since the term was coined in 1956, it has recently only led to commercial applications
The present sharp rise in the number of AI applications is due to several factors
Summary
Artificial Intelligence (AI) is concerned with understanding the nature of human intelligence and designing intelligent artefacts which can perform the tasks which, when performed by humans, are said to require intelligence. With the advances in AI techniques such as natural language processing, etc, it has become possible to develop a number of new applications. Sufficient number of intelligent agents can be deployed to monitor the network to detect the malicious activities in a decentralized way Despite all these developments, it is not yet possible to replace human by machine in the defence against cyber attacks. Finance Chatbot is being used by banks for performing simple tasks such as activation of accounts or balance checking, etc It helps the customers who are not fully familiar with IT systems and would like to interact in natural language. Virtual assistants perform a variety of tasks including streaming music, playing audio clips, controlling home devices, managing schedules, purchasing using e-commerce, etc These assistants are becoming more and more useful due to the advances in natural language processing and speech recognition. Such a system is likely to reduce the human sales force from the stores [38]
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