Artificial Intelligence Preparedness Index 2024 – India Ranks at 72nd

The International Monetary Fund (IMF) just released a full Artificial Intelligence Preparedness Index (AIPI) Dashboard. This tool will sort and rank 174 countries around the world based on how ready they are to use AI. The goal of this project, which was posted on their website, is to see how well each country can use and adapt AI technologies.

Country Ratings and Categories

There are three main groups of countries that the AIPI looks at: Low-Income Countries (LIC), Emerging Market Economies (EM), and Advanced Economies (AE). Singapore, Denmark, and the United States are at the top of the list of AEs, with scores of 0.80, 0.78, and 0.77, respectively. India, which is an EM, got a score of 0.49 and is now ranked 72nd in the world. Bangladesh, Sri Lanka, and China, which are all close by, were ranked 113th, 92nd, and 31st, with scores of 0.38, 0.43, and 0.63, respectively.

Evaluation Criteria

Four main areas are used to judge a country’s AI readiness: its digital infrastructure, its human capital and labor market policies, its creativity and economic integration, and its rules and regulations. The IMF can correctly figure out how each country can use AI technologies to its advantage by looking at them as a whole.

Implications of AI on Global Employment

In a study released in January, the IMF pointed out the big effect AI could have on jobs around the world. It said that AI could threaten about 33% of jobs in Advanced Economies, 24% of jobs in Emerging Markets, and 18% of jobs in Low-Income Countries. In total, it said that AI could threaten about 40% of jobs around the world. However, it was also emphasized that AI can boost productivity and help new industries and jobs grow.

AI, Inequality, and Policy Response

Giovanni Melina, an economist at the IMF, wrote a piece that talked about the two sides of AI’s fast growth. AI has the potential to make economic inequality worse, but it also has the potential to make people more productive, create jobs, and start new industries. In reaction to these problems and chances, the AIPI Dashboard is meant to give policymakers, researchers, and the public the information they need to make smart decisions about how to make sure that everyone can enjoy the benefits of AI progress.

Countries Most Prepared for AI

Month: Current Affairs - June, 2024

Category: Reports & Indexes Current Affairs