G-20 Updates: Modi’s new “five-I” vision

In the G-20 summit, currently being held in Osaka, Japan, Indian Prime Minister Narendra Modi presented his 5-I vision. His proposed vision is expected to maximize the digital technology for social benefit. This vision was presented in the G-20 s summit on digital economy & artificial intelligence.

What are the 5-Is ?

The 5-Is planned by PM Modi are Inclusiveness, Indigenization, Innovation, Investment in infrastructure & International co-operation .

Artificial Intelligence and India

• Artificial Intelligence (AI) is using machine processing to simulate human intelligence.
• AI can be used to improve the efficiency of multiple industrial processes as complex codes are used to first train and then test the machine.
• The AI has been successfully been used to understand human speech, autonomously operating cars, intelligent routing in content delivery networks, for operating industrial facilities and for military simulations.
• India is home to several advanced research institutes and has great potential for increasing AI as it has a great number of well-trained computer science engineers & statisticians.
• India ranks third in the world in publishing high quality research in Artificial Intelligence and its applications.
• NITI Ayog has also released a discussion paper on the transformative potential of AI in India which stated that the country could add $1 trillion to its economy through integrating AI into its economy.
• The key fields that could benefit from AI in India are Healthcare, financial services, monsoon forecasting, retail and education.

Digital Economy

Digital economy is an economy that relies on digital computing technologies. It has three main components- e-business (how business is conducted, any process that an organization conducts over computer-mediated networks), e-business infrastructure (hardware, software, telecoms, networks, human capital, etc.) and e-commerce (transfer of goods, for example when a book is sold online). The size of the digital economy is growing exponentially today.