India can become AI superpower, says ex-WEF director
What's the story
Frank-Jurgen Richter, the former Director of the World Economic Forum and current Chairman of Horasis, has said that India has the potential to become a global leader in artificial intelligence (AI) and manufacturing. In an exclusive interview with ANI, he criticized Europe for not developing its own AI capabilities and sovereign AI. He said that while Europe is facing unemployment and other challenges, India is making rapid progress in sectors like AI, IT, manufacturing and agriculture.
Global aspirations
Modi's vision for India as an AI superpower
Richter also highlighted Prime Minister Narendra Modi's ambitious vision for India at the AI Impact Summit in Delhi earlier this year. Modi had said that India should be the future AI Superpower. "Currently, we have two superpowers - US and China. The Chinese do their own AI, independent from the US... India is moving in the same direction and is trying to apply AI in manufacturing," Richter said.
Progress report
India's journey to becoming an Industry 4.0 superpower
Richter also spoke about India's journey toward becoming an Industry 4.0 superpower. He praised the current government for its efforts to reduce red tape and corruption, saying that "Since this government is in power, a lot of things have changed. The red tape corruption is coming to a minimum. I think that is a very positive change in setting up businesses," since it came to power. He believes these changes are positive steps toward creating favorable business environment in India.
Investment advice
Richter's advice to India on sustaining growth
To sustain India's growth, Richter stressed the importance of continuing to welcome Foreign Direct Investment (FDI) and avoiding protectionism. He said, "I think India should carry on like that and welcome FDI, and not be protectionist." This advice comes as the world increasingly looks to India as a new engine of globalization.