Davos 2024: The youth population and vibrant start-up scene make India a rising star in the field of artificial intelligence (AI), according to Cathy Li, Head of AI Data and Metaverse at the World Economic Forum (WEF). Speaking at the 54th annual WEF meeting, Li remarked that while Western nations may currently dominate AI development, their first-mover advantage isnt necessarily a guarantee of long-term success. As AI models become increasingly powerful and adaptable to smaller datasets, new opportunities emerge, Li said. Countries like India are prime candidates to capitalize on these developments.Year of AI innovationThe year 2023 witnessed a surge in AI innovation, prompting a global scramble for effective governance of the developing technology. Addressing the challenges associated with regulating and overseeing AI, Li acknowledged the rapid pace of technological advancement, stating, Everyones trying, but the speed is unlike anything weve encountered before. Were all struggling to keep up.Li emphasized the need for adaptable and flexible policies focused on core principles rather than rigid prescriptions. Excessive pre-determined regulations burden smaller businesses and stifle innovation, she explained.Recognizing the uncertainties surrounding AI and the need for robust governance frameworks, the WEFs Centre for the Fourth Industrial Revolution (C4IR) launched the AI Governance Alliance in June 2023.Li described the Alliances mission as demystifying AI for the public and fostering collaboration between practitioners and policymakers. Our goal is to design, develop, and deploy AI responsibly, with human well-being at the forefront, she elaborated.Impact of AIThe impact of AI on job markets remains a central concern. However, Li emphasized that AI isnt the first technological revolution to disrupt employment. The key lies in protecting the workforce, at the national level, she said. Identifying new roles and tasks arising from technology, ensuring it complements human capabilities rather than replaces them, is crucial.Indias young demographic and entrepreneurial spirit, with initiatives like the WEFs AI Governance Alliance, holds immense promise for the nations future in the rapidly evolving landscape of artificial intelligence.
