India Received $38 Bn Inflow Of FDI During the Pandemic: Amitabh Kant

Stressing upon artificial intelligence, the NITI Aayog CEO said it can help to add $957 billion to the Indian economy by 2035

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India has grown as a technology country and has the world’s second-largest startup ecosystem, Amitabh Kant, chief executive officer (CEO), NITI Aayog said on Tuesday.

NITI Aayog
Amitabh Kant, CEO of NITI Aayog

Talking about various government undertaken technology-related initiatives, he said these solutions will not only help the 1.3 billion population of the country but will help the next 4-5 billion population who will move over from poverty to the middle class.

Speaking at a session of the three-day TiE Global Summit (TGS), Kant claimed that while the world continued to reel under the ongoing COVID-19 pandemic, India witnessed a $38 billion inflow of foreign direct investment (FDI).

He said the government has taken up multiple measures such as Aadhaar, DBT, UPI, Aayushman Bharat, etc., to attract FDI and has pushed limits in innovation. Kant claimed that as India has skilled manpower along with unique problems, it can build a number of tech products and eventually become the tech garage for the world as the post-pandemic world will be the world of technology.

He said data culture, data economy and artificial intelligence (AI) is an evolving and fast-changing digital landscape.

Kant noted data protection is crucial and a framework to share data easily and reliably with control is required. He added data can be used for machine learning, AI, artificial learning, and data empowerment and further informed that the personal data bill is under scrutiny in Parliament. 

Stressing upon AI, he said that it can help to add $957 billion to the Indian economy by 2035.

On women entrepreneurship, Kant said the next big disruption in India will be led by women entrepreneurs. “To transform India, we need to give a huge fillip to women entrepreneurship,” he added.

He concluded his speech by asking Indian companies and family businesses to invest in the Indian ecosystem.