AI can reshape socio-economic landscape of nations: Kumar Mangalam Birla

Emphasising the need to leverage Artificial Intelligence (AI) in businesses and for policy developments, Aditya Birla Group Chairman Kumar Mangalam Birla on Thursday said that interconnections with AI could prove to be a lever in re-imagining India.

'AI now seems to be poised to be the next frontier for both corporations and nations. We are still scratching the surface on what it means for business and for the nation. The process of unlocking the full power of AI is probably going to be the most fascinating evolution of the coming decade,' said Birla.

He emphasised the need to build on AI and use its potential for enhancing healthcare, agriculture, education, and other segments.

'AI can fundamentally reshape the socio-economic landscape of nations... the faster we embrace AI, the sooner we open the doors to a re-imagined India.'

Addressing the Bombay Chartered Accountants’ Society’s summit in Mumbai, he said, 'Imagine AI-powered audits where the biggest challenge for you (CAs) is not balancing the books but convincing the AI that every single coffee purchase was indeed a necessary business expense. Maybe in the future, one of the more important skills for us will be to negotiate tax deductions with an AI.'

Birla also commended India’s work towards digitisation in fields of payments, data management, and commerce, amongst others.

For India’s leap in the future, Birla coined the acronym SWADES, where the focus is on sustainability, women empowerment, AI, digitisation, entrepreneurship and synergy between government, regulators, businesses and public.

Advocating for more women participation in the workforce, Birla said that 'India deserved this double engine for growth'.

Further, he reiterated India's growth story through the rising aspirational middle class in the country.

'This is India’s moment. This decade, we are poised to grow at 7 per cent annually on average. Even a conservative 6 per cent growth here on will take our GDP to $26 trillion in 25 years, making India the third-largest economy of the world. The run-up from now to then will be transformational—incomes are rising, pulling millions out of poverty into an aspirational middle class that will serve as an engine of household consumption,' he added.