The International Monetary Fund (IMF) has recently released it’s World Economic Outlook Update at the World Economic Forum at Davos, Switzerland. The update claims that in 2018 India’s economy will grow by 7.4% and it is expected to rise to 7.8% in 2019.
Undoubtedly, the youth of India are the real torchbearers of making the country among the world’s fastest-growing major economy. But the picture seems to reflect some dark sides to the facts.
It is estimated that half of India’s population is below age of 25 years, and another two-third is under the age of 35 years. According to some predictions, by 2027 India will foster the largest human resource in the world, wherein most of the population will fall in the 15 to 64 years of age group. Despite having a mob of young blood in the country, only 18% of Indians are efficiently skilled.
Bringing Artificial Intelligence (AI) into a bigger picture
Nearly 55% to 65% of Indian IT employees are on the verge of losing their jobs due to the advent of artificial intelligence (AI). This is due to the prompt working that AI provides which was otherwise tedious when done manually.
To bring about an IT reform for Indian accessibility in AI, Tech Mahindra has joined hands with AT&T and the Linux Foundation to empower an open source platform, known as Acumos.
Data led technologies
Data-driven technologies can also help building a productive tomorrow majorly for the under privileged people and women of India.
While there is a little doubt that AI may take away a lot of jobs from IT geeks but it will also encompass technologies that would help the potential new-age builders of the Indian economy. Be it lower costs incurred while making a transaction or encrypted data keeping the lending details updated through blockchain, data is going to reinforce a sense belief in the people regarding technology usage.
Cryptocurrencies blossoming age
The loopholes in Indian banking system upsurged the need of a new technology which can meet the demands of the residents. Thereby, cryptocurrencies is enjoying the preference in the market today.
Data protection remains most important
The data usage access of centralised data remains a challenge for the software companies. KS Prashant, managing director of IDeaS Revenue Solutions India, has pondered upon a many different data elements that may lead to misuse of data when data is centralised, especially when multiple companies are given the same access.