According to a recent report by NASSCOM, artificial Intelligence (AI) and data could add $450-$500 billion to India’s gross domestic product (GDP) by 2025 and in turn aid India’s economic growth and recovery.

NASSCOM’s action plan recommends focusing on five key areas including strategy, data, technology stack, talent and execution which was reviewed by industry leaders and was also presented to Prime Minister Narendra Modi.

According to the report, if India acts quickly, it can become a leader in building a holistic data utilisation and AI effort, especially as countries emerge from the pandemic and global economic slowdown.

Further, the report suggests three key interventions to create a vibrant data economy in India. This includes identifying datasets of national importance with each ministry with specific use cases, launching a program to create a marketplace of data and derived assets, and establishing a central agency for defining and enforcing data standards. It recommends focusing on building a vibrant data economy by developing high quality datasets, data governance standards and data marketplace and strengthening capabilities which could position India as a global hub, enabling investment, jobs and innovation.

The report also highlighted the importance of building an AI innovation ecosystem and to seek greater participation from the private sector and entrepreneurs