USIBC Launches New Initiative To Align US, India Leadership In AI

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SUMMARY

This initiative is built on the Chamber's AI principles and its support for the OECD’s AI recommendations

Earlier in 2023, India and the US governments signed a pact to connect both countries’ startup ecosystems, particularly in critical and emerging technologies (CET)

India currently boasts over 70 generative AI startups. These startups have collectively secured more than $440 Mn in funding between 2019 and the third quarter of 2023

The US-India Business Council (USIBC) has rolled out artificial intelligence task force (AI-TF) with an aim to align the leadership of India and the US in the realm of artificial intelligence.

As per Moneycontrol’s report, USIBC said that the AI-TF will propel AI concepts, drive the multistakeholder processes, and foster AI technology development and commercialisation.

Atul Keshap, president of USIBC, underscored the transformative potential of the AI-TF, aiming to leverage AI’s vast capabilities to enhance competitiveness in both US and Indian economies.

Keshap said, “The AI-TF is a game changer, especially needed amid the rapidly evolving landscape of artificial intelligence. Through this initiative, we seek to harness the immense potential of AI, propelling competitiveness in both US and Indian economies and our citizen-led societies.”

It’s pertinent to note that the USIBC, representing numerous global corporations across the US, India, and the Indo-Pacific region, plays a crucial role in advancing key policy objectives through its main offices in Washington, DC and New Delhi.

Earlier in 2023, India and the US governments signed a pact to connect both countries’ startup ecosystems, particularly in critical and emerging technologies (CET).

India has signed the memorandum of understanding (MoU) with the US on “Enhancing Innovation Ecosystems through an Innovation Handshake” in San Francisco.

The idea behind the MoU is to address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising and promote innovation and job growth, particularly in critical and emerging technologies, the Indian government said in a statement.

The pact also underlines a joint commitment to fortify the startup ecosystem in deep tech sectors and promote cooperation in CET.

Under the initiative, both countries will explore a range of India-US joint events, including hackathons and “Open Innovation” programs, information sharing and other activities.

India is currently at the forefront of this global technology shift. Moreover, GenAI adoption does not pose much difficulty as popular tools like ChatGPT (OpenAI) and BARD (a GenAI chatbot from Google) can easily perform complex machine learning operations.

According to Inc42’s latest report titled India’s Generative AI Startup Landscape, 2023, the country’s GenAI market will be growing exponentially in the next few years. It is projected to surpass $17 Bn by 2030 from $1.1 Bn in 2023, growing at a CAGR of 48%.

India currently boasts over 70 generative AI startups. These startups have collectively secured more than $440 Mn in funding between 2019 and the third quarter of 2023.

This meteoric rise is attributed to the innovative prowess of India’s GenAI startups, with one in every three focussing on the code and data segment, laying the foundation for AI-driven solutions.