CII to set up Centre for AI; 40 leaders attend roundtable
The Confederation of Indian Industry (CII) has embarked on a mission to drive AI adoption across industries, aiming to elevate the global competitiveness of the Indian business landscape.
CII said it is establishing a Centre for AI, a decision that follows a “CEO Roundtable on AI Adoption” hosted on 20 Dec to delve into the evolving trends of AI solutions and their integration into businesses.
Speaking at the CEO roundtable, SAP Executive Board Member Thomas Saueressig underscored the transformative power of AI in various industries, drawing parallels to the internet’s transformative impact.
He emphasized AI and machine learning’s monumental impact on the job market, predicting a billion jobs influenced by AI technologies by 2031.
Speaking on AI responsibility, Saueressig informed, “SAP is developing AI responsibility because, in the end, especially in business, we need to avoid discrimination, racism, bias, and that’s true to our belief.”
The roundtable, attended by over 40 industry leaders, delved into visionary leadership in AI adoption, sharing best practices and success stories to enhance efficiency, customer experience, and innovation.
“In a world where experts have covered a multitude of topics, AI remains a focal point,” added Abhishek Singh, Additional Secretary, Ministry of Electronics and IT.
“AI has profound influence on our lives and businesses, underscoring the importance of processing vast volumes of data, a fundamental shift in operational paradigms,” said Singh who is also President & CEO, National e-Governance Division (NeGD), and MD & CEO, Digital India Corporation.
During his special address at the roundtable, Singh emphasized the transformative impact of AI.
Addressing the significance of India’s chairmanship of Global Partnership on Artificial Intelligence (GPAI), Singh emphasized the nation’s commitment to global leadership in AI.
He stressed the need for substantial investments in AI infrastructure and research to sustain global competitiveness.
Singh advocated for a regulatory framework that fosters innovation while ensuring user safety, outlining India’s unique approach.
Punit Renjen, Deputy Chairman, SAP Supervisory Board, noted that AI will fundamentally change the way business is conducted, leading to a substantial 30% to 40% improvement in productivity.
Renjen highlighted SAP’s recent release of a digital assistant for business, a natural language interface transforming user experiences. This innovation streamlines data interaction and information retrieval, driving transformative and exponential change.
Rajiv Memani, Vice President, CII, and Chairman – India Region, discussed AI’s global significance, extending beyond national borders.
Memani, also Chairman, Emerging Markets Committee, Ernst & Young LLP, underscored CII’s proactive engagement in global AI discussions, specifically through the presentation of recommendations at the B20 summit.
Within these recommendations, CII placed an emphasis on innovation, data governance and privacy, skills development, regulatory compliance, and sustainability etc, he noted.
Memani also shared that EY has recently tried to quantify the impact of AI on the overall economy, estimating that in the next seven years, if AI is rolled out properly, it could contribute US$1.2-US$1.5 trillion.
Memani expressed the hope that CII’s planned collaboration with the industry and other stakeholders would propel India’s AI adoption journey, fostering global competitiveness and transformation.
“Today’s roundtable signals a commitment to a transformative future,” he underlined.
“The adoption of AI in our industry is not just a choice; it’s a strategic imperative. It’s about positioning ourselves to thrive in an increasingly competitive and technologically advanced world,” elaborated Tarun Sawhney, Co-Chairman, CII Task Force on Bioenergy.
CII has been actively focusing on AI, recognizing it as another crucial pillar within its services framework aimed at enhancing the competitiveness of India’s industry, noted Sawhney, Vice Chairman & Managing Director, Triveni Engineering & Industries Limited.
Sawhney shared insights into CII’s dedicated efforts in the AI domain over the past few years, unveiling that an AI Centre for Excellence is being established by CII. Fiinews.com
