India leading efforts to democratize AI for developing nations: IMF

IMF Managing Director Kristalina Georgieva praised India's leadership in democratizing AI for the developing world. She highlighted the nation's success in poverty reduction and its unique youth demographic, a contrast to its ageing neighbours.

IMF Managing Director Kristalina Georgieva stated that India is leading global efforts to make artificial intelligence accessible to developing nations. Speaking at the Asia in 2050 Conference, Georgieva highlighted India's role in the global technology landscape. She noted that the country is not just advancing its own interests but is helping others.

India Lauded for AI Leadership and Development

"India is paving the way to democratizing AI, not just for India, but broadly for the developing world," she said. Georgieva also noted that India has seen significant success in reducing poverty and creating employment opportunities over recent decades.

"Jobs and poverty reduction that especially when we look at China and India, is so incredibly impressive," she highlighted.

Demographic Advantage and Future Economic Focus

Regarding future population trends, the Managing Director pointed out that India remains in a unique position compared to its ageing neighbours. She noted that India will continue to see an increase in its youth population.

"In contrast, India, Bangladesh, some of the ASEAN countries, they will still have rising young population." She also highlighted that because of these demographics, India's economic strategy must remain focused on providing opportunities for its newest workers.

"Some must focus on labour force participation, others on job creation." "The force of technology and ageing will come together to put more people in service sector jobs ranging from AI-enhanced professions to old age care," she added.

Asia's Global Economic Role and Key Challenges

She also mentioned Asia's contribution as a whole in world trade. "Asia generates two-thirds of global growth and accounts for almost 40 % of world trade," she said.

"No longer it is possible to talk about the future of the global economy without talking about Asia," she added.

However, she also talked about some of the challenges that the Asian economy faces today. "One, lifting productivity and competitiveness by harnessing AI. Two, managing labour market pressures and three, building resilience and preserving trade as an engine for growth through regional integration," she highlighted. (ANI)

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