He also called for the regulation of AI while dismissing fears that it would replace humans, at the second ET Conversations in Mumbai on Friday that was attended by thought leaders, business chieftains and policymakers.
The country has all the ingredients needed to capitalise on the opportunity that will be thrown up by AI thanks to the digital infrastructure that’s in place and software capabilities developed over the years, he said. “India has one of the largest digital ecosystems,” said Huang in his conversation with ET’s Sruthijith KK. “It is an opportunity to reinvent from being the back office of the world, to becoming the front office. From being a cost-reduction centre, to an AI-driven ecosystem.”
Nvidia’s valuation has skyrocketed as its graphics processing unit (GPU) chips, with their vast computing capacity, have become a critical element of the artificial intelligence (AI) surge that’s powering all aspects of the global economy.
Huang elaborated on the evolution that the Indian IT industry has to undergo. “(From) an industry of cost reduction to an industry of innovation. An industry of labour to an industry of invention. An industry that can only make money when you spend hours—to an industry that can make money when you’re sleeping,” he said. “That’s the industry that I’m certain India will become.”
The Nvidia boss said his visit to India has been highly encouraging.
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“I came not expecting anything, but I leave with incredible enthusiasm and optimism that across the entire IT industry here, all of the technology companies here, the CEOs that I met, (there is a) determination to reinvent the IT industry, to take advantage of this generational opportunity, the once-in-a-lifetime opportunity to reinvent, to take advantage of that,” Huang said.The Indian IT industry is estimated to be worth more than $250 billion and employs more than five million people. While it has propelled the nation to its current status as one of the world’s biggest exporters of software services, recent developments in the field of AI are threatening this business model. But Huang is of the view that Indian tech companies are working hard to remain relevant.
While the possibilities opened up by AI are set to improve productivity and help achieve tasks that were previously considered impossible, the potential ability to disrupt society is feared as lack of control over it could harm societies.
“We should regulate AI in the context of every application,” said Huang. “When you use artificial intelligence as an accountant, that accountant should be regulated. When you use artificial intelligence as a lawyer, that lawyer should be regulated. When you use artificial intelligence as a doctor, that doctor should be regulated. AI should be regulated in the context of its use.”
Huang however dismissed the panic over AI replacing humans and said it could only improve productivity.
“AI is not going to replace humans anytime soon,’’ Huang said. “There’s not one piece of artificial intelligence that can replace 100% of someone. But it is the case that everyone can take advantage of artificial intelligence to elevate our capabilities. So, think of it as a tool that elevates our abilities to make us all superhuman.”
India should exploit the advantages it has by way of data wealth and build the necessary infrastructure for AI.
“The natural resource of your country is the data, not just the land,’’ Huang said. “The data of India belongs to India. It’s your natural resource. The data of India encodes the knowledge of your people. The AI factories are part of your national infrastructure, just like energy, just as roads, communications. All of those networks should be built here and should be part of the national infrastructure.’’
He pointed to the high possibility that India’s agricultural economy will benefit from AI.
“The vast majority of the country is in the industry of agriculture,” Huang said. “And if we could put AI in the hands of farmers, so that the understanding, the capability of precision pest control, pest management, the use of AI to enhance crop yield and make better predictions of the weather and the yield of crops, could lift the productivity of the people.’’
Kotak Mahindra Bank’s experience showed that use of AI enhances efficiency and it would not reduce jobs, said Shanti Ekambaram, deputy managing director at the lender.
The Indian AI market is estimated to double in the next few years from about $6.4 billion now
