E-Paper
India will benefit from data resource, says Mukesh Ambani, pitches for new regulation on data protection
“In the past, nations have competed on physical capital, financial capital, human capital and intellectual capital. But, in the coming decades… nations will increasingly compete on digital capital,” Mukesh Ambani said.
Reliance Industries Limited (RIL) chairman Mukesh Ambani on Monday said India has a unique advantage to harness enormous digital capital for Artificial Intelligence (AI)-driven development that is “bottom-up and inclusive”. Ambani was addressing the Responsible AI for Social Empowerment (RAISE) 2020 summit. He also pitched for the government framing new regulation to protect data and ensure data privacy, saying nations will increasingly compete on digital capital in the coming decades.
“In the past, nations have competed on physical capital, financial capital, human capital and intellectual capital. But, in the coming decades… nations will increasingly compete on digital capital,” he said.
Citing India’s global lead in mobile data consumption; initiatives like BharatNet, Make in India programme, he said the country had all crucial elements in place to position itself as a ‘Premier Digital Society’.
“Together, our economy and society will generate data at an explosive and exponential rate,” he said terming data the raw material for AI.
“We are confident that the government will introduce a sound data regulation framework to protect this national resource and ensure data privacy,” Ambani said.
“When 1.3 billion Indians are digitally empowered, they will unleash a proliferation of new digital enterprises that will create faster economic growth, greater prosperity, high quality employment opportunities, and better standards of living … across all sections of our society,” he said.
(With PTI inputs)
