India’s digital capital will give it an advantage over peers, says Mukesh Ambani

Mukesh Ambani Photo: Reuters.

Reliance Industries Ltd (RIL) chairman Mukesh Ambani on Monday said data is a vital national resource that will act as raw material for artificial intelligence (AI)-led development. He said India will have an advantage over its peers in the future due to its enormous digital capital.

“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 at the Raise (Responsible AI for Social Empowerment) 2020 Summit.

He said AI is indispensable to India’s tryst with digital destiny, expressing confidence that the Centre would introduce a regulatory framework for data protection and privacy.

“We are confident that the government will introduce some data regulation framework to protect this national resource and ensure data privacy,” Ambani said at the five-day summit inaugurated by Prime Minister Narendra Modi.

Ambani said India’s digital capital will enable faster economic growth, make small businesses Atmanirbhar (self-reliant), modernize agriculture and multiply farm incomes, and create an ecosystem for affordable healthcare and education.

Ambani’s remarks on AI-driven digitization chimes with the aim of RIL arm Jio Platforms Ltd to connect billions of Indians through internet and data-based services.

Ambani through Reliance Jio Infocomm Ltd, India’s largest telecom operator by market share and a subsidiary of Jio Platforms, wants to make India ‘2G mukt’ or 2G free.

The telco plans to sign up more 4G customers with cheaper postpaid tariff schemes, connect users via fixed-line broadband services in tier 2 and 3 towns and roll out 5G network that will not only link people but also have devices and applications connected.

Ambani’s digital plans are strengthened by Jio Platforms raising ₹1.52 trillion from global investors such as Google and Facebook in less than four months.

Proceeds from the stake sales in Jio Platforms will be partly used to realize the company’s 5G goals.

“India has delivered 4G broadband coverage… We have gone from 155th in the world to No. 1 in mobile data consumption. With 5G around the corner, India will maintain its leadership position,” Ambani said.

Raise 2020 is a global virtual summit on AI. It aims to kick-start discussion on the creation of robust AI-powered public infrastructure that will benefit people in India as well across the world.

So far, Raise has had over 60,000 participants from 139 countries in an AI innovation contest, said Amitabh Kant, chief executive, NITI Aayog, a policy think tank for the Centre. Kant also attended the virtual summit.

The AI innovation contest titled Atmanirbhar Bharat invited solutions in areas such as healthcare, education, agriculture, smart mobility and natural language processing. The top 15 AI solutions have been selected by a jury, and will be awarded ₹2 million each.

The contest was organized during 14-29 September in the run-up to the main event.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.