India aspires to be a developed nation by 2047 with the country’s GDP growing from $3.4 trillion to $30 trillion by 2047. While speaking at Cypher 2024– India’s largest AI conference– hosted by AIM Media House– Ronnie Screwvala co-founder upGrad & Swades Foundation, shared his thoughts on how AI can play an important role in achieving the Indian government’s Viksit Bharat @2047 vision.
“If I were to sum it up, 1.3 billion people will play a vital role in shaping the nation we aspire to be by 2047. This vision is rooted in ambition and aspiration. This is where I believe the democratization of AI can make a significant impact—not just from a technological standpoint, but also in how we connect with others and inspire the younger generation. For me, AI is a powerful tool that can transform aspirations and ambitions, and its effects will be felt everywhere,” Screwvala said.
Moreover, he further emphasized the importance of seeing AI as an augmentation tool. “At UpGrad, we don’t see AI as a threat; instead, we view it as a powerful tool for maximizing intellectual property creation. The content we create is as vital as the algorithms driving it. Instead of viewing AI as a threat, we should embrace it as a tool that enhances our capabilities.”
In the insightful discussion with Srikanth Iyengar, CEO at upGrad Enterprise, Screwvala also adds that the best path to becoming one of the world’s top economies is to become the intellectual capital of the world.
“Uplifting ourselves and setting benchmarks is crucial. While the government aims for us to be the AI capital, the current challenge remains job creation. It can seem contradictory to promote AI, as it may replace jobs, yet this vision is essential for conveying that we will create new opportunities,” he added.
AI is a Slow and Steady Race
He also believes that AI is a slow and steady race. He emphasizes that whenever a new technology arrives, it’s accompanied by hype, followed by an acknowledgement of the challenges it presents, much like what we saw with the World Wide Web. Over time, things stabilize, and true resilience emerges.
“Today, I believe we’re in the early stages of AI adoption, especially in India. It’s crucial to understand that we can’t simply benchmark ourselves against the US, given the unique dynamics of our ecosystem, market, and workforce. Using AI as both a tool and a career path presents various opportunities and challenges.
It’s essential to recognize that not all early startups will succeed. Maturity takes time, and sometimes being second is just as valuable as being first. History shows us that enduring technologies often prevail. As we navigate the rapid changes brought by AI, let’s remember to slow down and think strategically,” he said.
Impact Investment in AI
Screwvala, who has also made significant investments in many companies through his venture firm Unilazer Ventures, believes India is a country where impact and profit go hand in hand, creating immense opportunities for growth.
“I’m excited to be actively involved in businesses that embody this combination. At this stage, if I were only focused on impact, I might consider a nonprofit approach, but I see that pursuing profit can amplify impact tenfold. When you limit yourself to low-profit ventures, you often rely on external funding and resources, which can be constraining,” he said.
Taking India’s telecom sector as an example, Screwvala said that the country boasts some of the lowest data prices in the world. However, a decade ago, bandwidth limitations hindered business launches.
“But we’ve broken that barrier. Today, top market-cap companies in India exemplify the balance between profitability and impact. I encourage everyone to pursue this dual approach, as it’s the key to building substantial value and sustainable profits.”
