AI, ML will contribute $1 trillion to Indian economy by 2035: Piyush Goyal

Commerce and Industry & Railways Minister Piyush Goyal was at an event yesterday in New Delhi to inaugurate the National Stock Exchange (NSE) Knowledge Hub, an Artificial Intelligence (AI) powered learning ecosystem that will assist the banking, financial services, and insurance (BFSI) sector.

Speaking on this occasion Commerce & Industry Minister said that although India is recognized as the second-largest fintech hub in the world, a lot of work still needs to be done in the BFSI sector. He hoped that the Knowledge Hub created by NSE will fill in these gaps and help the financial sector to move into the future.

The NSE Knowledge Hub is expected to enhance skills and help academic institutions in preparing future-ready talent for the financial service industry. It is also available on mobile and attempts to bring together world-class content and learners through this state- of- the- art and future-ready platform.

Commerce and Industry Minister said that this industry-driven learning ecosystem will help India in building next-generation skills and capabilities in the BFSI sector. He believes that the use of AI will ensure that the skill up-gradation is affordable and accessible and helps in the creation of a workforce that is adequate for the requirements of the sector.

Minister Goyal also said that AI and Machine Learning will contribute USD 1 trillion by 2035 and this is a good beginning by NSE to tap the potential of AI and use it as a tool to create a workforce in the BFSI sector in India added the Minister.

Commerce and Industry Minister assured continued Government support to investors and startups and said that India is a safe investment destination today for investors, even the smallest of investors and this Knowledge Hub by NSE will strengthen and empower those working in the BFSI sector and will benefit investors and the financial services to give world-class services through knowledge, innovation and value- addition.