Mumbai, Sep 24 (IANS): The vision of Prime Minister Narendra Modi around frontier technologies like artificial intelligence (AI), semiconductors and quantum will propel the country towards becoming Viksit Bharat by 2047, Sandip Patel, MD, IBM India and South Asia, said on Tuesday.

Speaking to IANS on the sidelines of the tech company’s event in the financial capital, Patel said that the current investment momentum, coupled with friendly government policies, are testament to PM Modi’s determination to make India the global AI hub.

“India is already way ahead in adopting and using AI across businesses and if we can further skill the massive human capital in our country in AI, it will make us the AI capital of the world,” the top IBM India executive said.

During his just-concluded US visit, PM Modi met with the top technology and biosciences leaders, including Arvind Krishna, CEO of IBM, saying he was “committed to making India a global hub of semiconductor manufacturing” and a biotech powerhouse and India’s policy is “to promote AI for all, underpinned by its ethical and responsible use”.

According to Patel, in order to build safe and responsible AI, the industry needs to make sure that data and insights from AI are owned by its creators while keeping AI bias-free — both through regulation and how we are deploying it.

“We are continuing to innovate in India, for India and for the world, and will scale our growth trajectory in the country. We have been doing this for the last several quarters and will continue to do so,” Patel told IANS.

As India’s capital markets undergo a pivotal transformation, the role of AI in enhancing investment solutions has never been more important.

As the adoption of artificial intelligence (AI) and generative AI (GenAI) surges worldwide, India is set to play a pivotal role in its use to accelerate social and economic progress.

The Prime Minister has encouraged companies to take advantage of India's growth story for collaboration and innovation.

"They can co-develop, co-design, and co-produce in India for the world, harnessing the opportunities from India's economic and technological growth," he noted.