India is emerging as one of the world’s major forces in artificial intelligence (AI), supported by strong reforms, digital public infrastructure, and a skilled technology workforce, said Kristalina Georgieva, Managing Director of the International Monetary Fund, at the World Economic Forum in Davos.
The IMF MD pointed to India’s rapidly built digital public infrastructure and deep pool of IT-skilled labor as major strengths, NDTV Profit reported.
Georgieva said the IMF holds India in high regard for the pace and quality of its recent economic reforms.
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When asked about comments by Union Electronics and Information Technology Minister Ashwini Vaishnaw, Georgieva said that the Fund believes India’s prospects in AI are “remarkable”.
Vaishnaw had recently pushed back strongly against remarks by Georgieva that India is in a “second grouping” of AI powers. Vaishnaw cited a Stanford assessment that showed India ranked third globally on AI preparedness.
Georgieva noted that the IMF’s assessment showed AI could boost global growth by up to 0.8 percentage points and that dynamic economies like India stand to gain even more.
“India is a very dynamic economy already, and with AI, it would be even more so,” Georgieva said, praising India’s approach to staying competitive while charting its own path on AI development.
She confirmed her travel plans to India next month for the AI summit, saying she was “very, very excited” about the visit and described India as “a bright spot on a somewhat cloudy global economic horizon”.
She cautioned that globally, expectations from AI are very high, which could cause downturns if they fail to materialize. Georgieva said that in such an environment, countries must focus on strong economic fundamentals, adding that India’s policy focus in this regard is admirable.
