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An artificial intelligence (AI)-driven economy is poised to dominate global affairs in the coming years. According to BCG and Nasscom, the Indian AI market is currently valued at approximately $6.26 billion in 2024 and will grow to $17 billion by 2027 at a compound annual growth rate (CAGR) of 25-35 percent. It is expected that this will happen.
As India’s AI companies and consumer market grow, global technology giants are increasingly looking to invest in and collaborate with Indian companies and governments. During Nvidia AI Summit 2024, Nvidia co-founder and CEO Jensen Huang announced a strategic partnership with Reliance Industries to build AI infrastructure in India. The announcement was made during a fireside conversation between Hwang and Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
Emphasizing the importance of deep technologies such as AI, Ambani said, “We are a new, ambitious India.” He emphasized that India’s demographic advantage, with a population of 1.4 billion and an average age of less than 35 years, is the driving force behind economic growth. Beyond technology, the aspirations of these young people are shaping India’s future. He also praised the Indian government’s digital policies for transforming the country into an advanced digital society and accelerating development on the ground.
Pointing out that India’s talent pool is rapidly expanding, Ambani said, “We have trained 200,000 people in AI so far, and millions more are ready to join this effort.” ” He also highlighted India’s growing role as a global hub for research and innovation across industries such as space, pharmaceuticals, energy innovation, and chip manufacturing, and expressed Nvidia’s future interest in India’s semiconductor ecosystem. suggested. Currently, 19 percent of the world’s chip designers are based in India, many of whom work for global tech giants.
Ambani pointed out that India currently boasts world-class digital infrastructure, including 4G, 5G and broadband networks. He highlighted how Reliance’s telecom arm, Jio, has contributed to transforming India’s position in the global digital ecosystem.
“We took India from 158th place to 1st place in the world in just eight years. Today, Jio is the world’s largest data company, offering as much data as AT&T, Verizon, and T-Mobile combined. This year alone, Jio delivered 16 exabytes of data.
He also highlighted that India’s data costs are among the lowest in the world.
“In the US, data costs around USD 5 per GB, while globally it costs around USD 35 per GB. In India, Jio is offering data for just 15 cents per GB,” Ambani said. According to the report, these technological advances create value for Indian consumers worth US$500 billion to US$700 billion annually.
To attract further AI investment, Ambani emphasized the importance of infrastructure to process data. He announced that Reliance is building 1 gigawatt of AI infrastructure in Jamnagar, which will be powered entirely by green energy and has the potential to expand to multiple gigawatts.
Looking back on his interactions with Indian Prime Minister Narendra Modi, Mr. Huang shared the following anecdote: “Six years ago, Prime Minister Modi invited me to give a cabinet speech on AI, making me the first national leader to make such a request. He said to me, ‘This is what India should do.'” “You shouldn’t export data to import information. You shouldn’t export flour to import bread.” India has exported software, and in the future it will also export AI. ”
At the summit, Nvidia also announced Nemotron-4-Mini-Hindi-4B, a lightweight AI model with Hindi support. Huang highlighted India’s dual advantages of a rich talent pool and the world’s largest AI consumer market. This model can be deployed on any Nvidia GPU acceleration system for optimal performance.
Tech Mahindra was announced as the first company to take advantage of this AI model, developing a new solution called Indus 2.0 that focuses on Hindi and its many dialects, building on India’s influence in localized AI development. It shows an increase.
