indian entrepreneurs ai michael spence: Indian entrepreneurs to find newer, innovative uses for AI: Nobel Laureate Michael Spence

With big changes emerging on the global front, India, he said, is likely to be one of the bright lights in the global economy in the years to come.

India, he said, had a burgeoning entrepreneurial ecosystem, which has been empowered by its biometric identification system (Aadhar), one of the lowest data rates in the world, and a digital economy architecture under the UPI system. “The open model with UPI will likely be replicated by economies around the world,” he added.

Spence, who is an economics professor at the NYU Stern School of Business, had praised the UPI earlier this week as well at a lecture, when he said the country has successfully developed by far the best digital economy and finance architecture in the world, which was open, competitive, and delivered services of an inclusive kind.

Speaking about the major risks in AI on Thursday, he said there were copyright and data privacy issues, as well as the chance that systems would be flooded with rubbish, making it difficult for users to access real content. “There is also a risk associated with using AI in national security and warfare. Countries, I think, will need to make a treaty agreeing not to use fully automated, no-human connection weapons, much like nuclear treaties,” he added.

Another issue with AI in systems like ChatGPT, he said, was the risk that people would get into the habit of outsourcing thinking itself. “We can see a future where school students could easily get a B+ without having to apply themselves,” he said.

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The risks, however, he added, did not outweigh the benefits. “AI, for now, has a significant role in accelerating training in specific skills, areas like energy transition, and energy efficiency,” he said.

With big changes emerging on the global front, India, he said, is likely to be one of the bright lights in the global economy in the years to come.

India, he said, had a burgeoning entrepreneurial ecosystem, which has been empowered by its biometric identification system (Aadhar), one of the lowest data rates in the world, and a digital economy architecture under the UPI system. “The open model with UPI will likely be replicated by economies around the world,” he added.

Spence, who is an economics professor at the NYU Stern School of Business, had praised the UPI earlier this week as well at a lecture, when he said the country has successfully developed by far the best digital economy and finance architecture in the world, which was open, competitive, and delivered services of an inclusive kind.

Speaking about the major risks in AI on Thursday, he said there were copyright and data privacy issues, as well as the chance that systems would be flooded with rubbish, making it difficult for users to access real content. “There is also a risk associated with using AI in national security and warfare. Countries, I think, will need to make a treaty agreeing not to use fully automated, no-human connection weapons, much like nuclear treaties,” he added.

Another issue with AI in systems like ChatGPT, he said, was the risk that people would get into the habit of outsourcing thinking itself. “We can see a future where school students could easily get a B+ without having to apply themselves,” he said.

Discover the stories of your interest

The risks, however, he added, did not outweigh the benefits. “AI, for now, has a significant role in accelerating training in specific skills, areas like energy transition, and energy efficiency,” he said.