AI-Powered Opportunities: The Benefits And Concerns Ahead

Murmu stressed that the potential of AI to contribute an estimated USD 15,700 billion to the global economy by 2030 needs to be harnessed responsibly. Moreover, it is critical to guarantee fairness and equity and address privacy concerns when using AI.

Murmu, addressing the gathering of SAI-20 senior officials, urged achieving equilibrium between consolidated growth and marine economic sustainability. He underlined the importance of balancing short-term and long-term progress to create a robust maritime economy.

The SAI-20 has two themes: Blue Economy and Responsible Artificial Intelligence (AI). Those themes demonstrate an understanding of the opportunities and challenges posed by the dawning of a new era.

The CAG of India leads the ‘SAI-20’, formed by member countries of the G20 during India’s chairmanship. This grouping consists of Supreme Accounting Institutions (SAIs) from each country.

Murmu says:

“Today we have reached a stage where AI can contribute up to $15,700 billion to the global economy in 2030.”

AI can be a major factor in bringing succeeding socio-economic growth and advancement for our nation, as well as its citizens. By deploying it appropriately, it can be beneficial to all.

Murmu went on to say:

“Artificial intelligence offers many opportunities but it also raises concerns related to transparency and fairness,”

The public’s lack of understanding of AI and concerns regarding privacy, bias, and discrimination in AI systems have posed difficult challenges for society. These sensitive issues have an undeniable impact on the everyday lives of citizens around the world.

The complexity of these issues and their interrelation necessitate the responsible utilization of AI to ensure the fairness of any solutions developed. The Auditor General highlighted this fact.

The three-day event is being attended by representatives from SAI and the World Bank from India, Australia, Brazil, Egypt, Indonesia, Oman, South Korea, Russia, Saudi Arabia, Turkey, and UAE, apart from India.

AI-powered technologies offer immense opportunities for innovation and progress, but it is important to approach them with caution and responsibility. By balancing the benefits and concerns of AI and working towards responsible implementation, we can harness the power of these technologies to improve our lives and advance our societies.

Source: BLiTZ Newspaper

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