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Artificial intelligence (AI) has the potential to generate a multitude of positive outcomes, but like any other emerging and disruptive technology, it possesses a few risks, which need to be effectively managed through the implementation of appropriate risk management strategies and frameworks, experts said here on Thursday.

As AI takes centre-stage, fostering collaboration among industry, academia and the government can act as a catalyst to unlock the full potential of AI and drive digital transformation across various other sectors, besides telecom, to help India become a $5 trillion economy, experts said at the first-ever AI summit here.

AI can play a crucial role in advancing healthcare, smart cities, infrastructure, financial inclusivity, transportation, climate, gender equality and other key priority areas, said Aruna Sundararajan, Chairperson, Broadband India Forum (BIF), and former telecom secretary.

BIF, in collaboration with Bharat Exhibitions, organised its first AI summit in the capital, tilted “AI for Acceleration to a $5 Trillion Economy,” which was attended by more than 25 speakers from across the government and industry.

“This summit aims to look at emerging trends in the development of AI and the opportunities this pivotal technology holds for accelerating economic growth and development,” said Sundararajan.

Among the key themes that the conference addressed were issues around ethics and governance, “as the country prepares to harness this technology on a wider scale for enhancing productivity and efficiency”, she told the gathering.

AI has made significant inroads across all sectors, with acronyms such as Ethical AI, Generative AI, Secure AI, Responsible AI, and Trusted AI becoming household names. 

The deliberations at the event were aimed at assessing strategies to enable effective utilisation of AI-powered Blockchain technology and the critical role of AI-enabled 5G and 6G in the future.