India Invests $3.24 Billion In AI, Ahead of Germany, Canada And Australia
India became the 5th highest AI investor in the world, making 2,65,55,040 crore investments in AI-based startups in 2022. India outperformed several countries.
With a total investment of $3.24 billion, India earned the fifth-highest amount of funding globally for businesses using AI in 2022.
India was ranked last, trailing the US, China, the UK, and Israel, and ahead of countries like South Korea, Germany, Canada, and Australia.
India earned $7.73 billion in funding for AI startups between 2013 and 2022, placing it sixth globally, with approximately 40% of that money coming in the previous year.
Given the enormous interest in generative AI products and OpenAI’s ChatGPT, experts anticipate VC financing to pick up speed in the upcoming quarters despite a global fall in AI investments since 2021 due to economic conditions.
According to VC analytics company Tracxn, investments in AI startups in India jumped from $1.7 billion in 2020 to $5.2 billion in 2022.
While businesses like GupShup and Exotel have unveiled chatbot building platforms driven by OpenAI’s GPT models, a number of Indian companies, including Flipkart and MakeMyTrip, are investigating the usage of generative AI models.
But some experts point out that the financial benefits of developing fundamental AI models are unpredictable and expensive.
Additionally, many AI firms still lack a viable business plan. Despite this, the Stanford report observed that for the first time last year, academics from Canada, Germany, and India assisted in the creation of large language models (LLMs).
Other countries should also invest in AI as it has the potential to revolutionize industries, increase efficiency and productivity, and drive economic growth.
Artificial intelligence can also help solve complex problems in fields such as healthcare and climate change.
Investing in AI can help countries remain competitive in the global market and ensure they are not left behind in the technological revolution.