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Artificial intelligence technologies could increase global GDP by $15.7 trillion, a full 14%, by 2030.”That includes advances of $7 trillion in China, $3.7 trillion in North America, $1.8 trillion in Northern Europe, $1.2 trillion for Africa and Oceania, $0.9 trillion in the rest of Asia outside of China, $0.7 trillion in Southern Europe, and $0.5 trillion in Latin America. China is making rapid strides because it has set a national goal of investing $150 billion in Artificial Intelligence and becoming the global leader in this area by 2030 said Caj L. Soderlund in a seminar on Artificial Intelligence and the Society, organized by Indian Institute of Finance, Greater Noida on 18 February 2019 at institute’s campus. Dr. Caj L. Soderlund, Former adviser to the Ministry of Foreign Affairs on Nordic Affairs of Finland.

Other speakers in the seminar were Dr. Prabhat Kumar, Advocate and Consultant (Corporate Affairs), Delhi, and former commissioner of Central Excise and Customs and also author of a book on Artificial Intelligence, Prof Asoke K. Laha, President and CEO, Interra Information Technologies, Inc., San Jose, CA, USA. Prof. Manju Agarwal, Professor of Economics and Dean (Academics, MDP & Training), Indian Institute of Finance chaired the Seminar. A book titled “Artificial Intelligence (AI): Reshaping Life and Business” by Dr. Prabhat Kumar (IRS) was also released on the occasion. The 125th issue of Finance India – Quarterly Journal of Finance, Vol. XXXII No. 4, December, 2018 was presented to the speakers by Prof. J.D. Agarwal, Chairman, Indian Institute of Finance after the seminar. The seminar was attended by a large audience of students, researchers, company executives and academicians.

Dr. Caj L. Soderlund, said Artificial Intelligence is a technology that is transforming every walk of life. It is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and use the resulting insights to improve decision-making. It is already changing the world and raising important questions for society, the economy, and governance. Artificial Intelligence applications are used in finance, national security, health care, criminal justice, transportation, and smart cities, and address issues such as data access problems, algorithmic bias, Artificial Intelligence ethics and transparency, and legal liability for Artificial Intelligence decisions. Robotics and artificial intelligence are increasingly entering our daily lives: from domestic assistants that help us to program the appliances or adjust the heating, to drones that help farmers in the control of pests said Dr. Soderlund

Speaking in the seminar Dr. Prabhat Kumar said, Artificial Intelligence is the next generation technology ready to disrupt different sectors of the economy. It provides the next level opportunity for the countries to raise their productivity, economic growth and compete in the international market place. Governments too are looking at the new technology as a panacea for solving problems of the people. Businesses want to solve many unsolved problems of life, such as decoding genetics and brain power.

According to Dr. Prabhat Kumar, startups in finance, e-commerce, healthcare, HR management, fashion, law and even agriculture, which are disrupting the conventional models of businesses have also successfully used Artificial Intelligence, machine learning etc. for instant credit score, loan approval, detecting cyber frauds and smart trading in stocks. Artificial Intelligence, contrary to the common belief offers new job opportunities and is not a destroyer of jobs.

However, he cautioned that Artificial Intelligence can be misused by the authoritarian governments for keeping a watch on their citizens’ activities or if autonomy is deployed in military hardware.

Prof. Asoke K. Laha, while addressing the audience said Artificial Intelligence is the best solution to perform routine tasks / procedures while humans would focus on more challenging and creative work. According to him, Artificial Intelligence can be considered as next industrial revolution which will give human work force more important works to do which are not of regular and repetitive nature.