July 24, 2024

AI Can Add $15.7 Trillion to Global Economy, but Raises Privacy, Fairness Concerns: CAG Murmu

3 min read


Comptroller and Auditor Common Girish Chandra Murmu on Monday pressured on liable use of artificial intelligence, declaring although this emerging technological innovation has the possible to contribute $15.7 trillion (roughly Rs. 12,91,30,459 crore) to the worldwide financial state by 2030, it also raises concerns associated to privacy and fairness.

In his opening remarks at the SAI20 Senior Officials’ Meeting, the CAG also advocated the require for equilibrium in between small-time period growth and extended-time period sustainability of the blue overall economy, as the blue economy can make all the variation to world earth and sustenance thereon.

SAI20 has picked out two themes representing new-age opportunities and problems — blue financial system (sustainability facet) and dependable AI (rising systems) — and emphasised the want for gender balance in sustainable development in blue financial state and ideas underlying dependable and ethical use of AI.

As India holds the presidency of the G20, the Comptroller and Auditor Typical of India (CAG) is the chair for SAI20 — the engagement team of Supreme Audit Establishments (SAI) of the G20.

Recalling that the specialist belief in the not long ago held seminar organised by SAI India in Lucknow introduced out the insight that democratisation of AI technologies is unavoidable, Murmu claimed, “Currently we have reached a degree in which AI could contribute up to USD 15.7 trillion to the world-wide economy in 2030”.

He stated AI has the potential to lead socio-economic progress and it can be utilized to profit citizens and the place by targeted and timely intervention.

Healthcare, retail, finance, agriculture, foods, h2o means, surroundings and air pollution, education and learning, specific demands, transportation, electricity, public security, disaster administration and judiciary are a few of the parts that AI has the probable to fix.

“While AI features many possibilities, it also raises concerns similar to transparency and fairness.

“These challenges contain the effect of AI on privacy, bias and discrimination in AI units, and inadequate comprehension of AI algorithms by the normal community,” he claimed.

Murmu even further reported these complications are complicated and interconnected, highlighting the require for liable AI techniques, where the fairness of methods is ensured.

“The cornerstone of accountable AI is ethics. Ethics focussed on protection and trustworthiness, inclusivity and non-discrimination, equality, privateness and security, defense and reinforcement of favourable human values,” he additional.

When conveying the criticality of the priority place, blue economic climate, CAG stated that it is an economic method that encompasses a spectrum of policy and operational dimensions aimed at conserving marine and freshwater environments when selling their sustainable use, developing meals and power, supporting livelihoods, and acting as a driver for economic development and welfare.

Murmu emphasised that the Supreme Audit Institutions had an option to ensure that the journey of discovering the oceanic resources does not adhere to the exact same path as exploitation of land by careful evaluation of administration and regulation of corporations functioning in the sector, with an emphasis on advertising sustainable methods that will profit the two latest and upcoming generations.

CAG discussed that the unplanned and unregulated advancement in the coastal locations necessary to be highlighted in audit, and at the very same time governments experienced to be shown with proof the value of making sure that the livelihoods of the folks dwelling in these locations do not get affected adversely.

SAIs from India, Australia, Brazil, Egypt, Indonesia, South Korea, Oman, Russia, Saudi Arabia, Turkiye and UAE are taking part in the three-day event. Two associates of Planet Financial institution are also attending the event.

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