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 Basic Girish Chandra Murmu on Monday pressured on accountable use of artificial intelligence, stating whilst this rising technology has the probable to add $15.7 trillion (around Rs. 12,91,30,459 crore) to the worldwide economic climate by 2030, it also raises worries similar to privacy and fairness.

In his opening remarks at the SAI20 Senior Officials’ Meeting, the CAG also advocated the require for harmony in between brief-time period development and lengthy-time period sustainability of the blue financial system, as the blue financial state can make all the variance to earth earth and sustenance thereon.

SAI20 has picked two themes symbolizing new-age prospects and considerations — blue financial system (sustainability facet) and liable AI (rising systems) — and emphasised the need to have for gender balance in sustainable development in blue overall economy and rules fundamental responsible and moral 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 qualified belief in the a short while ago held seminar organised by SAI India in Lucknow introduced out the perception that democratisation of AI technologies is unavoidable, Murmu explained, “Nowadays we have achieved a amount where by AI could lead up to USD 15.7 trillion to the world wide economic climate in 2030”.

He said AI has the possible to lead socio-financial growth and it can be used to advantage citizens and the region through targeted and well timed intervention.

Healthcare, retail, finance, agriculture, foodstuff, h2o methods, atmosphere and pollution, education and learning, specific requirements, transportation, energy, public protection, catastrophe administration and judiciary are a few of the parts that AI has the probable to address.

“While AI provides many prospects, it also raises considerations linked to transparency and fairness.

“These problems consist of the effects of AI on privacy, bias and discrimination in AI methods, and insufficient understanding of AI algorithms by the typical general public,” he explained.

Murmu more said these difficulties are elaborate and interconnected, highlighting the need for accountable AI techniques, the place the fairness of solutions is ensured.

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

Even though detailing the criticality of the priority area, blue economy, CAG said that it is an economic technique that encompasses a spectrum of coverage and operational proportions aimed at conserving maritime and freshwater environments when promoting their sustainable use, making food stuff and power, supporting livelihoods, and acting as a driver for financial progression and welfare.

Murmu emphasised that the Supreme Audit Establishments experienced an option to assure that the journey of exploring the oceanic resources does not follow the exact same path as exploitation of land by mindful analysis of administration and regulation of businesses operating in the sector, with an emphasis on advertising sustainable methods that will benefit both of those recent and long term generations.

CAG explained that the unplanned and unregulated advancement in the coastal regions needed to be highlighted in audit, and at the exact time governments experienced to be shown with proof the value of making sure that the livelihoods of the men and women living in these places do not get impacted adversely.

SAIs from India, Australia, Brazil, Egypt, Indonesia, South Korea, Oman, Russia, Saudi Arabia, Turkiye and UAE are participating in the 3-working day event. Two associates of Earth Financial institution are also attending the event.

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