AI has potential to contribute $15.7 tn to global economy in 2030, says CAG Murmu

Guwahati: Stressing on the need for the responsible use of artificial intelligence (AI) to assuage worldwide fears in governance, including in audit, the Comptroller and Auditor General (CAG) of India Girish Chandra Murmu said that AI, which is an emerging technology, has the potential to contribute $15.7 trillion to the global economy in 2030.

The CAG also red-flagged the concerns related to privacy and fairness.

While addressing the inaugural session of SAI20 Senior Officials’ Meeting, the CAG also advocated the need for balance between short term growth and long term sustainability of the Blue Economy as the ‘unexplored’ Blue Economy can make all the difference to planet earth and sustenance thereon.

SAI20 has chosen two themes representing new age opportunities and concerns – Blue Economy (Sustainability Aspect) and Responsible AI (Emerging Technologies). The global body of auditors also emphasized the need for gender balance in sustainable growth in the blue economy and principles underlying responsible and ethical use of AI.

As India holds the Presidency of the G20, the CAG is the chair for SAI 20-the engagement group of Supreme Audit Institutions (SAI) of the G20.

SAIs from India, Australia, Brazil, Egypt, Indonesia, South Korea, Oman, Russia, Saudi Arabia, Turkiye and UAE are participating in the three-day event. Two representatives of the World Bank are also a part of the event.Recalling that the expert opinion in the recently held Seminar organised by SAI India in Lucknow brought out the insight that democratisation of AI technologies is inevitable, Murmu said, “Today we have reached a level where AI could contribute up to $15.7 trillion to the global economy in 2030”.

“The cornerstone of Responsible AI is ethics. Ethics focused on safety and reliability, inclusivity and non-discrimination, equality, privacy and security, protection and reinforcement of positive human values,” he further said.

He further said that AI has the potential to lead socio-economic growth and it can be used to benefit citizens and the country through targeted and timely intervention.

Healthcare, retail, finance, agriculture, food, water resources, environment and pollution, education, special needs, transportation, energy, public safety, disaster management, judiciary are a few of the areas that AI has the potential to solve.

“While AI offers many opportunities, it also raises concerns related to transparency and fairness. These issues include the impact of AI on privacy, bias and discrimination in AI systems, and inadequate understanding of AI algorithms by the general public,” he said.

Murmu further said that these problems are complex and interconnected, highlighting the need for responsible AI practices, where the fairness of solutions is ensured.

While explaining the criticality of the priority area blue economy, CAG stated that it is an economic system that encompasses a spectrum of policy and operational dimensions aimed at conserving marine and freshwater environments while promoting their sustainable use, producing food and energy, supporting livelihoods, and acting as a driver for economic advancement and welfare.