Abstract

Artificial Intelligence (AI) is very evident in our daily lives and our economy, and it has had an impact on our environment in various ways. The competition to reap its benefits is growing worldwide, and world leaders - the US and Asia - are already taking action. From a technology capability perspective, artificial intelligence (AI) holds tremendous promise for India, to address some of the biggest challenges we face as a country. The adoption of AI across different sectors of the economy is found to have delivered positive returns by reducing risk, time and capital expended. It has enabled a range of innovation across different application sectors leading to massive economic and social benefits. Many people see AI as a way to improve productivity and economic development. It can improve process efficiency and greatly improve decision-making processes by examining large amounts of data. It can also lead to the creation of new products, services, markets, and sectors, leading to increased customer demand and new sources of revenue. Some are concerned that it could lead to the development of large corporations, institutions of wealth and knowledge - that would hurt the entire economy. It has the potential to widen the gap between developed and developing countries, as well as to increase the need for highly skilled workers while firing others; the latest trends can have a profound effect on the labor market. Experts also worry that inequality could worsen, reduce wages, and lower the tax base. The aim of this study was to learn how artificial intelligence is used in today's economy and what society thinks about its use.

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