Artificial intelligence, machine learning will contribute $1 trillion to Indian economy: Piyush Goyal

Piyush Goyal, Commerce and Industry and Railways Minister, inaugurated the National Stock Exchange (NSE) Knowledge Hub in New Delhi, an Artificial Intelligence (AI) powered learning ecosystem that will assist the banking, financial services and insurance (BFSI) sector, according to a PIB release.

“I believe the next phase of India's growth will be knowledge-driven,” said Piyush Goyal while addressing the crowd. Speaking on this occasion Commerce and Industry Minister also said that although India has developed as the second-largest fintech hub in the world, a lot of work still needs to be done in the BFSI sector. He hoped that the Knowledge Hub created by NSE will fill in these gaps and help the financial sector to move into the future.

The NSE Knowledge Hub will enhance skills and help academic institutions in preparing future-ready talent for the financial service industry. It is also available on mobile and attempts to bring together world-class content and learners through this state- of- the- art and future-ready platform.

Vikram Limaye, MD and CEO of National Stock Exchange (NSE), also addressed the gathering saying “our certifications at the school, college and professional level have empowered more than 5 million learners with knowledge of financial markets. Not only assisting them in deciding careers in the BFSI industry but also in building personal money management skills.”

“As an institution of national importance, over the years we have developed a deep insight into markets and our association with global academic and professional entities has helped us in raising the standards of compliance, governance and risk management,” he added.

“The industry-driven learning ecosystem will help India in building next-generation skills and capabilities in the BFSI sector. The use of AI will ensure that the skill upgradation is affordable and accessible and helps in the creation of a workforce that is adequate for the requirements of the sector” said Piyush Goyal. Artificial intelligence and machine learning will contribute USD 1 trillion by 2035 and this is a good beginning by NSE to tap the potential of AI and use it as a tool to create a workforce in the BFSI sector in India added the Minister.

Commerce and Industry Minister assured continued Government support to investors and startups and said that India is a safe investment destination today for investors, even the smallest of investors and this Knowledge Hub by NSE will strengthen and empower those working in the BFSI sector and will benefit investors and the financial services to give world class services through knowledge, innovation and value-addition.