India

AI adoption can generate Rs 33.8 lakh cr worth economic value by 2030: Hardeep Puri

Darpan News Desk IANS, 23 Oct, 2024 01:35 PM

New Delhi, Oct 23 (IANS) The potential economic impact of artificial intelligence (AI) is immense and AI adoption can generate Rs 33.8 lakh crore of economic value in the country by 2030, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Wednesday.

Addressing an event in the national capital, Minister Puri underscored the pivotal role of AI in transforming the energy sector, emphasising that AI is set to revolutionise operations, drive efficiency and accelerate the shift towards a more sustainable energy landscape.

AI and generative AI (GenAI) are optimising operations by leveraging real-time data and insights. International oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future, he noted.

Minister Puri highlighted how AI is rapidly being adopted across industries and will be instrumental in realising Prime Minister Narendra Modi’s vision of a ‘Viksit Bharat’ by 2047.

"The Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and machine learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector," the minister emphasized.

WATCH || The future of energy is here, and AI is leading the charge. As highlighted by @HardeepSPuri, Minister of Petroleum and Natural Gas, the fusion of artificial intelligence and the energy sector is not just timely it’s transformative. #SustainableFuture… pic.twitter.com/nxTzUuIPZM
— DD India (@DDIndialive) October 23, 2024

AI-enabled mechanisms such as deep learning are being used to analyse complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, AI-based prediction of drilling complications and real-time optimisation of drilling parameters have proven effective in improving drilling efficiency and reducing operational costs. Citing the latest research by JP Morgan, the minister discussed the potential of generative AI to increase global GDP by $7-10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

Prev Next

MORE India ARTICLES

Gurugram hotel murder: Cops recover weapon used to kill Divya Pahuja

Divya, 27, was shot dead by Abhijeet Singh, the owner of Hotel City Point where she was staying. According to the police, Divya and Abhijeet were in a relationship. He shot her dead on January 2 in a fit of rage after she refused to delete some of his objectionable photographs from her mobile phone.

Gurugram hotel murder: Cops recover weapon used to kill Divya Pahuja

PM Modi to lay foundation of projects worth Rs 2K cr in Maharashtra

Prime Minister Narendra Modi will lay the foundation of projects worth Rs 2,000 crores in Maharashtra. He will also dedicate more than 90,000 houses completed under PMAY-Urban in Maharashtra. According to the Prime Minister's Office (PMO), PM Modi will visit Maharashtra, Karnataka and Tamil Nadu on January 19.

PM Modi to lay foundation of projects worth Rs 2K cr in Maharashtra

For 3rd consecutive year, India’s nominal GDP growth will be strongest in Asia

India’s nominal GDP growth will accelerate to 11.6 per cent this year versus 9.2 per cent in 2023, making it the third consecutive year that the country’s nominal GDP growth will be the strongest in Asia, according to a Morgan Stanley report. India’s contribution to Asian and global growth will rise to 30 per cent and 17 per cent, respectively, up from 28 per cent and 16 per cent in 2023. Over the medium term, real GDP growth will average 6.3 per cent until F32.

For 3rd consecutive year, India’s nominal GDP growth will be strongest in Asia

Pran Pratishtha event an election, political function so Cong will skip it: Rahul Gandhi

Congress leader Rahul Gandhi on Tuesday said that the Pran Pratishtha ceremony on January 22 is “an election and political function” and that’s why the Congress has decided to skip the event in Ayodhya. On the third day of his ongoing Bharat Jodo Nyay Yatra (BJNY) which has now reached Nagaland, the Congress leader said that the event in Ayodhya is a political one as it is an RSS-BJP function.

Pran Pratishtha event an election, political function so Cong will skip it: Rahul Gandhi

RBI wants ceiling for state govts’ guarantees to be fixed at 5% of revenue

The RBI has also recommended that state governments may consider charging a minimum guarantee fee for guarantees extended and additional risk premium may be charged based on the risk category and the tenor of the underlying loan. It said that besides, state governments may publish data relating to guarantees, as per the Indian Government Accounting Standard (IGAS).

RBI wants ceiling for state govts’ guarantees to be fixed at 5% of revenue

Parliament security breach case: Court reserves order on Neelam Azad's bail plea, Delhi Police opposes relief

A Delhi court on Tuesday reserved, for January 18, its order on the bail application of Neelam Azad, one of the six accused in the December 13, 2023, Parliament security breach case. As Additional Sessions Judge Hardeep Kaur of Patiala House Courts heard the matter, the Delhi Police opposed Azad’s bail plea, saying that the material and documentary evidence demonstrate her involvement in the offence, making her ineligible for release on bail.