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

Three held in Goa for confining and looting tourists

Three persons were held by Goa Police for allegedly confining two tourists and looting their money through the UPI transaction mode, an official said. Calangute Police informed that on the complaint of S. Satishkumar Shetty, 39, from Karnataka's Kolar, the case was investigated and subsequently three persons were held in this connection.

Three held in Goa for confining and looting tourists

'Punjab CM indulging in drama by advertising prayer at govt's expense'

Shiromani Akali Dal (SAD) president Sukhbir Badal on Wednesday said after failing to eradicate the scourge of drugs from the state, Chief Minister Bhagwant Mann was indulging in a drama exercise at Sri Harmandar Sahib by using the state exchequer to advertise a prayer session. The SAD president was talking to the media after inducting former Aam Aadmi Party (AAP) legislator Avtar Singh Kalkaji and a large number of his supporters into the party.

'Punjab CM indulging in drama by advertising prayer at govt's expense'

Rs 900cr black money trail detected in I-T raids in TN, Puducherry

The Income Tax Department has unearthed a black money trail of Rs 900 crore following the search and seizure operations carried out on two groups primarily engaged in running educational institutions and a distillery in the Tamil Nadu and Puducherry region, an official said on Wednesday. The Income Tax officials have seized unaccounted cash amounting to Rs 32 crore and gold bullion worth Rs 28 crore in the raids carried out on October 5.

Rs 900cr black money trail detected in I-T raids in TN, Puducherry

Delhi excise policy case: SC reserves verdict on Manish Sisodia's bail plea

On Monday the apex court told the CBI and ED that they cannot keep Sisodia in jail for an “indefinite period” in the Delhi excise policy cases and asked the ASG about when the arguments on charges against Sisodia will commence in the trial court.

Delhi excise policy case: SC reserves verdict on Manish Sisodia's bail plea

Build space station by 2035, send an Indian to moon by 2040, Modi tells Space Department

Prime Minister Narendra Modi on Tuesday tasked the Department of Space to aim to build India’s own space station by 2035 and send an Indian to the moon by 2040. Chairing a high level meeting to assess progress of India’s Gaganyaan Mission/human space mission, he outlined the future of India’s space exploration endeavours. The meeting evaluated the mission’s readiness and affirmed that the country’s human space mission launch will happen in 2035.

Build space station by 2035, send an Indian to moon by 2040, Modi tells Space Department

PM inaugurates Global Maritime India summit, unveils plan for blue economy

Prime Minister Narendra Modi on Tuesday inaugurated the third edition of the Global Maritime India Summit 2023 in Mumbai via video conferencing, where he also unveiled a blueprint for the maritime blue economy till 2047. In line with this futuristic plan, the Prime Minister dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the maritime blueprint.