AI's True Potential in India Lies in Solving Uniquely Native Challenges: Mohit Bhatnagar, MD, Peak XV Partners Being the world's third-largest startup ecosystem, Bhatnagar feels innovation in India will be brought by founders
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As emerging technologies, particularly artificial intelligence (AI), become an integral part of industries and nations worldwide, Peak XV Partners' (formerly Sequoia Capital India and SEA) managing director, Mohit Bhatnagar feels that global solutions cannot solve problems unique to the Indian market.
"The world cannot solve India's unique problems, such as education and healthcare challenges," said Mohit Bhatnagar, MD, Peak XV Partners at the 19th India Digital Summit.
Being the world's third-largest startup ecosystem, Bhatnagar feels innovation in India will be brought by founders. "Indian startup founders need to address these issues using technology and AI. This will help serve millions of underserved people across India," he said.
Some unique ways in which AI can lead to societal good include responding to large-scale disasters, developing strategic methods for addressing systemic issues in healthcare, addressing language barriers and speech pathologies, and detecting manufacturing defects.
"The true potential of AI in India lies not just in its ability to innovate but in its power to solve uniquely Indian challenges. By leveraging AI to lower costs and enhance accessibility, startups can redefine education, healthcare, and financial services for millions, enabling India's vast talent pool to transform domestic consumption into a global benchmark for inclusive growth," he said.
According to a Nasscom and BCG report, India's AI market is projected to touch USD 17 billion by 2027, growing at an annualised rate of 25-35 per cent between 2024 and 2027.
