New Delhi: Billionaire Mukesh Ambani on Monday pitched for the government framing new regulation to protect data and ensure data privacy, saying nations will increasingly compete on digital capital in the coming decades.

Ambani, who has been a votary of data nationalisation, said India has a unique advantage to harness enormous digital capital for Artificial Intelligence (AI) driven development that is “bottom-up and inclusive”.

Speaking at RAISE 2020 summit, Ambani said the time is ripe, and the tools ready to make India a world leader in AI and to make AI work for all Indians.

“We are confident that the government will introduce a sound data regulation framework to protect this national resource and ensure data privacy,” Ambani said.

Citing India’s global lead in mobile data consumption; its sprawling pan-India optical fiber network through BharatNet initiative; and the Make in India programme, he said the country had all crucial elements in place to position itself as a ‘Premier Digital Society’.

“Together, our economy and society will generate data at an explosive and exponential rate,” he said terming data the raw material for AI.

He further said intelligent data is ‘Digital Capital’ and a vital national resource.

“In the past, nations have competed on physical
capital, financial capital, human capital and intellectual capital. But, in the coming decades, nations will increasingly compete on Digital Capital,” he noted.

India has unique advantage to harness its enormous Digital Capital for AI-driven development, which is “bottom-up and inclusive”, on the strengths of its demography and democracy.

“When 1.3 billion Indians are digitally empowered, they will unleash a proliferation of new digital enterprises that will create faster economic growth, greater prosperity, high quality employment opportunities, and better standards of living across all sections of our society,” he said.

Ambani, who is the chairman of Reliance Industries, said advent of modern AI is comparable only to the birth of intelligent life on the planet.

“In the coming decades, the total non-biological intelligence will exceed rational intelligence of the entire human population,” he said but asserted that AI will “never” replace the human mind.

Instead, he said, it will vastly expand capacity to solve most complex and pressing problems before India and the world.

AI will enable India to move swiftly towards achieving its ambitious goals. This include transformation of the country into USD 5 trillion dollar economy, making industries and businesses `aatmanirbhar’ and dominating new global value chains, modernising Indian agriculture and increasing farmers’ incomes, delivering affordable and quality healthcare, and education.

The RAISE summit raises hope that the hardships and hurdles caused by the coronavirus pandemic will be temporary, he said adding that India has the resilience and resolve to bounce back and progress faster than ever before.

“Indian industry is ready. Indian youth are ready. Indeed, the entire nation is ready to implement an agenda that will promote AI for a strong, sustainable and equitable New India,” he said.

Full text of Mukesh Ambani’s speech at RAISE 2020

Most Respected Prime Minister of India, Shri Narendra Modi ji,

Shri Ravi Shankar Prasad ji, Shri Amitabh Kant ji, Shri Sawhney ji, my esteemed fellow panelists

Ladies and gentlemen…

It is a privilege to speak at this Global Summit.

Artificial Intelligence is indispensable for India’s Tryst with her Digital Destiny.

Therefore, Honourable Prime Minister, this summit is yet another testimony to your visionary leadership.

Six years ago Sir, you launched the Digital India mission… and made it a top national priority.

And the results have been spectacular.

FIRST…

India has delivered 4G broadband coverage, to more than 99% of our citizens.

We have gone from 155th in the world to number ONE in mobile data consumption.

With 5G around the corner, India will maintain its leadership position.

SECOND…

Thanks to your BharatNet initiative… and the priority of connecting every home and workplace…

India is now rolling out a massive pan-India optical fiber network, connecting not only all our cities and towns, but each of our six lakh villages.

This will put India among the top nations in fixed broadband as well.

THIRD…

Through your MAKE IN INDIA initiatives, we are now creating the capacity for affordable manufacture of all necessary digital devices, sensors and equipment in our own country.

FOURTH…

India is becoming a leading nation in compute power with world-class Data Centres.

Along with IoT, this is laying the groundwork for smart platforms that will converge physical and digital domains…

…and boost productivity and efficiency to unprecedented levels in all sectors of our economy.

We now have all the crucial components in place to make India a premier Digital Society.

Together, our economy and society will generate data at an explosive and exponential rate.

Data is the raw material for Artificial Intelligence.

Intelligent data is Digital Capital.

It is a vital national resource.

In the past, nations have competed on physical capital, financial capital, human capital and intellectual capital.

But, in the coming decades… nations will increasingly compete on DIGITAL CAPITAL.

India has the unique advantage to harness its enormous Digital Capital for AI-driven development, which is bottom-up and inclusive.

This is because of our twin strengths of Democracy and Demography.

When 1.3 billion Indians are digitally empowered, they will unleash a proliferation of new digital enterprises that will

— create faster economic growth,

— greater prosperity,

— high-quality employment opportunities,

— and better standards of living … across all sections of our society.

We are confident that the government will introduce a sound data regulation framework to protect this national resource and ensure data privacy.

Therefore, the time is ripe, and the tools are ready to make India a world leader in Artificial Intelligence, and to make AI work for all Indians.

It is important to understand the epoch-changing importance of AI.

The advent of modern Artificial Intelligence is comparable only to the birth of intelligent life on our planet.

In the coming decades, the total non-biological intelligence will exceed the rational intelligence of the entire human population.

But this does not mean that AI will replace the human mind.

It never can.

It never will.

Rather, AI and other associated technologies of the 4th Industrial Revolution will vastly expand our capacity to solve most complex and pressing problems before India and the world.

Specifically, AI will enable India to move faster towards achieving the five ambitious goals set by our Prime Minister.

First, of transforming India into a high growth economy on its path to $5 trillion…

Second, of making our Industry and our small businesses Atmanirbhar and dominating new global value chains…

Third, of modernising Indian agriculture and multiplying incomes of our farmers…

Fourth, of delivering high-quality and affordable healthcare to all Indians…

And fifth, of delivering world-class education, skill training and talent enrichment to every Indian, including those in the remotest parts of rural India…

Ladies and Gentlemen,

This Summit is rightly called the RAISE Summit, because it raises our hope and confidence that…

…the hardships and hurdles caused by the corona pandemic will be temporary.

India has the resilience and resolve to bounce back and progress faster than ever before.

The very purpose of this Summit is to make India future-ready.

Indian industry is ready…

Indian youth are ready…

Indeed, the entire nation is ready to implement an agenda that will promote AI for a Strong, Sustainable and Equitable New India.

Thank you.