AI Can Contribute $15.7 Trillion To Global Economy But It Also Raises Privacy Concerns: CAG
CAG Girish Chandra Murmu said that the blue economy must strike a balance between short-term growth and long-term sustainability as it can have a significant impact on the planet.
Comptroller and Auditor General (CAG) Girish Chandra Murmu on Monday emphasised the need for responsible use of Artificial Intelligence (AI) while saying that though this emerging technology has the potential to contribute $15.7 trillion to the global economy, it raises concerns related to fairness and privacy as well.
The CAG, in his opening remarks at the three-day Supreme Audit Institutions-20 (SAI20) Engagement Group delegates' meet in Assam's Guwahati, said that the blue economy must strike a balance between short-term growth and long-term sustainability as it can have a significant impact on the planet and sustenance thereon, reported news agency PTI.
Blue economy (sustainability aspect) and responsible AI (emerging technologies) are the two themes that SAI20 has chosen. They represent new-age opportunities and concerns. SAI20 emphasised the need for gender balance in sustainable growth in blue economy and principles underlying responsible and ethical use of AI.
In his address, Murmu said, "Today we have reached a level where AI could contribute up to USD 15.7 trillion to the global economy in 2030."
According to him, AI can drive socio-economic growth and potentially be utilised to benefit citizens and the country through targeted and timely intervention.
It has the potential to efficiently tackle the issues in health, retail, finance, agriculture, food, water resources, environment and pollution, education, special needs, transportation, energy, public safety, disaster management, and judiciary.
As India holds the presidency of the G20, the CAG is the chair for SAI20 -- the engagement group of Supreme Audit Institutions (SAI) of the G20.
Issues of Transparency And Fairness
Murmu said, “While AI offers many opportunities, it also raises concerns related to transparency and fairness. These issues include the impact of AI on privacy, bias, and discrimination in AI systems, and inadequate understanding of AI algorithms by the general public.” He highlighted the need for responsible AI practices where the fairness of solution is ensured while stating that these problems are complex and interconnected.
He added, “The cornerstone of responsible AI is ethics. Ethics focused on safety and reliability, inclusivity and non-discrimination, equality, privacy and security, protection and reinforcement of positive human values.”
Blue Economy And Its Impact On Marine Life
While explaining the criticality of the priority area, blue economy, CAG stated that it is an economic system that entails a range of operational and policy dimensions intended to preserve freshwater and marine environments while promoting their sustainable use, produce food and energy, support livelihoods, and act as a catalyst for economic growth and welfare.
According to CAG, it was necessary to highlight the unplanned and unregulated growth in coastal regions in audits while also demonstrating to governments the significance of taking precautions to protect the livelihoods of those who live there.
The three-day event has SAIs from India, Australia, Brazil, Egypt, Indonesia, South Korea, Oman, Russia, Saudi Arabia, Turkiye, and the United Arab Emirates. The event is also being attended by two World Bank representatives.
(With inputs from PTI)
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