{"id":174321,"date":"2024-11-13T20:24:07","date_gmt":"2024-11-13T20:24:07","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/13\/genai-a-10-trillion-gdp-booster-rbi-dy-guv-patra\/"},"modified":"2024-11-13T20:24:07","modified_gmt":"2024-11-13T20:24:07","slug":"genai-a-10-trillion-gdp-booster-rbi-dy-guv-patra","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/13\/genai-a-10-trillion-gdp-booster-rbi-dy-guv-patra\/","title":{"rendered":"GenAI a $10 trillion GDP Booster: RBI Dy Guv Patra"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"325\" height=\"287\" src=\"https:\/\/i2.wp.com\/img.etimg.com\/photo\/msid-115266184,imgsize-20600.cms?resize=325,287&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"GenAI a  trillion GDP Booster: RBI Dy Guv Patra\" title=\"GenAI a  trillion GDP Booster: RBI Dy Guv Patra\" \/><\/div>\n<div data-brcount=\"14\">Mumbai: Generative artificial intelligence (GenAI) could boost global gross domestic product (GDP) by $7 trillion-$10 trillion over the next three years and add $359 billion-$438 billion to India&#8217;s GDP by 2029-30, <a ref=\"dofollow\" data-ga-onclick=\"Inarticle articleshow link click#News#href\" href=\"https:\/\/economictimes.indiatimes.com\/topic\/reserve-bank-of-india\" target=\"_blank\" rel=\"noopener\">Reserve Bank of India<\/a> (<a ref=\"dofollow\" data-ga-onclick=\"Inarticle articleshow link click#News#href\" target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/rbi\" rel=\"noopener\">RBI<\/a>) deputy governor <a ref=\"dofollow\" data-ga-onclick=\"Inarticle articleshow link click#News#href\" href=\"https:\/\/economictimes.indiatimes.com\/topic\/michael-patra\" target=\"_blank\" rel=\"noopener\">Michael Patra<\/a> said on Wednesday.<\/p>\n<p><style><![CDATA[\n    \t    #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;}\n    \t    .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px}\n    \t    #sr_widget.onDemand .sr_desc{margin:0 auto 0;}\n    \t    #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;}\n    \t    #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important}\n    \t    #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%}\n    \t    #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}\n    \t]]><\/style>\n<p><!--\/article_liveblog.cms?msid=105115637&pos=toppotime:1-->&#8220;It is estimated that the <a ref=\"dofollow\" data-ga-onclick=\"Inarticle articleshow link click#News#href\" href=\"https:\/\/economictimes.indiatimes.com\/topic\/digital-economy\" target=\"_blank\" rel=\"noopener\">digital economy<\/a> currently accounts for a tenth of India&#8217;s GDP; going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026,&#8221; he said at an event in Jaipur.<\/p>\n<p>He acknowledged that rapid digitalisation and the integration of advanced technologies could pose several challenges. &#8220;New technologies also involve challenges: disruptions in respect of traditional technologies and the labour market; resource intensity, demanding substantial investment in technology, learning and infrastructure; potential cyber threats and data breaches; ethical concerns, data privacy and potential malicious use,&#8221; he said.<\/p>\n<p>Patra further said that large language models are estimated to increase the productivity levels of workers by 8-36%<\/p>\n<p>He said the RBI has five policy priorities &#8211; <a ref=\"dofollow\" data-ga-onclick=\"Inarticle articleshow link click#News#href\" href=\"https:\/\/economictimes.indiatimes.com\/topic\/digital-financial-inclusion\" target=\"_blank\" rel=\"noopener\">digital financial inclusion<\/a>, digital public infrastructure, customer protection and cybersecurity, sustainable finance, and global integration and cooperation.<\/p>\n<p><!--\/include_growfast.cms?pagename=article&skipcss=1potime:2--><br \/>Although digital finance tools improve accessibility, they could introduce new risks to financial stability if not carefully regulated, he indicated.Patra referred to the upcoming Unified Lending Interface platform as a transformative tool for lending, saying it would simplify loan access for underserved populations, small businesses and rural borrowers.<\/p>\n<p><style><![CDATA[\n    \t    #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;}\n    \t    .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px}\n    \t    #sr_widget.onDemand .sr_desc{margin:0 auto 0;}\n    \t    #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;}\n    \t    #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important}\n    \t    #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%}\n    \t    #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}\n    \t]]><\/style>\n<p><!--\/article_liveblog.cms?msid=105115637&pos=botpotime:2--><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/economictimes.indiatimes.com\/news\/india\/genai-a-10-trillion-gdp-booster-rbi-dy-guv-patra\/articleshow\/115266184.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai: Generative artificial intelligence (GenAI) could boost global gross domestic product (GDP) by $7 trillion-$10 trillion over the next three years and add $359 billion-$438 billion to India&#8217;s GDP by 2029-30, Reserve Bank of India (RBI) deputy governor Michael Patra said on Wednesday. &#8220;It is estimated that the digital economy currently accounts for a tenth [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":174322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-115266184,imgsize-20600.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[79644,78328,136134,19145,916,136132,9809,5426,42102,273,136133,79884,7325,2126,661,924],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174321"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=174321"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174321\/revisions"}],"predecessor-version":[{"id":174323,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/174321\/revisions\/174323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/174322"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=174321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=174321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=174321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}