New Delhi, February 19 Artificial intelligence will profoundly transform the global economy and world order in the coming years, but excessive leverage must be banned for stability, said Mistral AI CEO and Co-founder Arthur Mensch on Thursday.
"AI is going to change the way the economy is run in the next few years…the world order. And in order for the world order to remain sustainable and stable, we need to ban excessive leverage, and India is a leader in betting on self-reliance, which is absolutely critical for a country of this size," he said.
Mensch highlighted India's "enormous" opportunity in artificial intelligence, driven by its vast talent pool, cultural diversity, ambition, and massive market size.
"We believe that India has an extremely large opportunity in its talent. A quarter of our researchers are actually Indians. Its diversity of culture and its ambition, and the size of the market and the size of its industry, gives it immense leverage when it comes to building artificial intelligence that will be differentiated," Mensch said during the AI Impact Summit here.
By controlling its own AI, India can emerge as a "global hub for innovation" and "lead the way for the entire world," he asserted.
Addressing businesses, Mensch advised that adopting AI "will take some time, but it will bring immense leverage".
"You have unique assets in your companies. You have IP, you have knowledge, you have folklore knowledge, the way you're processing… the way you're operating your business is different from the way your competitors are operating it," he noted.
He also stressed that AI is not about replacing humans; it's about giving them a way to delegate many of their tasks.
"It's about enhancing what serves them, and it's about solving real problems. So at this time, we work with public services. We work with healthcare. We work on making sure that citizens can access information in an easier way, in a faster way. We work on making sure that unemployed people …are able to find a job faster...," he explained.
AI should be a tool that empowers people, businesses and ensures that governments can improve the quality of their services and the lives of the citizens.
However, it only works if everybody can access it and if everybody understands how to use it.
"That's why multilingual AI is actually a very strong necessity. That's also why we need to focus on training people and on bringing them the technology at an affordable price," he explained.
