In a first, India will be getting an institute for artificial intelligence (AI) in Mumbai. Maharashtra state government will be setting up an institute AI in India's financial capital. Maharashtra Chief Minister Devendra Fadnavis will unveil the plan for the institute during the Magnetic Maharashtra Summit, and at the Global Economic Conference in Canada next month.

This AI institute will give a fresh impetus to the fourth industrial revolution and promote Mumbai as an investment destination in innovation and data analysis, said a media report citing state government officials.

A meeting between Canadian Minister of International Relations, Christine St-Pierre, and CM Fadnavis was held on AI cooperation in the industrial and service sectors, on Tuesday, and Fadanvis has set up a joint working group for AI cooperation with the government of Canada

“We have discussed cooperation in artificial intelligence and other port-led development. Maharashtra has already become the first state to unveil a FinTech Policy,” said the CM Fadanvis.

At the Magnetic Maharashtra Summit, which will be inaugurated by Prime Minister Narendra Modi on February 18, a separate pavilion has been dedicated to emerging technologies and how it could be used to create jobs.

According to the state government officials Maharashtra is also looking at AI to be used in the defence sector, which will be given a special space at the Magnetic Maharashtra event.

The above development was first reported in The Hindu.

Earlier this month, India joined hands with Japan to launch robotics and artificial intelligence in the defense segment.

Recently, India's IT ministry has also constituted four committees to thoroughly study on various aspects of Artificial Intelligence for citizen use.

In September 2017, Karnataka state government had too announced that Bengaluru will soon have India’s first multi-faceted artificial intelligence and robotics centre to established in IIIT-Bengaluru campus.

Notably, an Intel report released this year predicted that 70% of Indian organizations will deploy artificial intelligence enabled solutions by end of 2019. Additionally, human resource and search experts estimate a 50-60% higher demand for AI and robotics professionals in India, this year.

Interestingly, an another report published in December 2017 predicted that Artificial Intelligence could add US $957 billion to the Indian economy by changing the nature of work to create better outcomes for businesses and society.

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