India needs more AI champions, says Paytm's Vijay Shekhar Sharma

New Delhi: India needs many more artificial intelligence (AI) champions that can take technology to the grassroots and the masses, Paytm Founder and Chief Executive Officer Vijay Shekhar Sharma said calling for greater investment and capability building to support the country's long-term growth.

Speaking at the 22nd J.R.D. Tata Memorial Lecture in New Delhi, Sharma said AI should be a key focus area for India as it works towards becoming a developed nation under the Viksit Bharat 2047 vision.

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"Once again, AI is my power, AI is my aim and ambition. We need many more AI champions and champions which will bring the technology to the grassroots and masses," Sharma said.

He said achieving this would require India to strengthen its capabilities in technology, investment and innovation.

"That requires us to build the capability, investment, and technology in India. It is exactly the moment which we should take a resolve on and build for our country," he said.

Sharma said businesses should focus on building technologies that will shape India's future instead of relying only on existing business models.

"Today we are talking about AI, we are talking semiconductors, we are talking businesses which are the foundation for the 2047 Viksit India vision," he said, adding that India's businesses and the government are aligned towards achieving this goal.

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He said companies should invest in future technologies rather than "milking what is there."

"If we continue to milk what is there, we don't build for the future and we don't build the nation of tomorrow. When we commit ourselves to build what is going to come in the future, we build the nation of tomorrow," Sharma said.

Drawing inspiration from industrialist J.R.D. Tata, Sharma said businesses that contribute to nation-building ultimately create enduring value.

"J.R.D. gave us the lesson that if you build the nation, the business follows--not that you build the business and the nation follows," he said.

The Paytm founder also said startups should be recognised not only for their valuations but also for their resilience, values and contribution to nation-building. He added that India must strive to become a global benchmark for quality rather than being seen as a country that takes shortcuts.

Sharma said building institutions, strengthening capabilities and investing in emerging technologies such as AI would help India create businesses that endure for generations while contributing to the country's long-term economic development.