TL;DR:
- Uttar Pradesh plans to build India’s first AI city in Lucknow.
- UP Electronics Corporation Ltd seeks proposals for design, development, and operation.
- The vision includes cutting-edge technology, research centers, and educational institutions.
- Emphasis on nurturing the future workforce.
- Existing AI Centers of Excellence in Lucknow demonstrate AI integration.
- The global AI market will be valued at $137 billion in 2022, with expected strong growth.
- AI city will feature certified commercial spaces, data centers, workspaces, and tech labs.
- Strategic land parcels identified for development.
- India witnesses a surge in Gen AI startups, which are set to reach $17 billion by 2030.
- The government is actively working on AI data and regulation, supporting startups.
Main AI News:
Uttar Pradesh (UP) is poised to establish India’s pioneering AI city right in the heart of Lucknow, a project spearheaded by UP Electronics Corporation Ltd. In an ambitious move, the corporation has issued an expression of interest (EoI) calling for proposals encompassing the design, development, and operation of this groundbreaking AI metropolis, as reported by Businessline.
The grand vision for this AI city is to craft a dynamic nucleus where innovative ideas flourish, powered by cutting-edge technology, research institutes, and educational establishments. The EoI extends a warm invitation to real estate developers, urging them to collaborate in the construction and management of this futuristic city, with the primary goal of nurturing the workforce of tomorrow.
Notably, Lucknow has already emerged as a fertile ground for Centers of Excellence specializing in domains like AI and medical technology, showcasing a profound integration of AI-driven solutions. The AI Center of Excellence at IIIT Lucknow, in particular, has played a pivotal role in supporting more than 15 AI and machine learning startups, fostering a vibrant culture of creativity and entrepreneurship.
Market forecasts also add to the allure of this ambitious endeavor. According to a report from Grand View Research, the global AI market surged to a valuation of $137 billion in 2022 and is poised to maintain an impressive compound annual growth rate of 37.3% from 2023 to 2030.
Moreover, a report from Outlook underscores the AI city’s blueprint, including the construction of top-tier certified commercial spaces for IT giants, a state-of-the-art data hub, premium flexible workplaces, and cutting-edge tech laboratories. The Department of IT and Electronics has meticulously identified prime land parcels within key Lucknow locations for the AI city’s development. A strategic 40-acre land parcel in the Nadarganj industrial area holds significant promise due to its proximity to crucial infrastructure, offering seamless connectivity to the Lucknow-Kanpur road and the Lucknow International Airport.
This visionary project coincides with the ascendance of generative AI (Gen AI) as a buzzword among Indian entrepreneurs, leading to the birth of numerous homegrown Gen AI startups. According to Inc42 data, India boasts more than 70 Gen AI startups that have collectively raised an impressive capital of over $440 million between 2019 and Q3 2023. Projections indicate that the indigenous Gen AI market is set to expand to a formidable $17 billion by 2030, soaring from $1.1 billion in 2023.
In parallel, the government is actively engaged in shaping AI data and regulatory policies. The central government has embarked on the journey of formulating comprehensive regulations to nurture AI’s growth, safeguard national interests, and stimulate innovation within India, as revealed by IT Secretary S. Krishnan. As AI takes center stage in the global arena, the government’s commitment to this burgeoning field is underscored by the recent statement from Minister of State (MoS) for Information Technology, Rajeev Chandrasekhar, highlighting plans to financially support and bolster AI startups across the nation.
Conclusion:
The establishment of India’s first AI city in Lucknow signifies a major leap forward in fostering innovation and technological advancement in the region. With an increasing number of Gen AI startups and robust government support, the AI ecosystem in India is set to thrive, offering exciting opportunities for businesses and investors looking to participate in this burgeoning market.
