The International Monetary Fund (IMF) ranked India 72 in its recently released Artificial Intelligence Preparedness Index (AIPI). The Index has ranked 174 countries on how good they are in using AI.
Key highlights
- The Artificial Intelligence Preparedness Index assesses the readiness of countries for AI implementation based on four parameters- digital infrastructures, innovation and economic integration, human capital and labour market policies, and regulation and Ethics. Based on the performance on these parameters, AIPI gives ranks to countries.
- The Index divides countries into three categories based on their performance and score- Advanced Economy (AE), Emerging Market Economy (EM), and Low-Income Country (LIC).
- Singapore topped the list of countries with a score of 0.80, followed by Denmark with 0.78, and the United States with 0.77. They were kept in the AE category.
- India scored 0.49 and kept in the EM category. Among the neighbours, China (0.63) outperformed India, securing 31st rank.
About the International Monetary Fund (IMF)
- The IMF was founded in 1944 after a discussion at the Bretton Woods Conference in New Hampshire, United States. The main objective behind the formation of the IMF was to reconstruct the international monetary system.
- Its broader objectives include promoting international monetary cooperation, ensuring global financial stability, promoting international trade, reducing poverty and increasing employment through sustainable economic growth, providing financial advice to developing countries, and promoting exchange rate stability.
- It provides financial assistance to member countries for various purposes and keeps an eye on members’ economic and financial policies.
- It also functions as a financial expert and provides training and technical assistance to central banks of member countries, their finance ministries, tax authorities, and financial institutions.
- The IMF created Special Drawing Rights (SDR) in 1969 to support foreign reserves of member countries.
- Currently, it has 190 members. Any country can become a member while adhering to the IMF Articles of Agreement. There is no need to be a member of the UN. However, to get the membership of the IBRD, IMF membership is necessary.
- Its headquarter is located in Washington DC, USA.
- The IMF publishes many reports including the World Economic Outlook and the Global Financial Stability Report.
