It is an international forum that brings together the world's 20 leading industrialized and emerging economies which accounts for 85 per cent of world GDP, 80% of total global trade volume and two-thirds of its population. It serves as a convention for deliberate economic communication between industrialized and developing countries.
India's Parliament plays a lesser role in formulation and execution of foreign policy than in other parliamentary democracies. This is not what the founders of modern India envidaged. The record of discussions in the Constituent Assembly soon after Independence shows that India's founding elite wanted Parliament to be supreme in the conduct of international affairs.
Recently on 5th April 2019, South Korea launched the world’s first nationwide 5G mobile networks, giving access to super-fast wireless technology to its users. However, the buzzword around 5G technology is doing the rounds since long and has pitted major superpowers against one another to gain an edge over their rivals.
In the first half of the 20th century, science fiction familiarized the world with the concept of artificially intelligent robots but it took decades to transform that fiction into some sort of reality by making breakthrough developments in the field of computer technology.
The relentless parade of new technologies is unfolding on many fronts. Almost every advance is publicized as a breakthrough, and the list of “next big things” grows ever longer. Not every emerging technology will alter the business or social landscape—but some truly do have the potential to disrupt the status quo, alter the way people live and work, and rearrange value pools. Artificial Intelligence is one such disruptive technology which is not only transforming lives but is transforming businesses and is dominating the entire technology landscape; especially the consumer-focused companies along with the global economy. With the growing proliferation of AI, its impact can be observed across the industries.
If these sectors are combined and world economy is seen as a whole, the impact of AI is going to alter the world economic growth significantly as substantiated below:
- Increase in Economic Output: A 2018 report by McKinsey Global Institute says that Artificial Intelligence has the potential to incrementally add 16 percent by 2030 to current global economic output. The major contributors to this figure are the automation of labor and innovations in products and services.