We begin by presenting the recent advances in the area of artificial intelligence, and the high level ideas underlying the progressively narrower domains of machine learning, deep learning, and foundation models, which have emerged over time as dominant paradigms for artificial intelligence. We describe the tremendous progress of these models on problems ranging from understanding, prediction and creativity on one hand, and open technical challenges like safety, fairness and transparency on the other hand. These challenges are further amplified as we seek to advance Inclusive AI to tackle problems for over a billion human beings in the context of India and the Global South. We present our work on multilingual models to democratize information access in a diverse set of Indian languages, on healthcare in environments where we lack data in digital form to begin with, and on analysis of satellite imagery to help transform agriculture and improve the lives of farmers. Through these examples, we hope to convey the excitement of the potential of AI to make a difference to the world, and also a fascinating set of open problems to tackle.