<p>Application of Machine Learning and Artificial Intelligence is having transformative effects on materials research. The traditional mode of trial-and-error experimentation to discover new functional materials is giving way to accelerated materials discovery and design aided by Machine Learning and generative tools from Artificial Intelligence. Machine Learning has transformed materials simulations making large length scales and time scales accessible at the accuracy of first principles calculations. It has also accelerated materials characterization, and has the potential to revolutionize the entire materials design, processing, characterization, measurement and performance workflow via autonomous AI agents. This article is a broad overview of the major developments in the above areas. In discussing future trends, we make a few concrete suggestions about initiatives India needs to take to be in a leading position. More specifically, the case for a national initiative on AI-aided accelerated materials design and discovery for new technologies in order to counter the challenges facing the nation is made.</p>