Artificial Intelligence: According to an EY India analysis, generative artificial intelligence (Gen AI) has the potential to increase India’s GDP by a total of US$1.2–1.5 trillion over the next seven years. Read on to know more.
Generative Artificial Intelligence to add $1.2-1.5 trillion to India’s GDP
The study entitled ‘The AIdea of India: Generative AI‘s potential to accelerate India’s digital transformation’, offered valuable perspectives on the industry’s readiness and obstacles to adopting Gen AI.
According to the paper, India’s GDP might increase by a total of $1.2-1.5 trillion due to generative AI by FY2029–2030.
“The report forecasts that by fully capitalising on Gen AI technology and its applications across sectors, India can potentially add $359–438 billion in FY2029–30 alone, reflecting a 5.9 per cent to 7.2 per cent increase over and above baseline GDP,” it said.
It is anticipated that industries like business services (including IT, legal, consulting, outsourcing, rental of machinery and equipment, and others), financial services, education, retail, and healthcare will account for over 69% of the total impact.
According to the analysis, the expected benefit includes enhanced operational efficiency, higher worker productivity, and more individualised customer interaction.
According to the results of an extensive poll that involved more than 200 C-suite executives, 60% of firms recognise that Gen AI has a major impact on their operations.
The report also pointed out that “75 per cent of them express a low to moderate level of readiness to harness the benefits of Gen AI.”
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