India is poised to embrace the power of Artificial Intelligence (AI) to drive transformative changes across various sectors of society. With the government’s National AI Strategy and other initiatives, India is working to foster public-private partnerships and overcome challenges such as the shortage of AI talent.
Although India is not on par with leading AI nations like the US and China in terms of research output and large datasets, efforts are underway to boost dataset availability in different sectors. Adoption of AI applications is increasing rapidly across industries, despite challenges such as lack of infrastructure, talent shortage, resistant business cultures, and customer trust issues that are not unique to India.
However, the landscape of AI in India is booming with immense potential. Bengaluru, in particular, is home to numerous startups dedicated to GenAI (Generative AI). According to estimates by EY, GenAI has the potential to boost India’s GDP by $359-438 billion by 2030, representing a 5.9-7.2% increase with a cumulative potential of $1.2-1.5 trillion over seven years. Sectors like business services, finance, healthcare, and education are expected to experience significant impacts.
NASSCOM, the industry association for India’s IT and business process management sectors, reports that there are already over 60 startups in India’s GenAI landscape, attracting more than $590 million in funding. This funding inflow highlights the optimism of Indian enterprises regarding GenAI’s potential. However, they also recognize the need for better preparation and navigating the digital transformation journey to survive in the face of disruptive digital technologies.
The impact of GenAI will be more radical than that of previous technologies. It will reshape and redefine every industry, workplace, and workforce. By 2027, it is estimated that AI will affect over 16 million full-time employees in India, requiring reskilling and upskilling due to automation. Additionally, AI will create new job opportunities, with as many as 4.7 million technology-related jobs expected in manufacturing, retail, education, and finance and insurance, according to a report.
The future of AI in India holds immense potential for economic growth. FICCI’s report entitled “The Economic Impact of Generative AI: The Future of Work in India” projects that GenAI could unlock $621 billion in productive capacity for India, equivalent to nearly one-fifth of the country’s GDP in 2021. This demonstrates the significant role AI could play in driving economic advancement in India.
With steady increases in AI investment, the flourishing of AI startups, and the government’s commitment to responsible AI adoption, India is well-positioned to harness its wealth of data, creativity, and language diversity to become a global leader in AI-driven innovation. Initiatives like “Make AI for India” and “Make AI Work for India” aim to foster collaboration between educational institutions and industries to develop practical AI applications in key sectors such as agriculture, health, and sustainable cities.
India’s AI revolution is no longer a distant vision but a reality that is unfolding rapidly. As the nation continues to embrace AI, it is poised to shape the future, drive economic growth, and improve the lives of its citizens through innovation and transformative technologies.
The source of the article is from the blog kewauneecomet.com