New Delhi: Generative AI has the potential to add a cumulative $1.2-1.5 trillion to India’s GDP over the next seven years, according to a report by Ernst & Young India.
The report, titled ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation‘, provided insights into the industry’s preparedness and challenges in embracing Gen AI.GenAI can potentially add a cumulative $1.2-1.5 trillion to India’s GDP by FY29-30, as per the report.
“The report forecasts that by fully capitalising Gen AI technology and its applications across sectors, India can potentially add $359-438 billion in FY29-30 alone, reflecting a 5.9-7.2% increase over and above the baseline GDP,” it said.
Nearly 69% of the overall impact is expected to be derived from sectors such as business services – including IT, legal, consulting, outsourcing, rental of machinery & equipment, and others – financial services, education, retail, and healthcare.
The anticipated impact entails improvements in workforce productivity, increased operational efficiency, and personalised customer engagement, the report said.
The report, titled ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation‘, provided insights into the industry’s preparedness and challenges in embracing Gen AI.GenAI can potentially add a cumulative $1.2-1.5 trillion to India’s GDP by FY29-30, as per the report.
“The report forecasts that by fully capitalising Gen AI technology and its applications across sectors, India can potentially add $359-438 billion in FY29-30 alone, reflecting a 5.9-7.2% increase over and above the baseline GDP,” it said.
Nearly 69% of the overall impact is expected to be derived from sectors such as business services – including IT, legal, consulting, outsourcing, rental of machinery & equipment, and others – financial services, education, retail, and healthcare.
The anticipated impact entails improvements in workforce productivity, increased operational efficiency, and personalised customer engagement, the report said.
