GenAI can add US$ 1.2-1.5 trillion to India's GDP by 2030
- IBEF
- December 18, 2023
EY's report underscores Generative AI's (GenAI) potential to inject US$ 1.2 - 1.5 trillion into India's GDP over seven years, with an additional US$ 359-438 billion expected in 2029-30. Key sectors like business services, finance, education, retail, and healthcare are poised to drive 69% of GenAI's impact.
Technology Consulting Leader at EY India, Mr.Mahesh Makhija, notes the swift adoption of an AI-first approach for enhanced customer engagement and increased productivity. Despite optimism, the report stresses the need for India to intensify efforts, especially in government involvement. The study reveals that 75% of businesses have low to moderate readiness for GenAI benefits, with 52% citing a skills gap and 42% unclear use cases as challenges. The report calls for strategic initiatives to bridge gaps and propel India into the era of Generative AI for sustained economic growth.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
