Indian Economy News

India will be the global nucleus of Generative AI, says TCS CEO

  • IBEF
  • January 2, 2024

The past year stands out as a turning point for Generative AI, marking its transition into mainstream prominence. An illustrative testament to artificial intelligence's pervasive impact on public consciousness is the designation of the abbreviation 'AI' as the Word of the Year by leading dictionary publisher Collins. Nevertheless, we find ourselves only at the inception of this technological revolution. With numerous swift advancements in Generative AI technology, tools, and proof-of-concepts, 2024 is poised to be a year of acceleration. Enterprises worldwide strategically align to embrace new AI-driven capabilities, aiming to enhance customer experiences, augment processes, and secure a competitive edge.

For instance, the healthcare industry anticipates a significant shift from conventional treatments to AI-led diagnostics and personalized treatment plans, transforming care from reactive to predictive. Similarly, in the retail sector, Generative AI holds the potential to revolutionize experiences, encompassing predictive inventory management for retailers and personalized shopping journeys for customers. Across all industries, a new wave of innovation is set to unfold. According to the 'Future of Jobs' report by the World Economic Forum (where TCS is a strategic partner), AI is expected to create 12 million net jobs by 2025, surpassing the number of jobs it displaces.

India's robust five million-strong IT industry workforce, with appropriate retraining and upskilling, has a unique opportunity to play a central role in this global economic growth and job creation surge. At Tata Consultancy Services, we perceive this as a rare opportunity for societal and marketplace reimagination.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.