Tuesday, 18 June 2024
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Gen AI could contribute $1.2-1.5 trn to India’s GDP by FY30: EY India report

  • The UAE has developed its own open-source Gen AI model ‘FALCON’ to help Emirati companies drive efficiency by using Gen AI tools for applications such as language translations, virtual assistants, etc., the report said.
  • “In India, a 100% of respondents format to make widespread investments in standard AI.
  • The report identifies that approximately 69% of this growth will be driven by the adoption of companies in sectors such as business services, financial services, education, retail and healthcare.

As the global momentum of the Generative AI (Gen AI) wave continues to grow, India is poised to see a significant increase in its Gross Domestic Product (GDP) to $1.2-1.5 trillion over the next seven years through the adoption of Gen AI.

According to a report released by EY India on December 17, the technology and its applications across sectors.

‘The AIdea of ​​India:

The report, titled ‘The AIdea of ​​India: Generative AI’s Potential to Accelerate India’s Digital Transformation’, says India can contribute $359-438 billion in the financial year 2029-30 alone by fully deploying Gen AI technology in various sectors. This represents an increase of 5.9 – 7.2% over the base GDP.

“In India, a 100% of respondents format to make widespread investments in standard AI. 84% of Indian CEOs feel an urgency to move quickly with General AI. Nearly 80% of Indian CEOs see uncertainty surrounding General AI as a challenge to roll out their AI strategy quickly. Acknowledges the existence,” reflects the report.

The report identifies that approximately 69% of this growth will be driven by the adoption of companies in sectors such as business services, financial services, education, retail and healthcare. The anticipated impact will result in increased employee productivity, improved operational efficiency and personalized customer engagement.

In recent times, tech giants like Google, Microsoft, Amazon and IBM have been actively working on advanced enterprise-grade AI solutions. Notably, Google recently launched its largest AI model, Gemini, which aims to compete with OpenAI’s GPT-4 and Meta’s Llama 2.

In terms of Gen AI strategy, 75% of the 200 C-suite participants surveyed consider organizations to have a Gen AI strategy, with customer engagement identified as the most important aspect. Interestingly, 73% of companies plan to seek external technology providers to implement Gen AI.

While nearly 60% of companies recognize the significant influence of Gen AI on their businesses, the report asserts that 75% of companies exhibit a low to moderate level of readiness to harness its benefits. The primary challenges identified included skills gaps (52%) and unclear use cases (47%), with only 36% of organizations considering data privacy as a risk.

The report sees general AI as a catalyst for economic growth, especially as governments around the world actively pursue measures to promote and regulate AI. Enabling access to training data and markets, using Gen AI systems as public goods, protecting critical digital infrastructure, and supporting public funding for R&D will encourage Gen AI innovation.

In terms of public sector adoption, the report anticipates that general AI systems will be used for the public good, in line with the National Strategy for Artificial Intelligence (2018). This inclusive approach aims to impact various sectors including education, health, agriculture and smart cities.

The UAE has developed its own open-source Gen AI model ‘FALCON’ to help Emirati companies drive efficiency by using Gen AI tools for applications such as language translations, virtual assistants, etc., the report said.

The report proposes that promoting general AI innovation in India involves gaining access to data and marketplaces, securing digital infrastructure, and talent access and public funding for R&D.

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