Latest trends on Generative AI

 


Generative AI (Gen AI) is poised to reshape industries by revolutionizing operating models, transforming value chains, and altering economic dynamics. Indian enterprises are optimistic about Gen AI’s potential but acknowledge the need for better preparation, navigating a digital transformation journey to survive in the era of ‘Digital Darwinism’.

'The AIdea of India: Generative AI's potential to accelerate India's digital transformation' addresses key questions facing enterprises and policy makers. It analyzes key trends in the AI/Gen AI ecosystem, proposes an enterprise transformation agenda, explores the economic opportunities in India, and highlights potential use cases across various industries. Recognizing the importance of policy, it outlines a strategic framework for responsible development and deployment of Gen AI in India.

The Economic potential of gen ai

Global institutions like the World Bank and the IMF recognize India’s economy as the fastest-growing among major nations. Our study indicates that India could experience a substantial boost in its GDP over seven years (2023-24 to 2029-30). The cumulative impact on GDP may range from US$1.2 trillion to US$1.5 trillion, contributing an additional 0.9% to 1.1% in annual CAGR. Given the immense capability of Gen AI with respect to its productivity and efficiency enhancing effects, its adoption has the potential to accelerate India’s growth trajectory. It is, therefore, necessary to increase investment in Gen AI, education and upskilling to fully capitalize on the demographic dividend.

  • Compiled by - Chandramani Data Scientist

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