GenAI can add $1.2-1.5 trillion to India’s GDP by 2030: EY report

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GenAI can add $1.2-1.5 trillion to India’s GDP by 2030: EY report

According to an EY report, Generative AI (GenAI) has the potential to cumulatively add $1.2 -1.5 trillion to India’s GDP over the next seven years.

The report titled ‘AIidea of India: Generative AI’s potential to accelerate India’s digital transformation’ said that in 2029-30 alone, GenAI has the potential to contribute an additional $359-438 billion to India’s GDP.

The report said that about 69 per cent of the total impact of GenAI on India’s GDP is expected to come from sectors such as business services (including IT, legal, consulting, outsourcing, machinery and equipment rental and others), financial services and services. , education, retail, and healthcare.

Mahesh Makhija, Technology Consulting Leader, said, “Organizations are increasingly adopting an AI-first approach to digital transformation, aiming to enhance customer engagement, enhance productivity and deliver digital capabilities using innovative foundation models and AI-first solutions. To achieve greater agility.” EY India.

“While there is a tremendous sense of optimism for AI to realize its full potential, at this early stage, India must significantly scale up its efforts in terms of increasing the government role in its development and deployment,” he said.
The study highlights that about 75 percent of businesses in India express a low to moderate level of readiness to utilize the benefits of GenAI.

The report said that 52 percent of the organizations surveyed believe that the skills-gap is a challenge for businesses to harness the potential of GenAI, while about 42 percent of the respondents cited the availability of unclear use cases as another barrier. Found in the form.

“Implement measures such as enabling access to training data and markets, deploying GenAI systems as public goods, securing critical digital infrastructure and access to talent, and public funding of R&D,” it said. “This will help promote Gen AI innovation.”

On the data privacy front, the report highlights that 36 percent of organizations view data privacy as the most significant risk of GenAI, followed by hallucinations or fabricated answers (24 percent), biased responses (21 percent) and cyber Security (16 percent). St).

Additionally, 75 percent of organizations said customer engagement was the segment most impacted by generative AI.
Additionally, 73 percent of organizations prefer to partner with external technology providers for GenAI implementation, the report said.

“Given the immense potential of GenAI to act as an economic growth catalyst, governments around the world are actively taking measures to promote and regulate AI. enabling access to training data and markets, deploying Gen AI systems as public goods, securing critical digital infrastructure (including the roll-out of 5G, access to data centres, specialized chips and AI-specific compute infrastructure ) and implementing measures such as access. “Open access to talent and public funding of R&D will help boost general AI innovation,” it said.

Experts further say in the report that the extent of impact of GenAI in each sector will depend on factors such as feasibility, rate of adoption and the respective contribution of each industry segment to India’s economic activity.

“Adopting a ‘light touch’ approach can create a responsive regulatory environment while balancing innovation and risk management. “Clarity on the regulatory framework, establishing regulatory sandboxes, watermarking GenAI content, and setting standards for accountability and liability will be important to build trust in AI systems,” according to the report.
The survey was conducted on 200 C-suite participants from sectors including technology, media and entertainment, financial services, government, healthcare, retail and manufacturing.

Nearly 60 percent of these organizations surveyed acknowledged that GenAI has had an impact on their business.

* 75% of Indian businesses show limited readiness to capitalize on General AI.
*52% of organizations see skills-gap as a challenge to harnessing GenAI capabilities.
* 73% of organizations prefer to partner with external technology providers for GenAI implementation.
* GenAIs projected to boost key sectors by 2030 (in%):

Sector
Impact on sectoral gross value addition (%)
Financial Services 
22-26%
Media 
20-24%
Business Services
19-23%
Health and Social Work
16-20%
Transport and Storage
8-10%

business standard News Source: 

GenAI can add $1.2-1.5 trillion to India's GDP by 2030: EY report

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