Generative AI To Add $1.5 Trillion In India’s GDP

Nowadays, AI has taken the world by storm, and everybody is talking about incorporating AI into the existing infrastructure and its benefits. In a report named, ‘AIdea of India: Generative AI’s Potential to Accelerate India’s Digital Transformation’, Ernest & Young claimed that Generative AI can potentially add up to $1.5 trillion to India’s Economy by 2030. 

The report stated that in the years 2029-2030 alone, generative AI could add around $360 to $490 billion to India’s Economy. After a survey, it came to light that around 85% of surveyed businesses in India have incorporated AI in one way or the other. The report by EY also stated that around 69% of the total revenue in India would come from financial services, rentals, education, healthcare, and business services like IT, legal consultation, outsourcing and rental of machinery and equipment. AI can also be used in trading Cryptocurrency

EY’s technical head also stated, ‘Organisations are swiftly adopting an AI-first approach to digital transformation, aiming to enhance customer engagement, increase productivity, and achieve greater agility in delivering digital capabilities using innovative foundation models and AI-first solutions.’ 

However, there are some limitations regarding the adoption, and the amount of AI’s influence on Indian businesses will depend on factors like feasibility and rate of adoption. Generative AI has a bright future, and as it becomes more feasible, more and more people are planning on incorporating AI into their businesses. 

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