According to a report titled “AI Adoption Index” by The National Association of Software and Services Companies (NASSCOM), the Indian economy may witness an addition of $500 Billion By 2025 to its GDP. This addition to the GDP is a result of the adoption of including artificial intelligence in economic functioning.
“The pandemic has made it absolutely time critical for organisations to move from data & technology silos to building specialised AI capabilities at scale across sectors combined with a structured data utilisation strategy,” said Debjani Ghosh, President of NASSCOM.
The report also stated that the inclusion of AI in the key sectors ( Consumer Goods and Retail (CPG), Banking, Financial Services & Insurance (BFSI), Energy & Industrials, and Healthcare) could provide the addition of enormous cash flows in the economy in the next four to five years.
With the growth of the GDP (owing to AI), the expected $500 Billion can be a worthwhile addition that will bring India a step closer to its ambitious $5 trillion GDP by 2025 (as this amount constitutes 10% of the target). A report by TeamLease suggests that India is a contributor of 16% of the total AI workforce in the world. It is also the second-largest global hub in training and hiring AI talent.
This growth in the AI domain is not only limited to India; the global sector is also witnessing a rise in global investments in artificial intelligence reaching $77.5 billion in 2021, up from $36 billion in 2020. Riding on this AI journey is imperative to unlock multiple growth potentials.
