According to report, AI can lead to 8% plus economic growth to realize the vision of 'Viksit Bharat'.
- Further AI adoption can bridge nearly half of the growth gap needed to propel India from a projected GDP of $6.6 trillion to an aspirational $8.3 trillion by 2035.
AI Opportunities for India: Three Major Unlocks Highlighted by the Report
- Accelerating AI Adoption across Industries: This lever is projected to bridge 30-35% of the required growth step-up E.g. Use of AI in Banking and manufacturing
- Transforming R&D with Generative AI: This unlock is expected to contribute at least 20-30% of the required uplift E.g. AI-enabled drug discovery, software-assisted vehicles etc.
- Innovation in technology services: This could contribute another 15-20% to the step-up.
Potential Outcomes for AI-Led Value Creation
- India as Data Capital of the World: Involves creating anonymized data collection frameworks, building marketplaces for certified non-personalized data etc.
- Adaptable and Efficient AI-Skilling Ecosystem: By developing skilled professionals, advancing research, and contributing to AI models
- Unlocks Sectorial Growth: Focusing on AI enablers in manufacturing, financial services, pharmaceuticals, and automotive industries.
- Future Proofed Jobs and Industry Transformation: By continuous worker up skilling, accelerates firm-level digital adoption etc.
Conclusion
The report concludes that with robust infrastructure, focus on labor transitions, responsible governance, and industry-academia collaboration, India can pioneer a new model of growth.
