NEW DELHI: Artificial intelligence could add US$957 billion to the Indian economy by changing the nature of work in order to create better outcomes for businesses and society, a report by Accenture said on Thursday.
The report highlighted that AI has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15 percent in 2035.
“AI’s transformative power can be compared to the advent of computing itself, and there’s strong early evidence that AI can play a key role in unlocking socio-economic value in India. The time to act is now. With the right investments AI can create a flywheel effect ‘liberating’ people to create long term economic and societal value,” said Rekha M. Menon, senior managing director and chairman, Accenture India.
According to the research, the major Indian technical universities have conducting fundamental research in AI but are not doing enough to strengthen the AI ecosystem around them. Also, the size of funding received by startups is substantially smaller than in the United States and China showing limited success of India’s AI startups in achieving scale so far.
The report said that the large businesses will play a key role in unlocking the economic value of AI, and small and large companies alike will need an enabling environment and policy framework to advance AI-led growth.
India needs concentrated effort at the national level, with collaboration between policy makers, civil society and the private sector to realize the full potential of AI.
Building an AI blueprint, bolstering R&D, democratizing data, preparing the next generation and embracing smart regulation are some of the key steps that can be taken to advance AI.
“The economic boost will be driven by innovative AI technologies that enable people to make more efficient use of their time and do what humans do best – create, imagine and innovate new things. What’s needed is a clear, long-term vision, and a multi-stakeholder action plan that balances growth with the ethical questions posed by AI,” Menon added.
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Author: || World Economic Forum