Generative AI (GenAI) is anticipated to significantly contribute to India’s economic growth and with an estimated cumulative addition of $1.2 – 1.5 trillion to the GDP by 2030 reveals a recent report by EY.
The report is titled ‘AIdea of India: How GenAI Can Speed Up India’s Digital Change.’ It highlights how Generative AI could improve different areas like business, finance, education, shopping and healthcare in India. It suggests that around 69% of the overall impact on India’s GDP will originate from these sectors.
Mahesh Makhija, the tech leader at EY India, pointed out that many companies are quickly embracing AI to connect better with customers, work more efficiently and deliver digital solutions faster.
However, the report also mentions difficulties that are slowing down the use of GenAI. Around 75% of Indian businesses express a low to moderate readiness to harness its benefits. Skills gap and unclear use cases are identified as primary obstacles, with 52% citing skills gap and 42% mentioning unclear use cases.
To help GenAI grow, the report suggests different things like making training data and marketplaces accessible, using GenAI systems for everyone’s benefit, protecting important digital systems and making it easier to find talent and get money for research.
Data privacy emerges as a significant concern with 36% of organizations viewing it as the foremost risk associated with GenAI. Other concerns include hallucination or fabricated answers (24%), biased responses (21%) and cybersecurity (16%).
Even with problems, 75% of companies recognize that GenAI is making a difference in how they engage with customers. Additionally, 73% prefer partnering with external tech providers for GenAI implementation.
The report is based on a survey of 200 top executives (C-suite) from different fields including tech, media, finance, government, health, shopping and manufacturing. Approximately 60% of the surveyed organizations acknowledged GenAI’s impact on their businesses.
