EY’s report highlights the transformative potential of Generative AI (GenAI), projecting a significant injection of $1.2 – 1.5 trillion into India’s GDP over seven years, with an additional $359-438 billion expected in the 2029-30 period. Key sectors such as business services, finance, education, retail, and healthcare are identified as pivotal drivers, collectively contributing to 69% of GenAI’s impact.
Mr. Mahesh Makhija, Technology Consulting Leader at EY India, emphasizes the rapid adoption of an AI-first approach, noting its role in enhancing customer engagement and boosting productivity. Despite the optimistic outlook, the report underscores the imperative for India to intensify efforts, particularly in terms of government involvement. The study reveals that 75% of businesses exhibit low to moderate readiness for GenAI benefits, with challenges including a 52% skills gap and 42% uncertainty regarding use cases.
In response, the report calls for strategic initiatives aimed at addressing these challenges, ultimately propelling India into the era of Generative AI and fostering sustained economic growth.
