India’s artificial intelligence (AI) market is currently valued at $6.4 billion, with spending predicted to soar to $11.78 billion by 2025, according to Shanti Ekambaram, deputy managing director of Kotak Mahindra Bank. Speaking at the ET Conversations event, Ekambaram emphasized that India is at the forefront of AI skills globally and ranks second in the adoption of generative AI. Initiatives like the “IndiaAI Mission” and investments from technology giant Nvidia are accelerating the nation’s AI ecosystem. Ekambaram noted that India’s AI sector has the potential to boost the GDP by nearly $500 billion.
Since 2019, over 100 generative AI startups have collectively raised more than $600 million, complemented by educational programs that are advancing the skills of nearly half a million developers. India’s vast digital infrastructure and highly skilled workforce uniquely position it to drive the intelligence revolution. During her introduction of Nvidia founder Jensen Huang, Ekambaram highlighted the growing alignment between India’s technological advancement and Nvidia’s AI-focused vision, indicating a promising future collaboration.
Reflecting on India’s historical contributions, Ekambaram remarked that the nation that gave the world “Shunya” – zero – is now poised to play a pivotal role in AI innovation. She also shared Kotak Mahindra’s experience with AI, stressing that the technology should enhance rather than replace human jobs. While many technology partners prioritize automation and profits, Ekambaram echoed Nvidia’s philosophy, focusing on a customer-centric approach. She emphasized the significance of understanding customer needs through AI, a strategy that aligns with Jensen Huang’s leadership principles at Nvidia.
