Generative artificial intelligence (GenAI) is revolutionizing the way businesses operate, and a recent study by Accenture highlights the significant impact it could have on India’s economy. According to the study, adopting a people-centric approach to GenAI could potentially add an additional $675 billion to India’s economy by 2038. This staggering figure underscores the transformative power of AI in driving economic growth and innovation.
One of the key findings of the research is that around 31% of working hours in India will be automated as a result of GenAI deployment. This automation is projected to contribute to a 0.6 percentage point increase in the annual gross domestic product (GDP) growth of the country. This shift towards automation is not only expected to boost productivity and efficiency but also create new opportunities for businesses to thrive in a rapidly evolving digital landscape.
Saurabh Kumar Sahu, lead of India business at Accenture, emphasized the importance of a bold vision for reinvention anchored in a strong data and technology foundation. He highlighted the need for businesses to adopt a responsible and intentional approach to skilling in order to succeed in the age of generative AI. By leveraging the full potential of AI technologies, businesses can drive revenue growth and transform their operations across industries.
The research conducted by Accenture included economic modeling for four of Asia Pacific’s largest economies, namely Australia, China, India, and Japan. A CXO survey was also conducted in these countries and Singapore to gauge the impact of GenAI on working hours and productivity. The findings revealed that GenAI is set to revolutionize the way businesses operate, with significant implications for various sectors.
In terms of working hours to be automated by GenAI, India ranked fourth among the countries surveyed, with 31% of working hours expected to be automated. This highlights the significant potential for AI to streamline processes and drive efficiency in the Indian workforce. Across industries, the impact of GenAI on working hours varied, with sectors like Capital Markets, Software and Platforms, Banking, Insurance, and Retail expected to see varying degrees of automation.
Overall, the study underscores the transformative potential of GenAI in driving economic growth and innovation in India. By adopting a people-centric approach and investing in skilling and technology, businesses can unlock the full value of AI technologies and position themselves for success in the digital age. With the right strategies in place, India stands to benefit significantly from the adoption of generative artificial intelligence.