According to a recent assessment released by NITI Aayog on Monday, artificial intelligence has the potential to significantly boost India’s economy in the upcoming ten years, with an estimated $1.9 trillion added to the national GDP by 2035.
The paper “AI for Viksit Bharat: Roadmap for Accelerated Economic Growth” projects that the adoption of AI will create between $17 and $26 trillion in value globally over the next ten years.
India can exploit its robust STEM talent and research ecosystem to potentially capture 10–15% of this value.
India’s GDP might reach $8.3 trillion by 2035 if AI is completely implemented, up from $6.6 trillion at the current rate of growth. According to the paper, AI might help close 30–35% of the nation’s growth gap.
The study identifies crucial industries where AI can bring about significant change, including banking, manufacturing, and research-intensive sectors like semiconductors, electric cars, medicines, and aerospace.
Specifically, generative AI has the potential to lower research expenses, lower barriers to entry in billion-dollar companies, and accelerate innovation in sectors including biopharma, automotive components, and space technology.
With a budget of more than Rs 10,000 crore, the government formed the IndiaAI Mission to aid in this transition.
In order to extend adoption throughout the nation, it will concentrate on developing massive language models tailored to India, installing 38,000 GPUs, and establishing AI laboratories in Tier-2 and Tier-3 cities.
But the report also identifies problems. Data and infrastructure are still inaccessible to many MSMEs.
Additionally, India lacks qualified experts in battery technology, microprocessor design, and robotics.
Strong policy frameworks, consent-based data sharing, and worker reskilling will be crucial, particularly given that AI has the potential to replace 35–40% of occupations globally.
In order to establish India as the “data capital of the world” and a center for cutting-edge technologies, the report urges immediate cooperation between the government, business, and academic institutions.
In addition, NITI Aayog introduced the “Frontier Tech Repository,” which features more than 200 actual instances of how frontier technologies are enhancing people’s lives in India.
Additionally, it will support widespread adoption and assist states in replicating effective solutions.
India cannot become a developed country without investing in cutting-edge technologies, according to B.V.R. Subrahmanyam, CEO of NITI Aayog.
“We must stay ahead of the curve if we want to take advantage of technology. India will be prepared for the future by identifying trends, raising awareness, and utilizing these technologies, he stated.
Read More
Income Tax Department: Over 7 crore ITRs have been lodged so far
GST changes for MSMEs will support jobs and growth in India