Generative AI Could Boost India’s Economic Value by $675 Billion by 2038, Report Finds
New Delhi: A recent report highlights that embracing a people-centric approach to generative AI (GenAI) could potentially add an extra $675 billion to India’s economy by 2038. According to the Accenture report, generative AI is expected to automate or augment 31% of working hours in India, leading to a 0.6 percentage point increase in annual GDP growth.
The report, which combines economic modeling for four of Asia Pacific’s largest economies—Australia, China, India, and Japan—with a CXO survey across these countries and Singapore, projects that responsible adoption of GenAI could contribute an additional $4.5 trillion in economic value across the Asia Pacific region over the next 15 years.
Saurabh Kumar Sahu, Lead for India Business at Accenture, emphasized that the strategic and responsible deployment of generative AI could drive substantial revenue growth and transform nearly every function across industries. He noted, “To unlock its real value, businesses need a bold vision for reinvention supported by a robust data and technology foundation.”
The report also reveals that while 96% of APAC business leaders recognize the significant impact of generative AI, and 91% of workers are eager to acquire new skills for working with the technology, only 4% of business leaders have implemented extensive generative AI training programs.
The industries projected to experience the most significant transformation include capital markets, where GenAI will impact nearly 71% of working hours, and software and platforms, where 66% of working hours will be automated or augmented. Other sectors such as banking (64%), insurance (62%), and retail (49%) will also see notable changes.
