India stands at the cusp of a transformative era, poised to harness the power of Artificial Intelligence (AI) to propel its economy into the stratosphere. A recent panel discussion at the Business Standard Manthan, featuring industry stalwarts, shed light on the immense potential AI holds for India’s growth trajectory.
Irina Ghose, managing director (MD) of Microsoft India, highlighted AI’s potential to contribute a staggering 400-500 billion to India’s gross domestic product (GDP) by 2025. This exponential growth isn’t just theoretical; it’s backed by real-world results. Ghose revealed that 70 percent of organizations are already at advanced stages of AI adoption, with a remarkable return on investment (ROI) of 3.5X for every dollar spent.
Amith Singhee, research head of IBM India, underscored the shift in technology innovation from closed industrial labs to open collaboration. This democratization of innovation has empowered both producers and consumers, although with new challenges. Singhee further emphasized the need for consumers to develop in-house technological expertise to navigate the rapidly evolving tech landscape effectively.
Ravi Jain, head of the strategy at Krutrim, expressed a vision to make AI accessible to every Indian, outlining a commitment to democratize AI tools. Ankur Puri, Partner at McKinsey, echoed the sentiment, stressing that AI offers meaningful opportunities across all sectors, driving positive deployment.
Balaraman Ravidran, head of AI at IIT Madras, provided a nuanced perspective, highlighting AI’s role in addressing India’s shortage of skilled workers in key sectors. However, he noted that the current cost of advanced AI systems poses a barrier to widespread adoption in India.
The panelists altogether highlighted the need for a holistic approach to AI, focusing on education, safety, and community-driven standards. They also called for a paradigm shift in education to equip future generations with the skills needed to thrive in an AI-driven world.
The article originally appeared on Business Standard.