A survey released on Tuesday suggested that by implementing generative AI (GenAI) and adopting a people-centric approach, India’s economic value may increase by an additional $675 billion by 2038.
In India, generative AI will either augment or automate 31% of working hours. According to the Accenture analysis, it might result in an extra $675 billion in economic value by the specified time period and a 0.6 percentage point rise in GDP growth annually.
The study included a CXO survey in Singapore as well as economic modeling done for the four biggest economies in Asia Pacific, namely Australia, China, India, and Japan.
It was discovered that over the next 15 years, responsible GenAI deployment might increase APAC’s economic worth by an additional 4.5 trillion.
According to Saurabh Kumar Sahu, Lead for India Business at Accenture, “the scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries.”
Businesses must have a daring vision for reinvention rooted in a solid data and technology basis in order to realize its full potential.
“Success in the era of generative AI requires this as well as a deliberate approach to skilling,” Sahu continued.
Only 4% of company leaders in APAC have implemented generative AI training on a large scale, despite the fact that 96% of business executives in the region recognize the enormous effect of generative AI and 91% of workers in the region say they are eager to learn new skills to work with it.
The sectors most affected are software and platforms, where two-thirds (66%) of working hours will be automated or enhanced, and capital markets, where generative AI will change nearly three-quarters of working hours (71%).
According to the survey, this is followed by retail (49%) and insurance (62%), banking (64%), and retail (45%).
