Nasscom, an Indian non-governmental trade association and advocacy group, claims that an integrated AI and data use plan could boost India’s GDP by $500 billion by 2025. The Nasscom, in collaboration with EY and with backing from Microsoft, EXL, and Capgemini, has introduced a AI Adoption Index to track sectoral progress on AI adoption in the nation.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
- The index was the first comprehensive analysis of AI adoption trends in India, starting with four important industries: banking, financial services and insurance (BFSI), consumer packaged goods (CPG), retail, healthcare, and industrials & automotive.
- Together, these industries could account for more than 60% of AI’s potential value-add to the nation’s GDP by 2025, which is estimated to be between $450 and $500 billion.
- According to the top body, investments in AI have increased significantly over the past two years, rising from $36 billion in 2020 to a high of $77 billion in 2021.
- Even while India’s current pace of AI investments was projected to expand at a CAGR of 30.8 percent and reach $881 million by 2023, it would still only account for 2.5 percent of the $340 billion in total worldwide AI expenditures.
- This would present a huge chance for Indian businesses to increase their investments in and adoption of AI in order to promote equal growth across all sectors.
The National Association of Software and Service Companies (NASSCOM) is a non-governmental organisation in India that works to promote the country’s technology sector. NASSCOM was founded in 1988 and is a nonprofit organisation. NASSCOM launched a programme in 2013 to support 10,000 businesses in India by 2023. NASSCOM supports activities aimed at Indian startups.
Find More News on Economy Here