Highlights – AI is no longer just a technological advantage, but a new path for India. According to a recent report by the NITI Aayog, if AI is adopted with the right strategy and pace, then India can not only achieve rapid development, but also become a very strong player on the global stage.
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India’s economy is heading towards a major transformation in the coming years, and AI can be a major factor in this transformation. A recent report by the NITI Aayog says that if India adopts AI in the right direction and at the right pace, the country’s Gross Domestic Product (GDP) can increase by $500-600 billion by 2035.
The NITI Aayog in its report said that AI technology will not only make work faster and smarter, but it will also bring a huge leap in productivity and efficiency. Its impact will be directly seen on our economy. The NITI Aayog believes that AI is not just a technology, but can prove to be a game changer and a game changer in making India a developed nation.
Big impact at the global level too
The report also said that AI could have an economic impact of $17 to $26 trillion across the world in the next decade. India’s participation in this will not be small either. The report said that India is likely to have a 10-15% share of the global AI market, which would be a great success.
STEM Talent and Digital Skills
India has a large number of STEM (Science, Technology, Engineering, Mathematics) professionals. Along with this, the digital infrastructure in the country is also growing rapidly. Due to this, India is fully poised to benefit from this technological wave.
Jobs will change
The report also warns that AI will create new jobs, some existing jobs will also be eliminated. This will especially affect clerical, routine and low-skilled jobs.
Banking and manufacturing will be the most affected
According to the report, sectors like financial services (banking, insurance, etc.) and manufacturing will be the most affected. In these sectors, AI can contribute 20-25% to GDP by 2035. Financial services are expected to generate $50-55 billion in additional revenue through AI, while manufacturing is expected to generate $85-100 billion in additional revenue.
