India’s economy is moving towards a major change in the coming years, and AI can become the main reason for this change. A recent report of NITI Aayog states that if India adopted AI in the right direction and right, then by 2035, the country’s GDP (GDP) can increase by 500 to 600 billion dollars.
NITI Aayog said in its report that AI technology will not only make the work fast and smart, but it will also bring a tremendous bounce in productivity and efficiency. Its effect will be seen directly on our economy. NITI Aayog believes that AI can prove to be a game changer not just a technology, but to make India a developed nation.
Globally also a big impact
The report also stated that AI can have an economic impact of 17 to 26 trillion dollars in the coming decade. India’s participation in this will also not be reduced. The report said that India has the ability to get 10-15% of the global AI market, which will be a huge achievement.
Stem Talent and Digital Skills
There are a large number of professionals associated with Stem (Science, Technology, Engineering, Mathematics) in India. Along with this, digital infrastructure is also increasing rapidly in the country. This is the reason why India is fully ready to take advantage of this technology wave.
There will be changes in jobs
However, the report also warns that while AI will create new jobs, some existing jobs will also end. Especially it will have more impact on jobs with clerical, routine and low skills.
Most impact in banking and manufacturing
According to the report, areas like financial services (banking, insurance etc.) and manufacturing will be the most affected. With the help of AI in these areas, GDP can contribute up to 20-25% by 2035. Financial services features $ 50-55 billion through AI, while an additional income of $ 85–100 billion in manufacturing is expected.