 "GenAI adoption to add extra $675 bn to India's economy by 2038: Accenture")
Adopting a people-centric approach to generative artificial intelligence (GenAI) could potentially add an additional $675 billion to India's economy by 2038, according to a study released by Accenture on Tuesday.
The research also revealed that because of the deployment of GenAI, around 31 per cent of working hours in India will be automated, contributing to a 0.6 percentage point increase in the annual gross domestic product (GDP) growth of the country.
“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. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI,” said Saurabh Kumar Sahu, lead, India business at Accenture.
The research is based on economic modelling conducted for four of Asia Pacific’s largest economies, including Australia, China, India, and Japan, and a CXO survey in these countries and Singapore.
GenAI’s impact on working hours (APAC region)
| Countries | Working hours to get automated by GenAI |
| Australia | 45% |
| Japan | 44% |
| China | 33% |
| India | 31% |
GenAI’s impact on working hours (across industries)
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| Sector | Impact (automation of working hours) |
| Capital Markets | 71% |
| Software and Platforms | 66% |
| Banking | 64% |
| Insurance | 62% |
| Retail | 49% |