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Amidst a tepid macroeconomic landscape, India remains a bright spot, set to outpace major economies, driven by a thriving consumer market, start-up ecosystem, and vibrant talent pool. The digital payment system or unified payments interface (UPI) and health tech stack are testament to India’s success in digital innovation and the power of public-private sector collaboration.
India's young and skilled workforce provides it with a unique advantage, especially with 52 per cent of its population being Gen Z and millennials, higher than the global average of 47 per cent. In fact, India is home to 20 per cent of the world's Gen Z population, making it the largest working-age group globally. This positions India at the forefront, offering strategic talent benefits for global organisations. With over 5.43 million people in the tech industry and the highest global rates of AI skill penetration, India's demographic dividend is its key asset. This, combined with the rise of emerging technologies, presents a unique opportunity to pioneer the next frontier of innovation and equitable development, in addition to economic growth.
Emerging technologies shaping India's future
Just like the calculator helped us do math better and the internet put information at our fingertips, new technologies such as AI and generative AI will be a multiplier of productivity and creativity, enabling us to be more effective in our work and opening new roles. With AI and generative AI accelerating the need to reinvent even faster as they fundamentally change the way people work and access information, India has an opportunity to lead this technological revolution. In fact, our research shows that responsible generative AI adoption could add an extra $675 billion in economic value in India by 2038.
James Cameron waited 10-15 years to make Avatar due to technological limitations. Now, AI is advancing faster than what it can be used for. With AI and generative AI redefining and reinventing industries across the board, the government’s vision to create the IndiaAI mission demonstrates its commitment to harnessing the potential of this transformative technology to fuel India’s economic goals.
Pioneering a new era of AI leadership
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India is a key enabler in the AI landscape, primarily focused on developing AI solutions. To emerge as a leader at the global level, India must focus on three key aspects of AI—consumption, adoption, and skilling at scale. Drawing lessons from the digital innovations of the past, we must create a comprehensive ecosystem that encourages experimentation, risk-taking, and collaborative problem-solving across industries. This involves reimagining academic curricula, incentivising research and development, and creating platforms for cross-industry collaboration.
Deriving value from AI greatly relies on data and human ingenuity, emphasising the need for skilled individuals. A recent Accenture report estimates that 31 per cent of working hours in India will be automated or augmented by generative AI by 2030, highlighting the crucial requirement for an adaptive, ethical, and inclusive AI ecosystem. There is a need to create a solid skilling foundation with the right interventions by government, private companies, industry bodies, and educational institutes to avoid a mismatch between the jobs being created and the skills being taught, maintaining our skilling edge.
However, equipping the workforce with the necessary skills is only one part of the equation. The increasing penetration of AI requires a workforce equipped not only with technical skills but also the ability to navigate the ethical complexities of AI development and deployment. It is critical to scale emerging technologies in responsible and ethical ways to mitigate any potential risks. Recognising this, the government’s IndiaAI mission is fostering responsible use and innovation of AI.
With the right skilling focus and policy support, India has the potential to emerge as a model of how emerging economies can become pioneers in the AI era, while balancing technological advancement with economic growth and ethical considerations.
The author is MD and Lead - India Business, Accenture
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
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