Bengaluru Dec 21 (IANS) Artificial Intelligence (AI) could add $957 billion to the Indian economy by changing the nature of work to create better outcomes for businesses and society a new Accenture report said on Thursday.
AI has the potential to increase India s annual growth rate of gross value added (GVA) by 1.3 percentage points lifting the country s income by 15 percent in 2035 said the report titled " Rewire for Growth".
"The time to act is now. With the right investments AI can create a flywheel effect liberating people to create long term economic and societal value " said Rekha M Menon Senior Managing Director and Chairman Accenture India.
For AI to realise its full potential India needs to develop a long-term vision and action plan that unites the ecosystem and addresses technical and ethical questions as they arise.
"Increase spending on core AI research facilitate ecosystem collaboration for innovation and create opportunities for smaller players " the report added.
Investing in building multidisciplinary and STEAM (science technology engineering arts and mathematics) demanded by AI will be the key it said.
"The economic boost will be driven by innovative AI technologies that enable people to make more efficient use of their time and do what humans do best -- create imagine and innovate new things " Menon added.
Big businesses will play a key role in unlocking the economic value of AI with more than 88 per cent of businesses in India surveyed by Accenture earlier expecting to make moderate-to-extensive investments in one or more AI-related technologies over the next three years.
In addition digital platform companies can play a key role in driving AI innovations in India in line with the global trends.
--IANS
na/bg
