GenAI’s Potential Contribution to India’s GDP: $1.5 Trillion by FY30: EY India Report

GenAI's Potential Contribution to India's GDP: $1.5 Trillion by FY30: EY India Report

According to a study conducted by Ernst & Young India titled ‘The AIdea of India: Generative AI’s potential to accelerate India’s digital transformation,’ Generative AI holds the potential to contribute a cumulative $1.2-1.5 trillion to India’s GDP over the next seven years. The report offers insights into the industry’s readiness and obstacles in adopting Gen AI, highlighting its prospective contribution to India’s GDP by FY29-30.

“The report forecasts that by fully capitalising Gen AI technology and its applications across sectors, India can potentially add $359-438 billion in

FY29-30 alone, reflecting a 5.9-7.2% increase over and above the baseline GDP,” it said.

Sectors such as business services (encompassing IT, legal, consulting, outsourcing, rental of machinery & equipment, and others), financial services, education, retail, and healthcare are anticipated to contribute to nearly 69% of the overall impact.

The anticipated impact entails improvements in workforce productivity, increased operational efficiency, and personalised customer engagement, the report said.

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
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