New Delhi: Artificial Intelligence (AI) could add over $500 billion (around ₹47.81 lakh crore) to India’s economy by 2030, according to a study from IBM and IndiaAI. This report, “From Promise to Power: How AI Is Redefining India’s Economic Future,” surveyed 1,500 Indian executives across various industries.
The findings are encouraging. About 80% of business leaders believe that investing in AI will boost the country’s GDP. The report suggests that AI’s growth could position India among the top AI-driven economies worldwide. Interestingly, 73% of executives think India will lead in AI by 2030 due to its large market, robust digital infrastructure, and the biggest IT service workforce.
Yet, there are significant challenges. A noticeable “inflection gap” exists, with 72% of organizations admitting they are behind global competitors in adopting AI. While only 15% of companies are actively scaling AI, most are still in the pilot phase.
S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), expressed confidence in India’s evolving role in the international AI landscape. He emphasized the need for AI to align with the aspirations of the people and champion inclusive growth.
However, the study also pointed out hurdles. Approximately 77% of respondents cited the lack of affordable and secure cloud infrastructure as a major barrier. Moreover, 57% pointed to inconsistent data quality. A skills gap also poses a significant challenge; only 30% of workers have the AI skills that companies want, but this needs to rise to nearly 57% by 2030. This equates to over 350 million AI-literate professionals.
Sandip Patel, Managing Director of IBM India & South Asia, highlighted the importance of building trusted AI systems supported by strong data and a skilled workforce. He believes that with investment in skills and infrastructure, India can maximize the economic benefits of AI.
As AI transforms industries, the country must also address user concerns and expectations. Many Indian citizens are eager for AI-driven solutions in healthcare, education, and public services. This openness presents a unique opportunity for businesses to harness AI for positive change.
In short, while challenges remain, the potential of AI to reshape India’s economy is significant.
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AI, INDIA ECONOMY, INDIAAI, MEITY, ECONOMIC FUTURE, AI COULD ADD OVER USD 500 BILLION TO INDIA'S ECONOMY BY 2030 STUDY
