According to a report by Accenture, in India, generative artificial intelligence (GenAI) could lead to a 0.6 per centage point increase in gross domestic product (GDP) growth per year and an additional $675 billion in economic value by 2038.
As per the report, 31 per cent of working hours will either be automated or augmented by GenAI.
The report combined economic modelling conducted for four of Asia Pacific’s (APAC) largest economies, including Australia, China, India and Japan, and a CXO survey in these countries and Singapore.
Further it noted that responsible GenAl adoption could add an extra 4.5 trillion in economic value in APAC over the next 15 years.
The report highlighted that about 96 per cent of APAC business leaders acknowledge the significant impact of GenAI, and 91 per cent of APAC workers indicate that they are keen to acquire new skills to work with generative AI, but only 4 per cent of business leaders have rolled out generative Al training at scale.
Furthermore, the most impacted industries include capital markets where GenAl will transform nearly three-quarters of working hours (71 per cent) and software and platforms where two-thirds (66 per cent) of working hours will be automated or augmented. This is followed by banking (64 per cent), insurance (62 per cent) and retail (49 per cent).
