AI Predicted to Add $957 Billion to India's Economic Growth

The burgeoning artificial intelligence field could add $957 billion to the Indian economy, according to research released by Accenture in a report entitled "Rewire for Growth." It predicts AI has the potential to add 1.3 percent to India's growth rate of gross value added, increasing income 15 percent by 2035. The report examined India's innovation ecosystem and compared it to other G20 countries; areas studied include India's large businesses, startups, universities, multi-stakeholder partnerships, and policymakers. Accenture concluded that India's strong talent pool, its excellent universities, and strong business entities both large and small hold tremendous promise, but the nation currently lags in AI fields, especially when compared to the UK's Oxford and Cambridge and other global entities. Furthermore, funding for AI startups in India trail both the United States and China, although the country has grown at an above average rate since 2011 and ranks third among G20 nations as of 2016.