Artificial Intelligence can infuse $957 bn into Indian economy

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.