India's outsourcing industry is worth $300bn. Indian technology stocks have seen an unprecedented rout over the past few weeks over fears of artificial intelligence upending the traditional outsourcing model that powers the country's $300bn (£223bn) back-office industry. The sell-off - part of a global correction in traditional software and IT stocks - preceded the market nervousness caused by recent geopolitical uncertainty, and is particularly significant for India. Over the past three-and-a-half decades, India's software industry has created millions of white-collar jobs, spawning a new middle class driven by high ambition and strong purchasing power. This, in turn, has fuelled demand for apartments, cars and restaurants across top-tier cities such as Bengaluru, Hyderabad and Gurugram over the past 30 years.

Indian small and medium-sized enterprises (SME) in the tech industry are likely to generate revenue of $35-40 billion by FY30, up from $15-20 billion in FY23, according to a report "Indian Tech SMEs" released by industry body Nasscom on Tuesday. Digital tech SMEs, which offer cloud services, advanced analytics, and AI solutions, will account for 35- 40% of the overall tech SME revenue by FY30 up from 21% in FY23, the report added. The overall tech industry in India is expected to double its revenue to $500 billion by FY30. According to Nasscom, 60% of the tech SMEs are BPOs, while 20-25% of the SMEs are in IT services, and 15% offer software products and software as a service (SaaS). The industry body defines tech SMEs as firms that predominantly offer legacy IT, BPM, and subcontracting services, while digital tech SMEs are those that offer cloud and digital transformation services and have also ventured into advanced analytics and AI/ML.

New Delhi, June 23 The adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India's GDP by 2025, a new Nasscom report showed on Thursday. The AI adoption in four key sectors -- BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive -- can contribute 60 per cent of the total $ 500 billion opportunity, according to "AI Adoption Index" Nasscom, EY and Microsoft, EXL and Capgemini. Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023, it will still represent just 2.5 per cent of the total global AI investments of $340 billion. This creates a massive opportunity for Indian enterprises to accelerate investments and adoption of AI to drive equitable growth across sectors. For India to achieve its $1 trillion GDP goal by FY 2026-2027, it needs to have a strong correlation to the maturity of AI adoption, the report noted.

The adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India's GDP by 2025, a new Nasscom report showed on Thursday. The AI adoption in four key sectors -- BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive -- can contribute 60 per cent of the total $ 500 billion opportunity, according to "AI Adoption Index" Nasscom, EY and Microsoft, EXL and Capgemini. Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023, it will still represent just 2.5 per cent of the total global AI investments of $340 billion. This creates a massive opportunity for Indian enterprises to accelerate investments and adoption of AI to drive equitable growth across sectors. For India to achieve its $1 trillion GDP goal by FY 2026-2027, it needs to have a strong correlation to the maturity of AI adoption, the report noted.

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New Delhi: Artificial intelligence (AI) is undoubtedly one of humanity's most innovative technologies today. Considering AI's capacity to totally alter and transform industries and organisations, everyone should be familiar with the fundamentals of this rapidly growing discipline and assess its significance toward their own life, career, and business. But where can you find accurate and reliable information and news on AI in India? The Indian government recognises and believes in the power and reach of artificial intelligence (AI) and thus created a dedicated AI platform in the country, 'INDIAai'. The Ministry of Electronics and IT (MeitY), the National e-Governance Division (NeGD), and the National Association of Software and Service Companies (NASSCOM) collaborated to bring the National AI site up, which can be accessed by all at indiaai.gov.in.

India will see the breakthrough application of artificial intelligence (AI) in various areas including the National Language Translation Mission, said Infosys Chairman Nandan Nilekani. Nilekani said this during a fireside chat with Ajay Sawhney, secretary in the Ministry of Electronics and Information Technology (MeitY), and Debjani Ghosh, president of IT industry body Nasscom. The interaction was organized by INDIAai, a national AI portal set up by MeitY, National E-Governance Division, and Nasscom. "The work that MeitY is doing on the national language translation mission is a disruptive opportunity," Nilekani said. "India is unique in the fact that it has such a large number of languages, all co-mingling, and most Indians speak two to three languages and so on. Creating the world's best language capability, whether its speech, text to speech, whether its language to language, I think India is well placed to show the world how to do it," he added.

Despite being an agrarian economy, multiple challenges hold back the Indian agriculture sector from performing to its potential. "However, with increased government support, growing agritech providers, burgeoning startup ecosystem, and rising AI adoption among the rural farming population, a strong transformation impetus is underway," Nasscom said in a statement. Data consolidation, lack of infrastructure awareness in data processing, and its availability have been some of the key challenges faced by the sector today. In addition to this, lack of awareness on agricultural inputs, access to quality seeds, lack of adequate irrigation infrastructure, and scarcity of farmer capital, are some of the challenges faced by the sector. "AI has the potential to play a key role in relieving the sector from most of its stressful input conditions, catalyzing a shift towards data-driven farming. Leveraging macro as well as farm-level data collected through sensors will help maximize yields and optimize the use of available resources," Nasscom said.

To promote AI-led innovation in the country, the National Association of Software and Services Companies (NASSCOM) has unveiled a new program, AI Gamechangers, in partnership with Microsoft. The program has been launched to recognize impactful and scalable AI-based innovation in the country. According to the official release, NASSCOM and Microsoft will work jointly to develop and promote the AI Gamechangers program to spearhead AI's adoption across all sectors. As part of the program, NASSCOM will recognize the country's top AI innovators at its Xperience AI Summit, one of India's largest AI Summits. The program will enable organizations, academia, and NGOs to demonstrate their AI-based products and solutions to give further fillip to AI-innovation in the country.

The pandemic has taught us many lessons and opened our minds to new ways of doing things, including understanding the potential of technologies such as artificial intelligence (AI) and machine learning (ML). AI/ML models and algorithms have supplemented the work of healthcare professionals, medical researchers, public health authorities and local administrations in monitoring and predicting trends. Lockdowns have led to a boom in Internet consumption. According to the Department of Telecommunications, Internet consumption in India rose by 13% after the lockdown was announced. Higher consumption has generated goldmines of user data that online businesses can harness.