Data and AI – The two centerpieces critical for realizing India’s 2025 vision
Blog: NASSCOM Official Blog
Data and AI have the potential to address dual goals of economic and social value creation and recovery. The focus of this article is to detail out the economic value that data and AI has the potential to add to India’s GDP by the next 5 years. Industry veterans globally have been echoing the same thought that they have seen 2 years of digital transformation in 2 months due to COVID-19.
With digital transformation, the importance of data and AI has also grown significantly over the past few months. In fact, on ground COVID-19 war rooms have made us realise the importance and the gaps in the available data assets and integrated systems that are imperative for a speedy recovery from the pandemic.
Considering the criticality and need for an action plan for India around Data and AI, NASSCOM launched a timely report on “Unlocking Value from Data and AI – The India Opportunity” in the XperienceAI Summit Curtain Raiser. The report highlights the crucial role that Data and AI will have in realizing India’s vision for 2025, and the value it can delivery across key sectors.
When it comes to realising value through data and AI. We will look at this story in two parts:
- Economic value that data and AI have the potential to add to India’s GDP in the next 5 years
- How India’s vision of inclusive development can be realised through data and AI
Let us start by discussing the first aspect of economic value through Data and AI – which is the key focus of this article. The subsequent articles of this series will cover the remaining aspects.
Role of data and AI in delivering economic value by 2025
- Data and AI could add $450-$500bn. to India’s GDP by 2025, representing ~10% of the $5 tn. aspiration pre-COVID-19
- Nearly 45% of this value is likely to be delivered by 3 sectors: Consumer goods and Retail, Agriculture and Banking and Insurance
- Enhancing AI usage at a functional level particularly operations can unlock ~50% of this value
[Click here] to access the full report for analysis of all sectors and functions.
Watch out for my next article on how data and AI will play a crucial role in realizing India’s vision of inclusive development. Read the full report “Unlocking Value from Data and AI – The India Opportunity” for more details.