GenAI Set to Drive Indian Economy by $1.2-1.5 trillion

Generative AI (GenAI) holds immense promise for India’s economic growth, with an EY report estimating its potential contribution of $1.2-1.5 trillion to the country’s GDP over the next seven years.

This transformative technology is expected to drive innovation and productivity, particularly in the realms of education and upskilling. A crucial factor in realizing this potential lies in upskilling the workforce systematically, a priority for 89% of CEOs, according to recent findings.

In response to the growing demand for AI skills, companies like L&T in India have taken proactive steps by launching initiatives such as the GenAI Academy on platforms like Coursera. 

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The emphasis on structured, role-based learning pathways is highlighted as a key strategy to maximize the benefits of AI within organizations.

The report underscores that India can become a global hub for AI talent by nurturing a digitally skilled workforce. With digital skills being a gateway to equal opportunities, private-public partnerships are encouraged to create learning and career pathways for emerging digital jobs across the country. 

The recent surge in enrollments for GenAI courses on platforms like Coursera, occurring every three minutes in India, exemplifies the nation’s eagerness to embrace AI education.

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Furthermore, the importance of industry micro-credentials is to rapidly equip individuals with in-demand digital skills. The expanding skill ecosystem in India, coupled with online and blended learning opportunities, can enable individuals to acquire valuable credentials without geographical constraints.

Notably, industry micro-credentials further expedite skills development, with initiatives like IIT Guwahati’s online BSc (Honors) in Data Science and Artificial Intelligence now recognizing industry certifications from esteemed entities like Google and IBM.

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GenAI is depicted as a solution to its disruptions, leveling the playing field and transforming potential threats into opportunities. The article highlights the democratizing effect of AI in education, where students in rural India now have access to virtual coaches providing explanations in their local language. Language barriers are broken down, enabling learners to access over 4,000 courses in Hindi on platforms like Coursera.

By embracing GenAI and fostering an AI-skilled workforce, India stands poised to harness its potential fully, thereby catalyzing economic growth and fostering equitable opportunities for all.