Artificial Intelligence (AI) is expected to play a big role in the country’s economic development and job creation in the next 10 years. The technology of AI is spreading fast at the global level, with
organizations implementing the applications to make work faster and efficient and boost employees’ productivity.
While speaking at the launch of the Roadmap for AI for Viksit Bharat and the NITI Frontier Tech Repository in New Delhi, NITI Aayog CEO B.V.R. Subrahmanyam said that AI will add USD 2 trillion to India’s economy by 2035, according to a report of DD News. He further stated that the technology will create new job opportunities, against the prevalent fear of job losses, though he stressed to provide the workforce with appropriate skills.
“AI is not a job destroyer but a job enhancer,” Subrahmanyam said as reported by DD News, drawing parallels with the fears voiced during the computer revolution. He stressed that India’s priority should be skilling its workforce to take on the new opportunities emerging from AI adoption.
A new report, “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth”, highlights the scale of this potential. It estimates that the widespread adoption of AI across industries, along with stronger investment in research and development, could help India close nearly half of the growth gap needed to achieve its aspirational GDP target of USD 8.3 trillion by 2035, compared with the baseline projection of USD 6.6 trillion.
The first sectors set to reap the rewards of AI adoption are banking and manufacturing. In financial services, the technology is expected to power hyper-personalised customer journeys, strengthen fraud detection systems, and expand access to credit, generating an estimated USD 50–55 billion in value. Manufacturing, meanwhile, could see productivity boosts and smarter product development, with potential gains of USD 85–100 billion.
