As India continues to embrace emerging technologies, a new report points to generative artificial intelligence (AI) as having the potential to add up to $1.5 trillion to the local economy in the next seven years.

The report, put together by Ernst & Young (EY), highlights the benefits of generative AI tools for Indian enterprises while shedding light on potential areas of risks. Per the report, wholesale adoption of generative AI is required for Indian enterprises to navigate the era of “Digital Darwinism.”

The report identifies a boost in efficiency and productivity across financial services, logistics, health care, retail, transportation, and education. In its submission, EY says the bulk of perks associated with generative AI will come in the form of personalized customer experiences, employee productivity, and efficient operations.

While the technology has the potential to bring in a wide array of opportunities across industries, EY warns enterprises to be wary of risks associated with the emerging technology. The report identified data privacy risks as a major concern for firms seeking to integrate generative AI into their existing processes to prevent reputational and financial losses.

While most C-suite-level executives agree that incorporating generative AI into business processes can trigger massive economic growth, a consensus on a national blueprint must be established.

“Amidst rapid evolution of Gen AI across various dimensions, it is by no means certain what specific path this ecosystem will take going forward,” read the report.

Over 56% of respondents say generative AI will significantly impact their operations, with the bulk of executives identifying customer experience as the area expected to bear the brunt of the impact.

Some 75% of executives identify partnerships with external technology providers as the ideal method of integrating AI into their systems. Others argue that pursuing in-house AI capabilities, acquisitions, and forging strategic alliances may yield positive returns to achieve generative AI integration.

Most surveyed respondents identify skill gaps and unclear use cases as the main stumbling blocks in the quest for integration. In contrast, others point to an inadequate focus on AI initiatives by the government.

Turning to the government for direction

Rather than allow enterprises to pursue AI adoption in silos, EY’s report urges the government to take the lead with a “light touch” approach to regulation.

India’s government is expected to treat generative AI systems like its Unified Payments Interface (UPI) offering as public goods. The report wants the government to provide access to talent and public funding for research and development while deploying regulatory sandboxes for AI innovation.

Among emerging technologies, India’s government has begun incorporating blockchain into its processes for transparency in several sectors. Government-backed AI initiatives are widely expected to trigger massive growth for India’s local ecosystem, putting it at par with the U.S. and Europe.

India will be the biggest blockchain nation in 5 years: IPv6 Forum’s Latif Ladid

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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