India stands to gain an additional $675 billion in economic value by 2038 if it adopts a people-centric approach to generative AI (GenAI), according to a report released on Tuesday.
The Accenture report projects that 31% of working hours in India will be automated or augmented by GenAI. This shift could result in a 0.6 percentage point increase in annual GDP growth.
The report, which draws on economic modelling for four major Asia-Pacific economies—Australia, China, India, and Japan—and a CXO survey conducted in these countries as well as Singapore, estimates that responsible adoption of GenAI could contribute an extra $4.5 trillion in economic value across the Asia-Pacific region over the next 15 years.
Saurabh Kumar Sahu, Lead for India Business at Accenture, remarked, “The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a transformative force across nearly all functions within industries.”
He emphasised that to unlock the full potential of GenAI, businesses must have a bold vision for reinvention supported by a robust data and technology foundation, alongside an intentional approach to skilling.
The report highlights that while 96% of Asia-Pacific business leaders recognise the significant impact of GenAI, only 4% have implemented GenAI training on a large scale. Conversely, 91% of workers in the region express eagerness to acquire new skills related to GenAI.
Industries most affected by GenAI include capital markets, where nearly three-quarters (71%) of working hours will be automated or augmented, and software and platforms, where two-thirds (66 %) of hours will be similarly impacted. Other significantly affected sectors are banking (64 per cent), insurance (62%), and retail (49%).
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