look news india
Mumbai: Reserve Bank of India (RBI) Deputy Governor Michael D Patra said that Generative Artificial Intelligence (AI) can add between $ 359 billion to $ 438 billion to India’s gross domestic product (GDP) by financial year 2029-30. Is.
Adoption of AI in the manufacturing process by Indian companies is set to increase from eight percent in 2023 to 25 percent in 2024.
With digital public infrastructure, vibrant information technology and youth, India is poised to open new avenues of development and make the most of existing ones.
Estimates suggest that generic AI could add between $359 billion to $438 billion to India’s GDP by fiscal year 2029-30. Patra said, the adoption of AI in the manufacturing process by companies in the country has increased to 25 percent in 2024, from eight percent in 2023.
He was speaking at a conference in Jaipur. A survey of banks in India found that while every bank has implemented mobile and internet banking, 75 percent of banks offer online account opening facilities. KYC is also being digitalised.
Additionally, 60 percent of banks offer digital loans and 41 percent use chatbots. 10 percent of banks have integrated Internet of Things technology.
Patra also said that private banks are leading in adopting technology. Generative AI could add $7 to $10 trillion to global GDP over the next three years.