All Eyes are On AI

Indeed, the world is captivated by AI. The rapid advancements and potential applications of this technology have made it a focal point for businesses, governments, and individuals alike.

The vision of Making AI in India and Making AI Work for India, the Indian Government has approved the comprehensive national-level IndiaAI mission with a budget outlay of Rs.10,371.92 crore. It is the area where AI is making significant strides is in combating financial fraud, a growing concern as threats increase daily in both volume and sophistication.

The IndiaAI mission is a comprehensive ecosystem catalyzing AI innovation through strategic programs and partnerships across the public and private sectors. 

A recent report says, India’s handling of artificial intelligence (AI) and generative AI (GenAI) has faced a noticeable storm of criticism in the first 18 months of the boom. 

However, a recent BCG study reveals a surprising trend: most markets do not see a majority of frontline employees regularly using GenAI for work. But India and the Middle East are notable exceptions, with usage rates of 85 percent and 80 percent, respectively, far surpassing the US at 16 percent, the UK at 13 percent, and the overall market average of 43 percent.

India’s current AI efforts in public are being led by its IT industry which has come under the scanner of leading analysts of international stature for their slow GenAI adoption. But they have been catching up fast and helping enterprises world over adopt AI and GenAI while training employees internally.

When we saw the Datapoints, Tata Consultancy Services (TCS) is actively working on over 300 Plus projects that span from pilot phases to full-scale production, highlighting their extensive commitment to AI and generative AI (GenAI) technologies.

Secondly, Infosys has taken significant strides in embedding generative AI (GenAI) across its service lines, developing 23 AI industry blueprints and 25 playbooks to create impactful solutions. 

At the same time, Indus project launched by Tech Mahindra to converse proficiently in various Indic languages and dialects, positioning itself as a significant advancement in AI technology with ambitions for global expansion. LTIMindtree, along with L&T Technology Services (LTTS), recently revealed a GenAI deal pipeline worth $200 million. 

The interesting development from India’s startup ecosystem, home to more than 3,600 deep tech startups (with over 480 being established in CY2023), ranked third globally despite being cash-starved currently, remains central to driving AI-focused innovation efforts domestically.

Moving forward, with the advancement of GenAI, we anticipate that these use cases will eventually contribute to revenue generation.