Artificial Intelligence (AI) wields transformative power over India's economy by enhancing efficiency, automating processes, and enabling data-driven decisions. AI's impact on business and economics spans improved forecasting, personalized customer experiences, and streamlined supply chains. It's like giving the economy a turbo boost! 🚀🤖 #AIRevolution

Dr Abu Rayhan thank you for your contribution to the discussion

The estimate suggests that a unit increase in AI intensity will increase the TFP growth by 0.05%. The growth co-efficient suggests that on average a unit increase in AI intensity, measured as the ratio of AI to total sales, can return USD 67.25 billion or 2.5% of GDP to the Indian economy in the immediate term. India has a vibrant AI start-up ecosystem.AI will strengthen the Indian industry Nasscom projects that data and AI will boost India's GDP by $450 billion to $500 billion by 2025, or about 10% of the government's goal of a $5 trillion economy. It can increase the efficiency with which things are done and vastly improve the decision-making process by analyzing large amounts of data. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams. Applied to key sectors such as education and healthcare, AI can help redress bottlenecks, effectively supporting improved learning and wellness costs at scale. For individual businesses, cognitive computing and AI readily motivate significant efficiencies and growth opportunities.The productivity of artificial intelligence may boost our workplaces, which will benefit people by enabling them to do more work. As the future of AI replaces tedious or dangerous tasks, the human workforce is liberated to focus on tasks for which they are more equipped, such as those requiring creativity and empathy. It can increase the efficiency with which things are done and vastly improve the decision-making process by analyzing large amounts of data. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams. Relating to macroeconomics and development economics, big data, data science and AI can be useful, e.g. in predicting (i) the number of migrant labourers between two regions in urban economics, (ii) the interest losses to governments and the corresponding volumes of funds returned by the target users in public finance. With its ability to process vast amounts of data, it's able to boost key performance metrics such as revenue, productivity, business growth, digital transformation and efficiency. Artificial intelligence can help: Automate routine tasks, freeing up employees to focus on more creative and strategic work. Experts also point to multiple negative impacts of AI technologies. The first is labour replacement that AI technologies bring to the table. AI can automate repetitive tasks and with generative AI, even creative tasks can be done efficiently and fast. Increase productivity and operational efficiencies and make faster business decisions based on outputs from cognitive technologies. avoid mistakes and 'human error', provided that AI systems are set up properly and use insight to predict customer preferences and offer them a better, personalized experience.