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Rajeev Chandrasekhar: "We will fully exploit the potential of AI but set up the guardrails as well to prevent misuse. We are today seen by the world at the forefront to harness AI technology. We are all for deploying AI across use cases, from farm to factories and we want to use AI for economic growth, healthcare, agriculture, and farmer productivity," the minister said.
Growth is fueled by multiple factors including increasing enterprise tech spending
India's AI market is projected to reach $17 billion by 2027 with a CAGR of 25-35%. The demand for AI talent in India is expected to grow at a CAGR of 15%. India has the 2nd highest installed AI talent base with 420,000 employees. Companies have well-defined frameworks for financing use cases and dedicated executives leading AI initiatives.
Globally, investments in AI have seen 24 per cent CAGR since 2019, with 2023 seeing close to USD 83-billion investment