India’s investments in AI to cross $880 mn by 2023: NASSCOM report

Investments in India’s Artificial Intelligence (AI) capabilities are growing at a CAGR of 30.8 per cent and poised to reach $881 million by 2023, according to the latest report on the AI adoption index by NASSCOM.

The global AI investments have doubled in the last year, but India’s share in global investment remains at 1.5 per cent, the report said. India starts from a lower base compared to its global peers, and despite its high growth, the country will still represent just 2.5 per cent of the global investments in 2023.

AI will aggregate a value-add worth $450-500 billion to India’s GDP by 2025. Over 60 per cent of this is expected to come from the domains of consumer goods and retail, banking, financial services & insurance, energy & industrials, automotive manufacturing,