More than 80% Indian CEOs investing in GenAI for competitive edge: Report

As many as 84 per cent of Indian chief executive officers (CEOs) are raising new capital or re-allocating from other budgets to fund generative artificial intelligence (GenAI) so that they have an edge against rivals, said a report on Thursday.

Worldwide, 70 per cent of CEOs believe that there is a need to act quickly on GenAI to avoid giving their competitors a strategic advantage.

In its ‘EY CEO Outlook Pulse 2023’, a quarterly survey of 50 Indian CEOs, the consultancy said that 86 per cent of such executives have either completed or are in the process of hiring new talent with GenAI skills. “Many are also establishing pilots and partnerships with multiple companies,” it said.