Generative AI or GenAI is set to transform over 3 crore jobs and boost productivity in organized and unorganized sectors by 2030. A report by Ernst & Young on Tuesday anticipated that nearly 3.8 crore jobs will be transformed by generative AI in India as it estimates to boost productivity by 2.67 and 2.82 percent in organized and unorganized sectors respectively.
The report observed that 24 percent of the tasks across industries have the potential to be automated while another 42 percent can be improved with the help of AI giving 8-10 hours extra per week for knowledge workers.
Furthermore, GenAI is efficient in affecting every job freeing up time and driving productivity and innovation.
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“This revolution will fundamentally reshape jobs, driving productivity and innovation. Building talent pipelines and prioritizing upskilling must be at the forefront of every organization,” said Rajiv Memani, Chairman and CEO, EY India.
Further talking about India’s chance in AI skilling, Rajiv said that India can do that by fostering public-private collaboration and investing in talent development.
The service sector will receive the highest productivity gains from the adoption of GenAI as it has a higher labor share in output. Industries like manufacturing and construction are likely to be less impacted, the report added.
While the promise of AI is vast, the survey reveals that adoption is still in its early stages. Only 15 percent of surveyed enterprises have implemented GenAI in production, with 34 percent having completed proof of concepts (POCs) and 11 percent working on productionalising successful POCs.
Enterprises in India are also at different stages of data readiness. Only 3 per cent of surveyed enterprises report being fully ready, with 23 percent reporting that they’re in no state of data readiness to take up AI deployments, the report mentioned.
“Productivity boost in IT/ITeS is expected to be around 19 percent, followed by healthcare at 13 percent and banking/insurance at 8-9 percent,” the report.
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