Generative AI has the potential to boost India’s GDP by $1.2 to $1.5 trillion within the next seven years.
NEW DELHI (AI Reporter/News): The economic potential of Generative Artificial Intelligence (AI) is immense. In a recent analysis by JEFF Maggioncalda, CEO of Coursera, the potential economic impact of Generative AI (GenAI) on India’s GDP is both groundbreaking and transformative.
According to him, Generative Artificial Intelligence (AI) could Elevate India’s GDP by $1.2-1.5 trillion over the Next 7 Years.
Speaking at the ET Now Global Business Summit (GBS), Feb 9-10 at New Delhi, he highlighted how GenAI has the potential to transform India’s economy. His emphasis on the intersection of education, upskilling, and GenAI as catalysts for economic growth presents a compelling vision for India’s path toward harnessing its demographic dividend and achieving unprecedented economic milestones.
This projection, based on an EY report, highlights the pivotal role of education and upskilling in leveraging the full potential of GenAI, presenting a golden opportunity for India to unlock its demographic dividend and pave the way for more equitable opportunities across its vast population.
The Crucial Role of Upskilling
The need for upskilling the workforce is a major theme in Maggioncalda’s discourse, emphasizing its importance in enhancing productivity. According to a BCG report, GenAI ranks as a top three priority for 89% of CEOs worldwide, yet a significant challenge remains in the scarcity of necessary talent and skills.
This democratization of education is a key factor in vision of JEFF Maggioncalda, CEO of Coursera for India’s accelerated growth towards a $5 trillion economy.
Maggioncalda points out that successful organizations distinguish themselves by systematically upskilling their workforce, and employing structured, role-based learning pathways that empower employees to harness AI’s full capabilities efficiently and ethically.
Pioneering Initiatives in India
In India, pioneers like L&T are leading the charge in building digital literacy through initiatives such as Coursera’s GenAI Academy, aimed at their entire workforce. This approach to high-quality, accessible online learning enables organizations to balance the transformative potential of AI with its inherent risks, such as bias and misinformation, ensuring the safe and rapid adoption of GenAI technologies.
Unlocking Global Opportunities
Maggioncalda is optimistic about India’s potential to become a global hub for AI talent, fueled by a digitally skilled workforce. He notes the impressive rate of engagement with GenAI courses on Coursera, highlighting the role of private-public partnerships in creating learning and career pathways for digital jobs across India.
The integration of industry micro-credentials into formal education, such as IIT Guwahati’s recognition of credentials from global leaders like Google and IBM, is a step towards scaling skills without geographic limitations.
Personalized Learning: A Game Changer
The promise of GenAI extends into personalized learning experiences, making digital education more accessible and effective.
From virtual coaches for students in rural areas to courses available in local languages, AI technologies are breaking down barriers and opening new doors for learners across India.
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