The South Asian country’s expenditure on artificial intelligence-backed technologies could hit $5 billion by 2027
India’s annual expenditure on artificial intelligence may hit $5 billion by 2027, up from $1.7 billion in 2023, according to a new report, cited by PTI news agency. India has consistently ranked among the top nations in embracing the new technology.
The report, released by the Intel and International Data Corporation (IDC) on Tuesday, says spending by Indian entities on AI is likely to increase at an annual rate of 31.5% from 2023 to 2027. “By 2027 AI will be everywhere,” Sharath Srinivasamurthy, the associate vice president of the IDC, predicts.
The banking, financial services, insurance, and manufacturing sectors are emerging as the top spenders on AI in India, according to the report. In 2024 and 2025, investments in AI are likely to focus on developing AI infrastructure.
“India stands poised to lead the global AI revolution,” Santhosh Viswanathan, the managing director of Intel for the Indian market, said, according to the report. The country’s commitment to AI is driving “transformative growth,” he added.
According to the Bosch Tech Compass Survey 2024, 58% of Indians consider AI to be the most important technology for the future.
Earlier this year, the government approved spending of over 100 billion rupees ($1.2 billion) over five years for its ‘India AI Mission’, which aims to develop more AI-based technologies through collaborations between government sectors and private investors.
New Delhi has embraced AI across sectors including healthcare, agriculture, and education. It has also been proactive in creating policies to regulate the sector and maintain checks on the impact of the emerging technology.
Earlier this year, India took exception when Google’s Gemini chatbot appeared to link Prime Minister Narendra Modi with fascism. New Delhi said Gemini had violated India’s Information Technology Act and several provisions of the criminal code.
In the aftermath of the controversy, India issued an advisory requiring “significant” tech firms to obtain government permission before launching new models. However, the directive was rolled back after backlash from local and global entrepreneurs and investors.
READ MORE: India’s Modi warns Bill Gates about dangers of AI
During an interview in March with Microsoft founder Bill Gates, Modi cautioned against the dangers of AI-generated deep fakes, and suggested adding measures to tackle misleading content.
AI-generated deepfakes have also emerged as a disruptor during the ongoing parliamentary elections in the country. Controversies erupted when deepfake videos of film stars showed them ostensibly endorsing one party over another, and the home minister was shown advocating for abolishing affirmative action.
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