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AI has the potential to increase India's annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country's income by 15 per cent in 2035, said the report titled "'Rewire for Growth".
"The time to act is now.
With the right investments, AI can create a flywheel effect 'liberating' people to create long-term economic and societal value," said Rekha M Menon, Senior Managing Director and Chairman, Accenture India.
For AI to realise its full potential, India needs to develop a long-term vision and action plan that unites the ecosystem and addresses technical and ethical questions as they arise.
"Increase spending on core AI research, facilitate ecosystem collaboration for innovation, and create opportunities for smaller players," the report added.
Investing in building multidisciplinary and STEAM (science, technology, engineering, arts and mathematics) demanded by AI will be the key, it said.
"The economic boost will be driven by innovative AI technologies that enable people to make more efficient use of their time and do what humans do best -- create, imagine and innovate new things," Menon added.
Big businesses will play a key role in unlocking the economic value of AI, with more than 88 per cent of businesses in India surveyed by Accenture earlier expecting to make moderate-to-extensive investments in one or more AI-related technologies over the next three years.
In addition, digital platform companies can play a key role in driving AI innovations in India, in line with the global trends.