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Adoption of Artificial Intelligence (AI) in India's 64 million Micro, Small and Medium Enterprises (MSMEs) alone could unlock over USD 500 billion in economic value, but the country must pivot from an "adopt-first" to an "invent-first" mindset to realise this potential, according to a new report. The report, titled "India's Triple AI Imperative: Succeeding with AI in India", released by Boston Consulting Group (BCGX) and Federation of Indian Chambers of Commerce & Industry (FICCI), noted that while India has one of the world's fastest-growing AI markets, it faces significant gaps in deep innovation and value realisation. BCG X is the technology build, design, and innovation arm of Boston Consulting Group (BCG). "A particularly untapped opportunity lies in India's 64 million MSMEs. AI adoption in this segment alone could unlock over USD 500 billion in economic value, through productivity gains, cost savings, and improved access to credit," the report stated. However, the findings ..
Even as AI is the buzzword across boardrooms in India, but true transformation is still taking shape with 45 per cent of Indian firms still at the early stage of adoption, a report said on Wednesday. While most organisations have embarked on their AI journey, many remain stuck in the early stages compared to global markets, which are in more advanced stages of AI adoption, payroll and HR platform Deel said in a report - AI at Work: The Role of AI in the Global Workforce. About 45 per cent of Indian firms are at the early stage of adoption, 38 per cent at the intermediate stage, and only 17 per cent at an advanced stage where AI is embedded in core business processes and innovation, revealed the report. The AI at Work: The Role of AI in the Global Workforce report by Deel is based on a survey conducted in September among 5,500 business leaders in 22 markets across the globe, including in India across sectors.. The report further revealed that while AI adoption is gaining momentum, o