Around half of India's governmental and public service entities are gearing up to implement their inaugural Generative Artificial Intelligence (GenAI) solution within the upcoming year, according to a recent report released by EY. The report highlights that this adoption will elevate automation capabilities, enhance policy analysis, and bolster transparency within the public sector.
The survey, carried out by EY, additionally unveils that GenAI is poised for deployment by governmental and public sector (GPS) bodies to amplify the delivery of public services and refine policymaking processes.
Notably, 61% of GPS entities are of the opinion that GenAI will enrich the citizen experience, while 67% view it as a catalyst for driving innovation.
Anurag Dua, a partner and leader in Public Finance Management, EY India, states, “Governments across the globe are leveraging Gen AI as a major driver for economic growth and job creation. Similarly, Indian government has identified AI as an important strategic technology and has also launched the National AI Strategy as well as other initiatives to promote AI adoption.”
“Gen AI enables smarter governance and fosters innovation in public service delivery. To maximise the benefits of Gen AI, our talent needs to be skilled in new age technologies and continue our positional as a global leader for tech talent,” Dua adds.
The survey further indicates that 30% of organisations foresee GenAI boosting productivity, with a mere 9% expressing concerns about job displacement due to automation.
The industry strongly advocates for a regulatory framework concerning artificial intelligence, with roughly 76% of GPS entities urging government intervention in establishing a regulatory framework. Organisations encounter significant hurdles in Gen AI adoption, primarily centred around data privacy concerns (48%), followed by skill gaps (36%) and the absence of clear use cases (26%).
Dua further says, “GenAI facilitates more intelligent governance and fosters innovation in public service delivery. To fully leverage the benefits of GenAI, our workforce needs to be adept in cutting-edge technologies, solidifying our position as a global leader in tech talent.”
According to a recent report, General Artificial Intelligence had the potential to impact the gross value added (GVA) in the financial sector by 22 to 26% by the year 2030, potentially adding an additional $66-80 billion to the GVA, as per the report by consultancy major Ernst & Young. The study, titled ‘The AIdea of India: Generative AI’s Potential to Accelerate India’s Digital Transformation,’ disclosed that the financial services industry in India had experienced a "transformative surge," driven by GenAI. According to the report, approximately 78% of respondents surveyed in the financial sector had either implemented GenAI in at least one use case or had plans to pilot it within the next 12 months.
