Economic Impacts of Artificial Intelligence on the Indian Economy

Aavidhata Adhishthata Aakashreeom; Ashok Agrawal

doi:10.69968/ijisem.2024v3si2202-208

Authors

Aavidhata Adhishthata Aakashreeom Assistant Professor(ABST)
Ashok Agrawal Professor & Head, Department of ABST, Dean Faculty of Commerce, University of Rajasthan

DOI:

https://doi.org/10.69968/ijisem.2024v3si2202-208

Keywords:

Artificial Intelligence (AI), Indian Economy, Economic Impact, Precision Farming, Manufacturing Efficiency

Abstract

This study explores the profound impact of Artificial Intelligence (AI) on the Indian economy, emphasizing both opportunities and challenges. AI has significantly enhanced productivity in key sectors such as agriculture, manufacturing, healthcare, and finance, driving growth and improving resource management. The integration of AI in agriculture through precision farming has optimized crop yields, while in manufacturing, it has streamlined production processes, boosting global competitiveness. Despite these advancements, AI adoption raises concerns about job displacement, increased inequality, and data privacy. The paper underscores the importance of strategic policy interventions, including workforce reskilling, investment in digital infrastructure, and robust regulatory frameworks to ensure ethical AI development. These measures are critical for maximizing AI's economic benefits while mitigating its risks, thereby fostering sustainable and inclusive economic growth in India.

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