Artificial intelligence and its impact on economic transformation in India
Abstract
Purpose: The aim of this article is to analyze the impact of artificial intelligence on economic transformation in India. Drawing on various sources, the authors attempt to outline the impact of AI-based systems on various sectors of the Indian economy, such as agriculture, industry, healthcare, finance, and services. The choice of research area is due to the growing importance of India as the most populous country in the world and its influence on both the global and European economies. Design/methodology/approach: This article is conceptual in nature and is based on selected literature on the application of AI in management across various economic sectors, as well as Indian policy. such Findings: Analyses of the impact of AI on various areas of the Indian economy indicate that AI could significantly contribute to GDP growth through integration with various economic sectors, as manufacturing, agriculture, healthcare, finance, and services. The implementation of AI-based systems in the Indian economy, however, is a complex interaction, and the ongoing changes, while promising, require a critical examination of the country's structural changes, both economically and socially. Research limitations/implications: The article refers to a limited number of studies. The size of the Indian economy and the dynamics of its ongoing changes require further monitoring of the multifaceted impact of AI on all sectors of Indian economic, social, and cultural life. Therefore, the analyses presented in this article should be considered a description of the current state of this impact and must be continually updated. Originality/value: This article reports on the current state of research on the impact of AI on the dynamically developing Indian economy. It provides an overview of the trends dominating the transformation taking place in the economy of the world's most populous country. Keywords: India, Indian economy, Economic transformation, AI in the economy. Category of the paper: Conceptual paper.