According to a recent study by the Indian Institute of Management Ahmedabad (IIM-A) and Boston Consulting Group (BCG), India will need close to 30,000 artificial intelligence (AI) and machine learning (ML) specialists in the next five years. The report, titled 'AI in India - A Strategic Necessity' noted that India only has 4.5 per cent of the world's AI professionals, and the talent crunch is expected to get more acute.
The study estimated that the top 500 Indian companies would require at least one million hours of training in upskilling mid and senior-level management on the business aspects of AI, digital transformation and agile ways of working, among others. “Companies cannot assume that benefits of AI will accrue to them in due course. Companies have a choice to prioritise AI and adopt it or perish,” the report mentioned, noting that two out of three Indian companies are 'laggards' in terms of AI adoption and maturity.
Successful adoption of AI/ML in India could add up to 1.4 percentage points annually to India’s real GDP growth and is expected to add ₹1.5 to 2.5 trillion in incremental pre-tax profit over a five-year period for the top 500 Indian companies alone.