GenAI and GCCs set to propel Indian economy, Deloitte
By 2030, it is estimated that there will be 2,500 GCCs in India, employing over 4.5 million people
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Mumbai: Deloitte India has released a report titled "Technology Trends 2024: India Perspective," highlighting the potential impact of GenAI and Global Capability Centres (GCCs) on the Indian economy. According to the report, India's GDP could grow by USD 359-438 billion through the adoption of GenAI, with the GCC market exceeding USD 100 billion by 2030.
The report emphasizes the significant role of GCCs in showcasing India's ability to meet global technology demands, noting that India currently has over 1,600 GCCs. By 2030, it is estimated that there will be 2,500 GCCs in India, employing over 4.5 million people.
Deloitte points out the connection between technological adoption and economic growth, citing improved accessibility and government initiatives as driving forces behind the surge in digital technology adoption. The report also mentions the use of advanced technologies such as blockchain and AI-driven analytics for tasks like automating tax filing and digitizing government processes.
Regarding GenAI, Deloitte underscores its importance for organizational competitiveness, noting that Indian companies are integrating AI-driven analytics into their services, resulting in a 2.7X growth in AI-related initiatives compared to the previous year. The GenAI market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of over 24.4% from 2023 to 2030.
However, the report also raises concerns about cybersecurity awareness in India, highlighting vulnerabilities to phishing attacks and synthetic media threats. Deloitte warns that nearly 30 crore people in India are susceptible to online threats, with various scams, including customer care number/KYC/refund scams, sextortion, and malware scams, being prevalent.
On a positive note, Deloitte acknowledges India's strides in technological innovation, particularly in spatial computing and metaverse solutions. With the increasing penetration of smartphones and internet connectivity, the market for these technologies is expected to grow rapidly, with a projected revenue of USD 2.1 billion in 2024.
The report also mentions India's focus on cloud computing, quantum computing, and AI supercomputing, positioning itself as a leader in these fields. It predicts that the Indian hyperscale market will reach USD 10 billion by 2028 and that cloud technology could account for 8% of India's GDP by 2026, potentially boosting the GDP by USD 310–380 billion and creating 14 million jobs.
Lastly, Deloitte praises India's Digital Public Infrastructure (DPI), which has contributed to achieving 80% financial inclusion within six years. The success of India's DPI is evident from the eight MoUs signed with other countries, allowing them to access India's DPI at no cost and with open-source accessibility.
