In this episode of the State of the Economy Podcast, businessline’s Sanjana B talks to Sandip Patel, Managing Director, IBM India & South Asia, exploring the transformative role of artificial intelligence (AI) in India’s economic landscape. 

AI is a rapidly evolving technology that is poised to boost India’s GDP by $500 billion by 2025, with the market expected to reach $20 billion by 2027. Patel begins by discussing how AI is fundamentally reshaping the way businesses operate in India. According to him, companies, both large and small, are increasingly adopting AI to enhance customer experiences, streamline operations, and improve productivity. 

As the conversation progresses, Patel addresses how AI is contributing to growth across various industries, including healthcare, retail, and financial services. He points out that a significant portion of Indian businesses have already implemented AI solutions, while others are in the experimental phase. Despite this progress, challenges like skill gaps, data complexity, and trust in AI models remain barriers to widespread adoption. 

Patel emphasises the importance of responsible AI. He highlights that responsible AI practices are not only essential for large enterprises but also for small and medium-sized businesses. 

(Host: Sanjana B, Producer: Amitha Rajkumar)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

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