GenAI, GCCs to aid boosting Indian economy in coming years: Deloitte

India is likely to witness a significant growth of $359-438 billion in GDP through the adoption of GenAI, as the country's Global Capability Centres (GCC) market is expected to surpass $100 billion by 2030, according to a Deloitte India report.

Titled the “Technology Trends 2024 report: India perspective,” the report said GCCs are taking the lead in 2024, reflecting India’s rising potential in catering to international technology needs. 

"With over 1,600 GCCs, India’s GCC market is growing and creating its dominance globally. It is estimated that by 2030, the Indian GCC market would exceed $100 billion, with 2,500 GCCs across the country employing over 4.5 million people," it said. 

The report also underlined a close connection between technological adoption and accelerated economic growth.

Improved accessibility and government initiatives have led to a substantial surge in digital technology adoption, it added. 

Advanced technologies provide growth opportunities as well as efficiency in functions like automating tax filing, using blockchain for secure tax transactions, and digitising government processes. 

"To drive technological advancement and maximise service transformation, organisations must invest in using GenAI effectively, in line with changing market dynamics," the global consultancy firm said. 

Emphasising on GenAI being imperative to organisational competitiveness, Deloitte said Indian companies are expanding their services by integrating AI-driven analytics, consequently resulting in 2.7 times growth in AI-related initiatives as compared to the previous year.

The report also shed light on the likely misuse of these tools, saying that India’s lack of cybersecurity awareness and a limited public understanding of synthetic media threats make individuals more vulnerable to manipulation.

Among the most prevalent scams, customer care number/KYC/refund scams comprise 35 per cent of reported cases, followed by sextortion at 24 per cent, online booking/fake franchisee/QR code scams at 22 per cent, Aadhar-enabled payment system scams at 11 per cent and Android mobile malware scams at 8 per cent. 

(With PTI Inputs)