As per a latest report from the Capgemini Research Institute – ‘Harnessing the value of generative AI: 2nd edition’, 80% of organizations have increased their investment in Gen AI since last year. 24% of organizations have integrated GenAI into some or most of their locations or functions, a significant increase from just 6% a year ago.
Some of the take aways from Union Budget 2024 for the AI & startups include: The government plans to encourage the private sector to develop digital public infrastructure (DPI) apps in core areas of the Indian economy like credit, agriculture, ecommerce, education, health, law and justice, logistics, micro-, small- and medium-sized enterprises (MSMEs). The Union Budget also abolished angel tax in a major boost for startup ecosystem. The Section 56 (II) (viib) of the Income Tax Act, known as angel tax, is applicable on any consideration of issue of shares that exceed the fair value of these shares issued by a privately-held company.
In a recent Accenture report titled ‘Retail reinvented: Unleashing the power of generative AI’ highlights the sentiment of those in retail to the technology i.e. 75% of retail executives view Gen AI as instrumental to their business’s revenue growth. This optimism is reflected in investment plans, with 93% of retail CxOs planning to scale up their investments in AI and generative AI over the next 3-5 years.
According to Analytics India Magazine, in May, the Department of Science & Technology (DST) launched BharatGPT, a hub dedicated to developing Indic language models. The initiative, in collaboration with IIT Bombay, IIT Madras, IIT Hyderabad, IIIT Hyderabad, IIM Indore, and IIT Mandi, aims to create large language models (LLMs) for Indic languages.
Fintech Industry Outlook 2024 report from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends indicates a robust growth trajectory in the sector, with a 5.27% increase in industry growth over the past year. An addition of 1 million employees in the last year is observed, reaching a total manpower of 13.9 million in the fintech industry.
The India Fintech Market size is estimated at USD 111.14 billion in 2024, and is expected to reach USD 421.48 billion by 2029, growing at a CAGR of 30.55% during the forecast period as per a report from Mordor Intelligence.
