In May, India's second biggest IT services company Infosys Ltd came up with the AI-first set of services, solutions and platforms using GenAI technologies. Infosys’ new AI platform Topaz converges the power of Infosys Cobalt cloud and data analytics to power businesses and deliver solutions.

Likewise, Wipro has set its intention clear when it comes to AI. In July, Wipro launched its own AI platform ai360, while announcing a $1 billion investment in AI in the next three years.

Wipro ai360 offers an end-to-end AI ecosystem, with responsible AI at the core. Wipro says it will also train all 2,50,000 employees on AI to make them future-ready.

Like its rival TCS, IT major HCLTech has also partnered with Amazon Web Services (AWS) to enhance its AI services suite. HCLTech will use Amazon CodeWhisperer to build and scale up AI-based applications. Other Amazon AI products, including Bedrock, Amazon Titan, AWs Trainium and AWS Interentia, are also a part of the tie-up.

Big players are moving fast, but it's smaller ones that are creating a solid playground for unleashing India’s AI capabilities. The whole AI ecosystem in India is thriving with companies garnering funding worth $3.24 billion in 2022, which is set to double in 2023. India will see a substantial increase in its GDP by around $1.2-1.5 trillion over the next seven years, thanks to the adoption of Gen AI technology, consultancy major EY India said in its December 2023 report. Considering the scale of AI adoption, India could contribute $359-438 billion in the fiscal year 2029-30 alone, a 5.9-7.2% increase over the baseline GDP.

What gives India a unique advantage is that it is the second largest generator of digital data – GenAI models need vast amounts of data to train – after China.

Resultantly, a new breed of AI startups is flourishing in the country. Around 60 startups are currently working on offering solutions and services using GenAI.

Prateek Garg, founder, AI-based IT solutions provider WorkElevate founder Prateek Garg says: "The past year has been a game-changer, laying the foundation for a future where AI-driven employee support will soar. Looking ahead, it's evident that AI is not just about answering simple textual queries; it's evolving into the driving force for swift troubleshooting, mirroring the proactive intelligence of an IT support person."

Amit Relan, co-founder and CEO, mFilterIt, believes the year 2024 is going to be a year of innovative technology led by AI and machine learning. "By embracing technological advancements and fostering a culture of innovation, India can harness the power of technology to address its challenges, achieve its aspirations, and emerge as a global leader in the digital age." mFilterIt offers an end-to-end an ad fraud detection & prevention tools.

As per the latest Nasscom report on the GenAI landscape in India, the number of Gen AI startups more than doubled between 2021 and the first half of 2023, with a majority of them using closed-source generative models.

Is GenAI a boon or bane?

Though GenAI fully captured people's imagination in 2023, it's still far away from what many describe as a technology that'll perfectly match descriptions of human-like machines in sci-fi movies. Many, however, fear that GenAI, providing it fully attains human-like intelligence and emotions, could threaten livelihoods across several industries, including the creative ones. There are several radical views attached to the misuse of GenAI.

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2024 Ahoy! 2023's AI wonders set the stage for a dynamic year ahead