Gujarat Sets Its Sights on Dominating India's $957 Million AI Market with New GIFT City Center
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Synopsis
Gujarat has officially opened the Artificial Intelligence Center of Excellence at GIFT City, aspiring to be a leading force in India's AI market. The initiative includes the AI Innovation Challenge to promote advanced AI and IoT solutions.
Key Takeaways
- Gujarat launched an AI Center of Excellence in GIFT City.
- The AI Innovation Challenge encourages innovative AI and IoT solutions.
- Gujarat aims to become a hub for AI and technology development.
- AI market in India to reach $17 billion by 2027.
- AI adoption is increasing across various sectors in India.
Gandhinagar, Jan 27 (NationPress) The government of Gujarat has inaugurated the Artificial Intelligence (AI) Center of Excellence in the state’s GIFT City, establishing it as a prominent think tank for AI innovation within the region.
During the event, Chief Minister Bhupendra Patel introduced the AI Innovation Challenge, which aims to promote state-of-the-art solutions in artificial intelligence and the Internet of Things (IoT).
In his address, the Chief Minister remarked that the AI Center of Excellence will be instrumental in Gujarat's ambition to evolve into a center for artificial intelligence and technology-centric progress.
This initiative is in harmony with Prime Minister Narendra Modi’s visionary outlook for India and enhances GIFT City’s status as the country’s pioneering financial tech hub, which continues to embrace new innovations.
At the event, he also recognized 10 MSMEs for their innovative solutions driven by AI and IoT as part of the AI Innovation Challenge.
The Chief Minister underscored the necessity for prompt adoption of technological advancements by startups and MSMEs to bolster Gujarat’s competitive stance.
Reflecting on the state’s progressive mindset, the Chief Minister stated, “With Prime Minister Modi’s mantra of ‘Yahi Samay Hai, Sahi Samay Hai’ (This is the right time), Gujarat is making substantial progress to excel in global competition. We aspire to empower the nation’s youth to actualize this vision.”
In a bid to improve governance through technology, he also announced the establishment of the Gujarat A.I. Task Force.
The AI market in India is projected to reach nearly $17 billion by 2027, showcasing a compound annual growth rate (CAGR) of 25-35% from its present valuation.
In 2023, India’s AI market achieved revenues of $10.28 billion and is expected to grow at a CAGR of 51% from 2024 to 2030, potentially reaching around $184.46 billion by 2030.
AI integration across various sectors in India is also gaining momentum. By 2024, the AI adoption index score is anticipated to be 2.47 on a 4-point scale, demonstrating that 87% of companies are in the intermediate phases of AI adoption, ranging from enthusiast to expert levels.
The banking and financial services (BFSI) sector leads with a 68% AI adoption rate in fiscal year 2024, followed closely by the technology sector at 60-65%.
