New Delhi

As Generative AI continues to expand its footprint within enterprise functions, business and enterprise leaders need to balance technology and trust to unlock higher levels of productivity in 2024, say industry experts.

Generative AI or GenAI, which uses Large Language Models (LLM) to address complex tasks, has the potential to add a cumulative $1.2-1.5 trillion to India’s Gross Domestic Product (GDP) over the next seven years.

India can potentially add $359-438 billion in FY2029-30 alone, reflecting a 5.9-7.2 per cent increase over and above baseline GDP, according to a latest EY India report.

Approximately 69 per cent of the overall impact is expected to be derived from sectors such as business services (including IT, legal, consulting, outsourcing, rental of machinery and equipment, and others), financial services, education, retail and healthcare.Geeta Gurnani, IBM Technology CTO and Technical Sales Leader, IBM India & South Asia, told IANS that boosting productivity with GenAI requires redesigning operating models, keeping in mind three things. Establish AI management and oversight roles like having a Chief AI Ethics Officer; expand AI skills beyond the IT department to optimise its use with greater transparency and AI-relevant knowledge across the enterprise; and introduce clear AI governance to explicitly address explainability, bias, and reliability, she said. As we navigate the transformative landscape of GenAI tools in 2024, it’s evident that enterprises stand at the intersection of unprecedented productivity gains and inherent risks.