AI and Digital Transformation: Changing Landscapes of Emerging Economies in Asian Sub-Continent

Abstract

India is emerging as one of the major players in global economy. To keep in pace with the global scenario there is a requirement of implementation of AI in Indian economy. AI has helped in transformation by increasing productivity and reducing inefficiency. In India AI implementation is still a challenge. Lack of proper infrastructure and financial literacy has impacted the AI implementation. Banks, Financial Institutions, and MSMEs have benefitted from AI disruption. AI has helped MSMEs in saving cost by enhancing productivity and reducing operational risk. AI can also help SMEs in inventory control, production management. To make AI a success greater efforts are needed from all the segments of society. AI has contributed to financial inclusion by bringing underserved sections of society to main stream banking. AI has also helped in providing cost effective and affordable banking services world wide.