MAY 20249TOP STORIES91 PERCENT OF INDIAN COMPANIES TO LEVERAGE DATA FOR TRAINING AI MODELS- NETAPPIn 2024, about 91percent of Indian companies are projected to utilize at least half of their data for training artificial intelligence (AI) models, as per insights from NetApp, an intelligent data infrastructure company. This statistic underscores India's leadership in AI and cloud innovation compared to its global peers.India stands out as an AI frontrunner, with 70 percent of enterprises actively running AI projects or in progress, a figure significantly higher than the global average of 49 percent. Puneet Gupta, VP & MD of NetApp India/SAARC, attributed India's AI leadership to its abundant data resources, stating, "India is a country of humungous data sets. No surprise then, that India leads the world, and corporations are embracing AI to further their IT agenda."The report, based on a survey of 1,300 IT executives across key global markets, including the US, the UK, France, Germany, Spain, Australia, New Zealand, Japan, Singapore, and India, revealed that AI-leading countries like India, Singapore, the UK, and the US have a higher prevalence of AI projects compared to AI-lagging countries such as Spain, Australia, New Zealand, Germany, and Japan.Moreover, 87 percent of Indian companies have optimized their IT environments for AI, a trend also observed in some AI-lagging countries like Germany (67 percent) and Spain (59 percent). Gabie Boko, Chief Marketing Officer at NetApp, emphasized the importance of data-ready enterprises that integrate and unify diverse structured and unstructured data sets into an intelligent data infrastructure to thrive in the era of AI.In addition, 53 percent of India-based companies reported being more likely to scale back or cut other parts of IT operations to make room for AI projects. MANUFACTURING MOMENTUM: PRE-2014 VS. POST-2014 INDIAIn the period from 2004 to 2014, the manufacturing output registered constant growth, with the sector's output growing from $112.24 billion to $307.21 billion by the end of 2014, according to Macrotrends data. During this time, the manufacturing sector's share of GDP was rather constant, oscillating between 15.06percent and 17.30percent. Policy reforms, among other infrastructure and skills development investments, were instrumental in the growth of the sector. On the other hand, during the period from 2014 to the present, manufacturing output increased sharply and by the end of 2022 amounted to $456.06 billion. However, the share of output attributed to manufacturing in terms of GDP showed a decreasing pattern, falling from 15.06percent in 2014 to 13.35percent by 2022. Programmes like `Make in India' which was targeted at strengthening local manufacturing and luring foreign investment played a part in the growth witnessed during this period.Both periods were characterized by good development of the manufacturing sector in India, although each had advantages and disadvantages. The period of 2004-2014 showed continuous growth and an almost constant GDP contribution. On the other hand, from 2014 up to now, a more pronounced increase in manufacturing output was recorded, which shows a better performance in the aspect of pure manufacturing growth. Nonetheless, the solution to problems like the declining share of manufacturing in GDP will be very important in the long-term development of the sector.
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