India is indeed poised to dethrone China as the next global manufacturing hub, but the nation has no plans to stop there. In terms of technology, India is fostering tech hubs that could become crucial pillars for innovations like AI.
The last three years have been a pivotal period for generative AI, with immense potential, especially for a country like India. The innovation is not limited to technology alone, as the country has attracted substantial funding.
Reports indicate that India has received $700 million in funding for GenAI in the past three years, with 2022 witnessing the most significant influx.
In 2022, the GenAI startup community experienced a substantial boost with a remarkable infusion of $566 million. In 2023, there was still a notable $144 million investment, according to available data.
Even on a global scale, from 2013 to 2022, AI startups garnered a substantial $8 billion in private investments. The peak occurred in 2022, where a record-breaking $3.24 billion was invested in 1900 AI startups, marking the most significant funding period in AI.
Though India entered the AI scene relatively late, they quickly made a name for themselves, especially with the introduction of BharatGPT and Sarvam AI. India is also embracing Indian languages for AI.
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