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Artificial Intelligence (AI) is quietly becoming a central force in the global economy, with a projected market size of $6.26 billion in 2024, expected to surge to $28.36 billion by 2030, according to Statista. Its influence spans across industries, from healthcare, where AI is used for predictive analytics, to manufacturing, where it drives automation, and retail, where it personalises consumer experiences. This technological shift isn’t just about replacing traditional methods; it’s about reimagining them. AI is enabling companies to refine their operations, innovate faster, and adapt to changing market conditions more effectively. 

In India, AI’s integration into business strategies is poised to become a crucial factor in determining competitiveness and growth. As companies across sectors harness AI’s potential, they are not only streamlining processes but also opening new avenues for revenue. This transformation is setting the stage for a more data-driven, efficient, and responsive economy. As AI continues to evolve, its role in shaping the future of the Indian economy will likely expand, influencing everything from job creation to the development of new industries.

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Live Updates
14:26 (IST) 29 Aug 2024
Back from break

We're back after a brief break and ready to dive back into the discussion. Thanks for staying with us!

13:20 (IST) 29 Aug 2024
Break

Now, we break for lunch. Stay tuned for more exciting discussions around AI in India...

13:18 (IST) 29 Aug 2024
Understanding the Indian Consumer

The panel concluded with all the panellists speaking in union that the present is what they prefer when it comes to a choice between present or past.

13:16 (IST) 29 Aug 2024

"Future marketing will see sharper, cost-effective strategies with rapid delivery, but success depends on AI and team skill upgrades. Speed will be driven by how well we leverage tech and algorithms. Teams must be cohesive and tech-savvy to stay competitive and cost-effective," Bhattacharya added.

13:13 (IST) 29 Aug 2024
Understanding the Indian Consumer

"Ten years ago, we treated consumers as cohorts rather than individuals. Today, with advanced targeting, we can pinpoint specific customers, but competitors can too, making it sharper and more cost-effective. Investing in a robust ecosystem now can lead to better outcomes and lower costs in the long run," said Rao.

13:10 (IST) 29 Aug 2024
Understanding the Indian Consumer

"We faced the challenge of marketing a disruptive product in a crowded space by targeting a specific audience and optimising ROI. We segmented and positioned our campaign to reach interested consumers, AB tested all communications, and analysed data to identify and target likely converters," Rao answered.

13:08 (IST) 29 Aug 2024
Understanding the Indian Consumer

"The pace of change is astonishing; terms like CDP, once obscure, are now crucial. With rapid tech disruption and evolving consumer understanding, the shifts are profound. Considering your focus on disruptive technologies, how do you see these changes impacting consumer perspectives? Any standout changes you're implementing?" Wadhwa asked Rao.

13:02 (IST) 29 Aug 2024
Understanding the Indian Consumer

"Marketing has always been vital to business strategy, driving customer consumption and engagement, not just top-of-funnel. By analyzing behavioural data against attitudinal claims, we aim to understand real behaviours and better align with customer needs and preferences," Bhattacharya said.

13:00 (IST) 29 Aug 2024
Understanding the Indian Consumer

"The shift from viewing consumers to creating loyal brand advocates involves personalising experiences based on detailed data. This can be challenging but valuable. For example, segmenting a 25-34 age group further by job roles or product use reveals insights, optimizing costs and enhancing returns," Mago said.

12:57 (IST) 29 Aug 2024
Understanding the Indian Consumer

"Marketers have advanced in collecting and formatting data, but distributing it effectively remains a challenge due to siloed systems. Linking data with our CRM and marketing systems has improved, allowing us to engage customers more effectively through targeted emails and other channels," Singh answered.

12:57 (IST) 29 Aug 2024
Understanding the Indian Consumer

"In marketing, the focus has shifted from just brand and top-of-funnel strategies to deeply integrating with the business front. It’s now about enhancing overall business impact, managing customer relationships, and driving growth, making marketing a crucial business strategy," Wadhwa asked Singh.

12:55 (IST) 29 Aug 2024
Understanding the Indian Consumer

"Predictive analysis is crucial, but AI and ML are essential for effective distribution across channels—performance, display, social, and more. This shift from mass marketing to targeted strategies is accelerating, though we’re not fully there yet," Rao said.

12:52 (IST) 29 Aug 2024
Understanding the Indian Consumer

"As technology has evolved, we’ve shifted from basic data handling to advanced tools like CDPs and predictive analytics. Using AI and machine learning, we create effective distribution strategies, targeting customers with the right message across channels, enhancing engagement and driving sales," Mago said.

12:51 (IST) 29 Aug 2024
Understanding the Indian Consumer

"The data landscape has transformed with more behavioural data capturing a wider range of actions, providing a personalized customer view. Additionally, real-time data availability enhances our ability to act swiftly, offering a clearer and immediate understanding of consumer behaviour," Bhattacharya said.

12:49 (IST) 29 Aug 2024
Understanding the Indian Consumer

"The biggest shift in understanding consumers is the depth of data we now have. Moving from broad demographics to detailed insights—like specific interests and behaviors—enables much more targeted and effective marketing strategies," Wadhwa said.

12:48 (IST) 29 Aug 2024
Understanding the Indian Consumer

"In today’s digital landscape, data is the new oil. We've shifted from basic demographics to detailed insights, like targeting Audi drivers who use iPhones. This wealth of data enables precise marketing strategies, predictive outcomes, and more effective A/B testing, making the entire process more strategic and impactful," Singh explained.

12:47 (IST) 29 Aug 2024
Panel discussion- Understanding the Indian Consumer

“How has advanced analytics and AI transformed our approach to understanding and engaging with consumers?” Wadhwa asked Singh.

12:46 (IST) 29 Aug 2024
Panel discussion- Understanding the Indian Consumer

Next up, we have our panel discussion- Understanding the Indian Consumer. For this session, we have our panellist- Abhishek Mago, CMO, Travelwings; Aman Jain, CMO, GyanDhan; Vikram Singh, Head- Digital Marketing, ITC Hotels; Abhijit Bhattacharya, CMO and senior VP, DLF; Pranay Roy, Head- Marketing, India, Nothing Technologies and Amit Wadhwa, CEO- South Asia, Dentsu Creative is moderating the session.

12:31 (IST) 29 Aug 2024
Garg on effective ethical standards

“Implementing an ethical charter for AI is feasible and beneficial. However, it's crucial to approach this with sector-specific regulations rather than broad, sweeping measures. Understanding the unique challenges and dynamics of each sector before establishing extensive guidelines is essential. For a diverse country like India, it's important to balance regulatory frameworks with a deep understanding of local contexts to ensure effective and relevant ethical standards for AI,” Garg added.

12:30 (IST) 29 Aug 2024
Government regulation alone may not be the best, Rajan asked

“Given that government regulation alone may not be the best custodian for AI ethics, exploring self-regulation and industry-led principles could be crucial. Companies often promote responsible AI, but a standardised charter or set of ethical guidelines could ensure broader adherence. Creating a collaborative framework where companies commit to ethical practices and are held accountable through industry standards could effectively guide AI development and usage while balancing innovation with responsibility,” Rajan asked.

12:29 (IST) 29 Aug 2024
Gupta on India and AI

"We, as a country, should exploit more of the development and not restrict ourselves thinking it will do us more harm," Gupta said.

12:28 (IST) 29 Aug 2024
Gupta on Ethical AI

“The concept is that whatever you plan should be executed positively and ethically,” Gupta said.

12:27 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“A concerning trend is emerging where large tech giants offer automation tools at high costs, promising significant workforce reductions. For countries like India with large populations, this can lead to wealth accumulation among these giants while displacing many workers. The promise of automation often comes with the risk of job loss and economic inequality. It's crucial to address these challenges to ensure that technological advancements do not exacerbate socio-economic disparities,” Govil said.

12:26 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“We have individuals who have been displaced from their jobs due to automation,” Govil said.

12:23 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“When it comes to AI ethics and open source, there's a balancing act. On one hand, open-source AI promotes innovation by allowing more people to build and improve upon existing technologies. However, it also comes with challenges. The anonymity and lack of oversight in open source projects can lead to misuse or ethical issues, as there are fewer checks and balances than proprietary systems. It's important to have clear guidelines and guardrails to ensure that open-source AI contributes positively while minimising potential harm,” Dhawan added.

12:21 (IST) 29 Aug 2024

“As a founder in India’s AI sector, I see both opportunities and concerns regarding regulation. The lack of established guidelines could lead to uncertainty and potentially stifle innovation. While robust regulations are necessary to ensure ethical use and address risks, overly stringent or poorly designed rules might hinder technological progress and limit the potential of AI. Balancing regulation with the need for flexibility and innovation is crucial for fostering growth in this dynamic field,” Rajan asked Dhawan.

12:20 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“AI is a double-edged sword: while it can drive positive advancements and improve performance, it can also be exploited by malicious actors for fraud and cyber attacks. In cybersecurity, AI is used for both defence and offence, highlighting the need for robust protection measures. As technology evolves rapidly, such as with the rise of agentic AI—where multiple LLM models work together—new policies must be adapted to manage both the opportunities and risks it presents,” Govil added.

12:18 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“AI is here to stay, whether we embrace it or not. Key challenges include data bias—evident in biased algorithms like those of Siri or Alexa, which often reflect gender stereotypes—and privacy concerns. Additionally, AI is increasingly used to create fraudulent activities, such as cloning behaviours, images, and voices. These issues highlight the need for ongoing scrutiny and regulation to address biases, privacy violations, and potential misuse of AI technologies,” Govil said.

12:16 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“Telangana police have used facial recognition technology for identity checks without clear cause, raising privacy concerns. Similarly, predictive policing in Delhi profiles individuals based on their locations. These practices highlight gaps in data protection laws, which allow publicly available personal data to be used without consent. This includes unauthorised use of social media photos for facial recognition and profiling, illustrating significant issues with current AI regulations and privacy protections,” Pahwa said.

12:14 (IST) 29 Aug 2024
A Risky Affair= Ethical AI

“Lawmakers tend to be more concerned about protecting digital freedom in critical infrastructure rather than in everyday apps. They prioritise safeguarding essential systems, sometimes overlooking individual rights and freedoms in the app world,” Sharan said.