AI, Structural Shifts to Trigger Major Churn in Indian Industry: EY's Rajiv Memani

• EY India Chairman and CEO Rajiv Memani highlights low R&D spending and uneven manufacturing growth as key challenges for Indian industry.
• Memani warns that Artificial Intelligence (AI) will sharply divide winners and losers in the coming years.
• He emphasizes the need for India's corporate sector to prioritize innovation to maintain global competitiveness.
• Memani notes the gap between rapid financialization of the Indian economy and slower R&D investments.
• Significant churn is expected across services and manufacturing sectors due to AI and structural shifts, with some companies failing and others succeeding.