The classical approach in establishing a system based on first principles (or rules) has been eclipsed by a newer paradigm in which a system is constructed based on examples. This newer paradigm, the basis of contemporary Artificial Intelligence (AI), allows the creation of complex systems that were impossible to create a few years ago. Not surprisingly, this newer paradigm has rapidly been adopted in diverse disciplines for discovering, modelling, and inferring from data. Besides the growing excitement associated with its potential to catalyze discoveries, it also has the potential to have profound business and economic impact. With India aspiring to become a US$ 5 trillion economy in the coming years, it is essential to evaluate the role that AI can play in helping achieve that goal. This Paper examines the potential of AI in promoting economic growth and policies that may amplify the efficacy of AI in helping India achieve its growth aspirations.