INTRODUCTION

According to a report in 2022, India ranked 89th in the world economic freedom. A Startup ecosystem is generating in the country. Every year, hundreds of Startups are registered and new innovations are coming by the young generation. Do Read point number 10 !! The are some AI- related and Non-AI related business which you can do under Rs. 5 Lakhs in India. Here is the list of Top 10 AI-related Business ideas under Rs. 5 Lakh in India:

AI-Related Buisness ideas under Rs. 5 Lakh

1.AI-Powered Content Creation:

In this era where content is the king, there are a lot of companies that require content for blogs, social media, and ads on regular basis. Investments on writers, AI software’s and websites is always worth it in this niche. Investment of around Rs. 1-2 lakhs is enough. You can invest mote once you start getting more projects. You can create content related to health, finance, or travel content.

2. AI Chatbot Development:

To improve customer service, businesses are using chatbots or they are looking to outsource this service. You can invest ₹1-3 lakh (chatbot development software). With this, you can focus on industries like retail and customer support

3. AI-Based Resume Screening Service:

Applicant tracking systems(ATS) are must for any company to manage volume of job applications. With an investment of Rs. 3-4 lakh, you can develop an AI parsing tool and then offer customised screening based solutions to companies.

4. AI-Driven Market Research:

Each and every company require deep market analysis for competitive advantage. You can invest around Rs. 2 to 5 lakh in these data analytic tools and grow in the field of market research. A lot of multi national companies in the field of Automotive, Healthcare, Retail and E-commerce are outosourcing or partnering with Research firms for better analysis .

5. AI-Powered Personal Finance Advisor:

People have become more conscious now-a-days in relation to their finances. They are seeking tools to manage and optimize their finances. If you can develop a financial development app, then you can rock in this field. The investment to make a customised app can range around Rs. 4-5 lakh. You can offer tailored advice to people for savings, investment and budgeting.

6. AI-Based Inventory Management System:

In the field of wholesale, where inventory comes in thousands, inventory management systems come into place. Retailers and wholesalers use the inventory management systems to track and manage inventory. You can develop around Rs. 2 to 5 lakhs to develop an inventory management software. After this, you can reach out to small and medium sized business at start and offer the AI-based inventory management system.

7. Voice Recognition Software for Small Businesses:

In fields of Legal and healthcare, there is a requirement of Voice Recognition software for small businesses. You can make a speech recognition software with an investment of Rs. 2-4 lakh. Yoi can learn more about it and then develop a software that can do dictation and stuff like this. This can be one of the 10 AI-related Business ideas under Rs. 5 Lakh which you can relate to.

8. AI-Driven Real Estate Analysis:

With increase in salaries and profits, people have started investing. The professional investors need accurate data on values of property and current trends. You can start a portal or a website or a software which can help these investors do data analysis. This can be made with an investment of around Rs. 3-5 Lakhs.

9. Predictive Analytics for Small Retailers:

Retailers in the market want to predict the demand of the people so that they can optimise stock levels accordingly. With an investment of around Rs. 2-5 lakh, you can generate steady revenue.

10. AI-Based Translation Services:

This is the hot topic in news among the list of AI-related Business ideas under Rs. 5 Lakh. The innovation of the translation services can be beneficial for industries like tourism and education. You can invest around Rs. 3-4 Lakh to make a translation software. You can then get this thing copyright and then start selling this to the specific industries in demand.

CONCLUSION- AI-related Business ideas under Rs. 5 Lakh

To conclude, if you want to start a business in the field of AI work. Then, these 10 AI-related Business ideas under Rs. 5 Lakh can be of great help. You can do proper research and then finalise which business aligns with your field of interest.

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