New Delhi, July 10 -- The advent of artificial intelligence (AI) had raised India Inc's hopes-and then they came crashing down.

Companies that expected the largest consulting and advisory firms to bring down their rates with the growing use of AI came in for a rude shock. The consulting and advisory firms refused to budge as far as billing clients was concerned.

Their defence: any cost benefit brought about by the reduction in the number of analysts and consultants and the time taken for a project is offset by the additional investments to upskill and train teams and roping in more senior partners to manage risks associated with AI.

Vivek Prasad, chief commercial officer at PwC India, acknowledged that as AI and other emerging technolo...