Artificial Intelligence (AI) has emerged as a transformative force in various sectors, offering both opportunities and challenges, particularly in a rapidly developing nation like India. This paper explores the dual aspects of AI as a boon and a bane, analysing its impact on economic growth, employment, healthcare, education, and ethical concerns. While AI promises enhanced productivity and innovation, it also poses risks such as job displacement, privacy violations, and algorithmic bias. This study aims to provide a balanced perspective on the implications of AI in India, highlighting the need for strategic frameworks that maximize benefits while mitigating risks.