AI poses job threat, says Indian Economic survey

The Economic Survey 2023-24, released by the Indian Government on Monday, raised alarm over the impact of Artificial Intelligence (AI) on the job market. It stressed the threats AI poses to people working across skill segments in the country.

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While the survey suggested that AI could hurt more to the backend operations business employees, it also questioned its impact on the climate as it requires a good load of energy to run data centers throughout.

AI set to take over the job market?

The report stated that the accelerated growth in artificial intelligence would be the biggest disruption for the future of work. It further added that this could have an impact on the global economy. 

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It added that India would not remain away from this transition. Furthermore, the report also mentioned that artificial intelligence holds the potential to increase productivity and disrupt employment in different sectors.

Which areas can Artificial Intelligence impact?

As per the survey, routine tasks like customer service can become highly automated, and creative sectors will see the utilization of AI tools for image and video creation. It further added that personalized AI tutors can help to reshape the education and healthcare sectors.

It advised that AI’s arrival could form a big cloud of uncertainty and it will impact workers across all skill levels be it low, semi, or high. The report also mentioned that dependence on AI systems can create hurdles and barriers to sustaining high growth rates for India.

The survey delivered advice to counter such a situation ahead. It highlighted that India has a huge young population and it stands ahead of AI with both risk and opportunity. As per Capital Economics, the current adoption of Artificial Intelligence in India is lower than US, Europe, and the developed Asian economies.

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Global financial markets have already seen the arrival of Artificial Intelligence. Nvidia, a computer chip making company, recently hit the $3 trillion mark. Its share price has jumped by more than 62% in the last 6 months. The cryptocurrency market also witnessed a boom of AI linked tokens. The cumulative market cap of AI tokens has breached the $30 billion milestone in a shorter period.