The Economic Survey 2023–24 expresses severe worries about the possibility that artificial intelligence may result in employment losses in India for workers of all skill levels. Such shifts in employment could negatively influence the nation’s ability to grow economically sustainably. The poll emphasises the necessity of a cooperative strategy including the federal, state, and business sectors to address this issue. It promotes utilising AI to supplement and improve worker productivity instead of completely replacing occupations. This warning signal is consistent with remarks made recently by N Chandrasekaran, the chairman of TCS, who emphasised the urgent need to address the changing nature of the labour market in the face of quickening technology breakthroughs.
AI might upend the global labour market: Sam Altman
AI might upend the global labour market, according to OpenAI founder Sam Altman, who made this claim during a June 2017 visit to India. But he also emphasised how new technologies could lead to the creation of new job opportunities. In the meantime, the Economic Survey also referenced a June staff discussion note from the International Monetary Fund that expressed worries about significant workforce disruptions and inequalities brought on by GenAI. According to the Survey, implementing AI that requires a lot of energy and cash is probably the last thing a developing lower-middle-income economy needs. The announcement coincides with the nation’s growing deployment of AI in essential industries, including fintech, healthcare, and IT services. To promote innovation in the domestic AI ecosystem, the government approved the IndiaAI Mission earlier this year and allocated INR 10,372 Cr for five years.
The workforce in India faces enormous potential due to the rise of AI
The government and the commercial sector must develop plans as AI technology develops to minimise job losses and prepare people for the changing labour market. Substantial reskilling programmes and investments in AI education will be necessary to assist workers in adjusting to new roles and technology. India can take advantage of the advantages of artificial intelligence (AI) and facilitate a seamless workforce transition into a future where technology and human abilities operate in tandem by adopting a proactive approach to education and training.
Initiatives from the private sector are essential for managing how AI will affect jobs
Businesses can assist their employees in staying competitive by implementing reskilling programs that help them adjust to new technologies. Companies can build jobs that combine human expertise with AI skills for increased productivity by concentrating on human-AI collaboration. By implementing early warning systems, employers may openly communicate work changes to their staff members and give them time to adjust. A culture of lifelong learning within companies also encourages continuous skill development, ensuring workers are prepared to succeed in a changing labour market.
Extending job placement services may help those without jobs
To equip the workforce for AI-driven jobs, upskilling and reskilling programs that emphasise digital literacy, coding, data analysis, and critical thinking are crucial. Providing comprehensive social safety nets, including unemployment compensation and short-term financial aid, is essential to support workers impacted by technology. Extending job placement services may help those without jobs locate new possibilities in the ever-changing labour market. In addition, policymakers should focus on creating AI laws and guidelines that support ethical AI growth, incorporating measures to prevent employment loss and guaranteeing a fair and impartial approach to technical progress.
