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AI PRIMARILY AN ENHANCER, BUT JOB DISPLACEMENT REAL
Business World India
|22 April 2023
THE IMPACT of artificial intelligence (AI) on the labour market is a significant topic of debate and discussion. Several sections of society believe AI has the potential to transform the way we work and live. However, many others equally fear that AI catalysed transformation will have appreciable implications for the labour market.
AI Primarily an ‘Enhancer’ Today. Job Displacement Real, Yet Not Near: Machines are increasingly evolving, enhancing capability, and performing tasks that were once the exclusive domain of humans. A Crux study across 500 academicians and industry leaders highlights that productivity and efficiency (as a result of automation) will drive growth, catalyse employment opportunities and trigger jobs. In addition to ‘growth induced’ jobs, several latent and new opportunities (development, deployment, and maintenance) may emerge in fields related to the proliferation of AI. Technology and the related system must be seen as allies, and productivity enhancing tools, as opposed to job disruptors in the short term.
India’s labour ecosystem is wrapped in a very tattered, moth-eaten fabric. It’s probably the only large economy with 80 per cent of its workforce in the unorganised sector. This sector cannot afford automation. Artificial intelligence is in its infancy in India, and ‘return on investment’ of automation is low as of now. The Crux study concludes that the geometric advancement in ‘ability’ and lowering cost will change the labour market earlier than imagined, potentially disrupting white-collar work as we know it.
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