CREATING JOBS IN THE NEW DAWN OF AI

THE ASCENT OF AI DEMANDS AN AGILE AND FORWARD-THINKING APPROACH TO SKILL DEVELOPMENT AS WELL AS A STRATEGIC REASSESSMENT OF OUR EDUCATIONAL AND VOCATIONAL TRAINING SYSTEMS

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The Indian economy will undergo a seismic shift with the rise of Artificial Intelligence. It is a powerful technological force that will reshape existing business models and craft new ones. Projections indicate that AI will inject an incredible $967 billion into the Indian economy by 2035. As we embark on this new AI dawn, several novel job roles will emerge in the economy, while also overshadowing many that were previously fundamental.

The World Economic Forum’s ‘Future of Jobs’ report delivers an engaging projection for the global job market, predicting substantial changes in nearly a quarter of existing jobs worldwide. According to the report, about 75 per cent of the companies surveyed are set to embrace AI, presaging a significant reshaping of the job market.

Impressively, half of these organisations anticipate that integrating AI will lead to considerable job creation. This trend is further substantiated by a recent survey in India involving over a thousand employers. In this survey, an overwhelming 85 per cent of organisations anticipate that AI will not only create new jobs within the next 1-5 years but also enhance the quality of existing roles. Furthermore, 77 per cent of employers are optimistic that AI will improve job security and foster career development. This positive outlook is echoed by the workforce, with many job-seekers expecting AI to streamline work efficiency, facilitate skill development, enable a focus on more complex tasks and emphasise skill-based hiring over experience-centric recruitment.