Artificial Intelligence (AI) is growing rapidly and shaping the future of work globally and also in India. Its influence on the Indian workforce has become a focal point of discussion. Speaking at the World Economic Forum in Davos, Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), said that about 26% of workforce here is exposed to AI. He further added that 14% of them are to benefit from the integration while the reset to face displacement.
The dual impact of AI reflects opportunities as well as challenges. It is true that AI and related technologies promise to revolutionize industries, enhance productivity and create new job roles. It is also true that a significant portion of the workforce may struggle to switch over to new roles.
Amitabh Kant, India’s G20 Sherpa, said during the NDTV World Summit highlighted the urgency of developing expertise in data science, machine learning and more such areas to equip workers for the evolving job market.
The integration of AI in India’s economy is not merely an industry-specific shift but part of a broader vision outlined by Prime Minister Narendra Modi.
The conversation around AI extends beyond job markets in the global scenario. Gopinath noted that AI has the potential to boost productivity by 0.1% to 0.8% annually.
India is well-positioned for growth and known as the fastest-growing major economy. Gopinath acknowledged that temporary slowdowns are part of the broader economic cycle.
Skilling the workforce, strengthening innovation and creating a conducive environment for digital transformation are some of the important keys to ensure that India thrives in an AI-driven world.