The Indian government has issued a warning regarding the potentially adverse impact of artificial intelligence (AI) on the job market. Highlighting the pervasive nature of this new-age technology, the government emphasized that AI could affect workers across all skill levels and create significant barriers to sustained economic growth in the coming years and decades.
In the recently presented Economic Survey 2023-24, the government addressed the question of AI’s impact on employment. The survey stated, “The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels – low, semi, and high. These will create barriers and hurdles to sustained high growth rates for India in the coming years and decades. Overcoming these requires a grand alliance of union and state governments and the private sector.”
Despite these challenges, the survey also highlighted a positive shift in India’s employment sector over recent years. According to the Economic Survey, the unemployment rate dipped to 3.2% in the fiscal period of 2022-23, indicating progress in job creation and economic stability.
Prime Minister Narendra Modi, addressing the Parliament ahead of the budget session, urged all political parties to engage in constructive discussions and move beyond past bitterness for the country’s betterment. He emphasized the importance of unity and progressive ideologies to drive the nation forward.
Union Finance Minister Nirmala Sitharaman also spoke about the government’s efforts to improve the ease of doing business in India. “A lot of steps have been taken on Ease of Doing Business. Nearly 11 steps have been mentioned in the reply, but most importantly, the decriminalization of 63 offences, as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up,” she said.
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The Economic Survey outlined the importance of collaboration between the central and state governments and the private sector to address the challenges posed by AI. It called for a unified approach to harness the potential of AI while mitigating its risks to the job market.
As India navigates the complexities of integrating AI into its economic framework, the government’s proactive stance and emphasis on collaboration will be crucial in ensuring a balanced and inclusive growth trajectory. The focus remains on creating an environment where technological advancements can coexist with job security and economic prosperity.
