The positive and negative effects of Artificial Intelligence (AI) are continuously being discussed. Former Chief Economic Advisor of India and India Executive Director of the International Monetary Fund (IMF) KV Subramaniam has said that there is no need to panic over fears of reduction in employment due to AI. He has cited a recently published IMF research, which says that this concern regarding employment is either due to fear or because of pessimism or carelessness. Referring to the history of technology, he said that whenever new technology comes, some jobs become irrelevant and some new opportunities are created. It is noteworthy that India’s current Chief Economic Advisor Ananth Nageswaran has expressed concern that AI technology may harm those countries which are ahead in the export of digital products. It is noteworthy that India holds an important place in the world in the field of digital technology and is a big exporter of related products. Subramaniam argues that even if there will be an impact on employment, according to estimates it will be eight to ten percent and the process of automation has been going on for two hundred and fifty years.
Recently, IMF Managing Director Kristalina Georgieva had said that due to AI, 60 percent of jobs in developed countries and about 40 percent of jobs in developing countries will be lost or reduced. But the latest IMF report also says that only half of the jobs that will be affected will have a negative impact and the remaining half will benefit from higher productivity due to AI. There are concerns not only about employment but also about misuse of technology regarding AI. It is satisfactory that all relevant aspects are being discussed. Some time ago a conference regarding regulation and control was organized in New Delhi. The next conference is to be held in South Korea. India is playing an important role in these efforts. As far as employment is concerned, this challenge is worrying for India for two reasons. One, we need to rapidly adopt technology and machines, and two, we need to increase employment opportunities for the young population. Keeping in mind the needs of the future and keeping aside the apprehensions, we have to equip the youth with new skills and expertise.