Tata Sons chairman N Chandrasekaran stated that AI's impact would not lead to job displacement. Instead, it would catalyse the creation of new jobs by empowering individuals of diverse skill levels to engage in more advanced tasks.
At a rare panel discussion at the B20 India Summit on August 25 where the chiefs of some of the world's most influential tech companies were present, there was a sense of optimism about artificial intelligence (AI), its potential, as well as discussions on the impact of the technology on the job market.
The panel in New Delhi, led by Adobe CEO Shantanu Narayen, saw Microsoft Vice Chairman and President Brad Smith, IBM CEO Arvind Krishna, Mastercard CEO Michael Miebach, and Tata Sons chairman N Chandrasekaran as its panelists.
It comes at a pertinent time when AI leading to the loss of jobs is a dominant theme of conversation, particularly for a country with significant IT exports and for a sector that is a major employer.
Adobe CEO Narayen also shared his optimism about the technology, saying, "I believe that digital literacy today is the great equalizer. It's the great enabler, and AI is at the forefront of that. So, embrace it."
Meanwhile, IBM chairman Krishna stated that incorporating AI can lead to a 60 percent enhancement in coding productivity of engineers. This, in turn, can result in an overall productivity increase of 30 percent.
"As you make people more productive with tech, you have more per capita GDP," Krishna said.
Microsoft President Smith highlighted that the potential of generative AI becomes even more formidable in a multilingual nation. "AI is even more powerful in a country that speaks many languages," he said.
Smith also highlighted the importance of examining not just the organisations creating AI technologies, but also those putting them into use.
“It is important to not only see who is developing AI but also who is deploying it. People are saying we shouldn't make the same mistake with AI as in social media. People had become too euphoric without taking into account the risks," he said.
Tata Sons chairman Chandrasekaran struck an optimistic note stating that in a country like India, AI will create jobs because it will empower people with few or no skills to perform higher-level jobs. This bold perspective comes as a timely addition to the ongoing dialogue about AI's profound influence on the job market.
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Chandrasekaran stated that AI's impact would not lead to job displacement. Instead, it would catalyse the creation of new jobs by empowering individuals of diverse skill levels to engage in more advanced tasks.
"A nurse will be able to take on the workload of a doctor, and that's how it will scale up people," Chandrasekaran said.
Regarding the concerns about the technology, Chandrasekaran said, "There are two main concerns about AI: Will it take away jobs, and will it protect privacy? I believe that it will create jobs in the country. India has taken a techno-legal approach to data privacy,” adding that we need to embrace AI.
IBM’s Krishna added that higher-level cognitive tasks still very much require humans. “The more mundane tasks can be done by AI. We found coding productivity can be increased by 60 percent with AI," the IBM chairman added.
On the issue of regulation, Smith said, "People want to be confident that AI will remain under human control. We need to create a regulatory blueprint at the model layer and application layer. This regulatory blueprint will require action at the private sector level, national level, and global level."
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