The Economic Review states that Artificial Intelligence (AI), which is making rapid progress, offers unprecedented opportunities for labor markets worldwide as well as serious challenges. The review states that India needs to seriously consider the influences of AI and for this it will have to focus on establishing a great institute.
The review said, “It is necessary for the government to look at its possible impact on the world of technology and labor market as a policy maker.” The review states what AI will have an impact on India and which side needs to be focused. The review suggested that the government may seriously consider tax on profits to companies as a result of increasing the use of technology in exchange for labor.
The review states, ‘Although the impact of AI on labor will be felt worldwide. But this will be a big challenge for India because its population is quite high and per capita income is relatively low. If companies do not adopt AI slowly in a long time and do not run with sensation, then you will have to take neglect measures and will have to ask for compensation for the damage done.
In such a situation, the state may have to resort to taxation on profits from the use of technology in exchange for labor to raise resources. The IMF has given a similar suggestion in one of its letters. This will push everyone into a worse situation, affecting the country’s growth capacity. The review said that education and skill development are going to play an important role in increasing the acceptance of human -centric AI in the country. Therefore displacement of labor in the country
Every possible way can be reduced.
The review calls for cooperation between policy makers, private sector and academics. It said, ‘India can associate innovation from AI with its social goals. Ensuring inclusion and stability in this change can maximize the benefits and reduce the disruption. ‘
The most important thing is that the economic review has talked about the impact of AI as well as the quality of the workforce. The review states that the challenge of employment in India is not only the figures but also to improve the overall quality of the workforce. The review said, “To improve the quality of the workforce, it should focus on major skills such as soft skills and basic efficiency that matters a lot for industries.”
The review states that the situation of new opportunities emerging from the all -round effects of AI will be clear only when AI would become practical from experimental. But the review clearly states that policy makers, academics and private sector will have to work together to improve the overall quality of human capital in India.