Home Business Raghuram Rajan expresses his concern over skilled job creation amid AI privatisation

Raghuram Rajan expresses his concern over skilled job creation amid AI privatisation

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(G.N.S) Dt. 23
New Delhi
Former Reserve Bank of India governor Raghuram Rajan has voiced his concern over the rollout of artificial intelligence, saying that many high-skill jobs will be at risk if the technology transformation is not adopted the right way. Speaking at a two-day global digital summit in Kochi, the noted economist said job creation will be a matter of concern with advancement in AI, robotics and machine learning. He also highlighted the significant dip in job creation over past one year. Raghuram Rajan says that highly skilled jobs are at risk due to AI and machine learning. Raghuram Rajan says that advances in AI, robotics will further change nature of jobs and highly skilled jobs are at heightened risk due to artificial intelligence and machine learning.
Days after nobel laureate Paul Krugman warned that India could end up in mass unemployment if it fails to upgrade manufacturing and services, former rockstar banker Raghuram Rajan says that highly skilled jobs are at risk due to Artificial Intelligence. According to the top economist, advances in AI, robotics will further change nature of jobs and highly skilled jobs are face increased risk due to artificial intelligence and machine learning.
On similar lines, nobel laureate Paul Krugman had said that artificial intelligence poses significant risks to India in the future. “There is this concept called artificial intelligence that you should be wary of. In future, while diagnosis may be outsourced to a doctor in India, it could also go to a firm based on artificial intelligence. Things like this could be a cause for worry for Indian services sector,” Paul Krugman said at an event last week.
“There has been a steady loss of jobs in routine and unskilled jobs, routine skilled jobs are also being replaced,” Raghuram Rajan said at the event organised in Kerala. Sharing his valuable insights, Rajan said that jobs immune from the threat of AI are the ones that require high intelligence and creativity as jobs that have human empathy will stay relevant.
He also raised concerns over the death caused by driverless cars, especially after an Uber-monitored driverless car led to death of a pedestrian in Arizona. Rajan said that we the adoption of technology to the complicated real world needs more time. “ Are we pushing too fast too quickly? Crowded streets of daryaganj need more time,” the ace economist noted.
Speaking specifically of India specific factors Raghuram Rajan said that the transition to technology is slower due to politics. “Indian government still works with physical files, in the age of technology,” Rajan said noting that in a conservative organization, a physical file provides confidence that it has been read.
However, Raghuram Rajan said that the fears of job losses is overstated due to hype. “We always believe that AI will come after 15 years,” Rajan said adding that technologists always want us to believe that AI will come faster than it actually does.
Taking the example of driverless cars, which led to the death of a pedestrian in Arizona, Rajan said the threats are cropping up as there is a push for its fast adaptation. “We need more time to adopt technology in the real and complicated world. Crowded streets of Daryaganj need more time for sure,” he added.
He said the adaptation in the country will take considerable time, given that the government is still working with physical files despite talking about Digital India.

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