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India is facing a big conundrum these days. While it is fighting to embrace technology and emerge as a leader in the global digital transformation, Indian professionals are losing sleep over the possibility of losing out their jobs to the very same technology. From being irrelevant to losing out completely, India’s workforce is spending its days in massive fear and uncertainty.
But, like most other concerns, the fear of losing out to Artificial Intelligence is an assumed construct rather than an approaching reality. Why? Let’s find out.
Hitting the Panic Button Early – Why Blaming AI is a Much Easier Option Than Introspection
Ever since the World Economic Forum came out with the report ‘Future of Jobs’ in 2016 highlighting global technological transformations, speculations have been floating around regarding the estimated job loss in India. A country which is adding about 17 million new entrants to the workforce Y-O-Y, is projected to have the youngest workforce with an average age of 29 by 2020, is creating only 5.5 million jobs every year. The disparity between demand and supply, is there for all to see.
Furthermore, the yawning gap between industrial requirements and academic training creates a situation where in every company has to spend considerable amount of time and resources in giving requisite training. This impacts fresh recruitment figures in India, as organizations prefer to hire industry veterans with significant experience rather than fresh graduates.
These two factors, and a host of other ones such as lack of uniform educational standards, primitive syllabi and inadequate support to innovation labs meant that India was already suffering from an unemployment crisis before the AI revolution began. Yet, naysayers have been putting the entire blame on the cutting-edge technology.
AI Taketh Away, for AI Gives in Abundance – How AI Boosts the Creation of Unique Jobs
Undoubtedly, the onset of AI based services has reduced the available employment opportunities. But it has impacted only those core roles which were repetitive in their nature, often adding little value to a product or service. Even during the Industrial revolution, there was a momentary employment crisis, but with the infrastructural support of machines, global development reached unimagined heights, reflected in the world we see around us.
AI Created Opportunities