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  1. After Paul Krugman warns of ‘mass unemployment’, Raghuram Rajan says AI threatens skilled jobs

After Paul Krugman warns of ‘mass unemployment’, Raghuram Rajan says AI threatens skilled jobs

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 heightened risk due to Artificial Intelligence.

By: | Published: March 23, 2018 12:05 PM
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. (Image: Reuters)

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.

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  1. Alka Bhatia
    Mar 23, 2018 at 9:16 pm
    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,”Its true. India is far behind in adopting IT and computerisation. Most work in India, is still on papers. The time consumed is very high and mostly unproductive.Our most of the ministers , have no time to see their emails, or if they see, they just do not bother to respond through emails.It professional Indians have come at top o the world, when went abroad, but in India, there is not much hope and scope for talented people.Govt seems not much serious and committed to switch over to paperless working.Unless, wages are linked with performance, no much progress can be expected in India.
    Reply
    1. Alka Bhatia
      Mar 23, 2018 at 9:08 pm
      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,” Its true. India is far behind in adopting IT and computerisation. Most work in India, is still on papers. The time consumed is very high and mostly unproductive.Our most of the ministers , have no time to see their emails, or if they see, they just do not bother to respond through emails.It professional Indians have come at top o the world, when went abroad, but in India, there is not much hope and scope for talented people.Govt seems not much serious and committed to switch over to paperless working.Unless, wages are linked with performance, no much progress can be expected in India.
      Reply
      1. Ramesh B Bhatia
        Mar 23, 2018 at 1:40 pm
        Indians will never be less.. We have basic knowledge Sh.R. Rajan when he was RBI Chief never implemented his working experience to bring improvement in Banking sector.. So what he is talking about Skilled or non skilled workers ? In spite changes and moderation in medical science Indians are doing better. Even Space technology we have improved. India is country of knowledge .with natural resources. Which can not be outdated.
        Reply

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