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.