Evolution in human economic history experienced, technology has removed employment while increasing work and being a net job creator; the excess of job creation over destruction has been good. The same is the case with Artificial Intelligence in India. Artificial Intelligence or AI is a field of Data Science that trains machines to learn from inputs, adjust to inputted fields and criteria, and perform tasks of computational logic that match certain human cognitive levels. AI as a function has pervaded almost all industries and functions in India – from E-Commerce to BFSI and from Manufacturing to Agriculture – Data Science and Deep Learning are increasingly utilized to solve complex business challenges. AI is increasingly utilized across several B2B, B2C, and C2C (Consumer-to-Consumer) channels. More than a replacement, it is being used as a complement to human skills to increase productivity and output.
The current AI market share is around $8bn in India and is divided into IT and ITEs, E-Commerce, and BFSI as the major users of AI, followed by others such as Healthcare, Agriculture, etc. Over 1 lakh people are employed in this sector and this is one sector where employment is growing constantly. Employment created by AI is projected to reach 2 crores by 2025. No need to be over-optimistic, but no need to be pessimistic either. The overall growth of the AI market in India is predicted to be more than 10% per annum. And routine and codifiable jobs are expected to be eliminated by AI while jobs requiring IQ and EQ are expected to grow. However, considerable polarization in the employment market may arise at the higher and lower ends, necessitating special government initiatives to generate jobs to maintain social stability.
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