Hyderabad, March 27 Telangana Chief Minister A Revanth Reddy said on Friday that the state government is exploring policies to tax AI companies to compensate people who may lose jobs due to automation.
In a virtual address to an Artificial Intelligence (AI) Symposium of Harvard Kennedy School in the US on Friday night, he described AI as a "double-edged sword", warning that risks could outweigh benefits if not managed early.
"We will also try to bring policies similar to pollution – where polluting industries have to pay for carbon credits – we will try to introduce laws so AI firms can be taxed for people credits," said Reddy, who recently completed a five-day leadership programme at the Harvard Kennedy School.
"It is only fair that our companies with trillions of dollars of valuation compensate people and society whose jobs are lost," he said.
Drawing parallels with earlier technological shifts, the CM said machines have eased manual work rather than replacing it.
"AI will change the scope of work for doctors, lawyers, architects, film makers, writers, poets, policy makers – instead of replacing them."
He cautioned that entry level hiring could decline, even as overall output rises.
Reddy also highlighted the Bharat Future City being developed by his government on the outskirts of Hyderabad, in which one district would be the Artificial Intelligence City.
The AI City would be a one-stop destination for Global Capability Centres (GCCs) in AI, and its applications, he added.
