Mumbai, February 26 Seeking to address concerns about job losses in the Indian IT sector due to the emergence of artificial intelligence (AI), Commerce and Industry Minister Piyush Goyal has expressed confidence that the new technology would actually enhance opportunities for Indian businesses.
The nature of jobs will evolve, the minister said, adding that he is "not worried at all" about the adverse impact of AI on jobs in the country.
The minister compared the massive AI spending by global companies in the past few years with the Y2K boom at the beginning of the 20th century, amid fears that computers would stop working due to the change of century in the year 2000.
"...just like the Y2K moment, where India got a lot of opportunity when they thought the sky is going to fall on heads, but after Jan 1, 2000, we (Indian IT) never looked back... I see AI as a similar turning point," Goyal said, speaking at an award event organized by EY on Wednesday.
The comments came on the heels of the AI Impact Summit in New Delhi last week, as well as the growing concern about both the relevance of the USD 315-billion Indian IT sector and the impact on the nearly 60 lakh jobs it supports.
AI is a very powerful revolution for the better, Goyal said, adding, "The more we engage with technology, the more we are going to need human skills and human talent. New opportunities will open up."
AI will unleash more opportunities, better profits, attractive assignments, and greater exports for India, which the 23 lakh science, engineering, technology, and mathematics graduates can leverage, the Union minister said.
It will help India better integrate with the world, he said, pointing out that it will be akin to the nine free trade agreements that the country has signed or announced in the recent past.
"These FTAs will help India go global, taking our merchandise, services, agricultural produce, fisheries products, and labor-intensive goods to markets that need them. They integrate us into global value chains, innovation networks, and talent mobility frameworks," he said.
The minister reminded that India has signed free trade deals with 38 developed countries contributing two-thirds to world GDP, and underlined the need for openness.
"No country has become developed by isolating itself. Nations that innovate, engage with the world, accept competition, and improve efficiency are the ones that rise to the top," he said.
The China story is good, but limited to the efficiencies and scale at which the northern neighbour operates, he said, stressing that India wishes to progress humanely with a heart.
The value systems guide us, Goyal said, pointing out that India will never evict a farmer from a land parcel held for generations in the Palghar district abutting the financial capital because a high-speed rail project has to be executed.
Speaking at the same event, billionaire Sajjan Jindal said that India has to learn from China and cited delays in the bullet train project to drive his point.
"We have to learn from China on expansion. We are still 4-5 years away from having the bullet train started. China has thousands of kilometres of bullet trains running."
"(The) government has to decide on how to learn from China. We need to take our relationship to another level," the industrialist said.
