Dr Arvind Panagariya, Chairman of the 16th Finance Commission, stated that artificial intelligence will create new jobs while also destroying existing ones. He emphasized that the adoption of new technologies, such as those implemented by companies like Tesla and Adidas, is crucial in determining whether automation makes production processes less costly. Dr Panagariya cited an example of Adidas' experience with automated facilities in Germany and the US, which ultimately led them to move back to China due to cost considerations. He highlighted the importance of Micro, Small and Medium Enterprises (MSMEs) as a source of employment and emphasized that their growth is critical for achieving the 2047 Viksit Bharat goal. Dr Panagariya also noted that skill education can be beneficial, but learning on the job remains essential for MSMEs to remain productive in an increasingly competitive landscape.
https://www.ndtv.com/india-news/ai-not-threat-tech-raises-productivity-dr-arvind-panagariya-at-ndtv-business-conclave-7284544