V Anantha Nageswaran, CEA Warns Of The Impact Of Artificial Intelligence On Jobs

Though the surge in e-commerce platforms has generated heightened demand for information technology-backed logistics and digital payments in the medium term, the application of artificial intelligence will likely progressively restrain growth opportunities for business services in the long term, according to the Economic Survey 2023-24. It also poses challenges for long-term sustainability and job creation, it added. The services sector continues to significantly contribute to India's growth, accounting for about 55% of the economy in 2023-24 (Apr-Mar), the survey said. According to V Anantha Nageswaran, Chief Economic Advisor, “The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels--low, semi, and high. These will create barriers and hurdles to sustained high growth rates for India in the coming years and decades".