AI Boosts Productivity, Not a Threat: Dr. Arvind Panagariya

At the recent NDTV Business Conclave, Dr. Arvind Panagariya, former Vice Chairman of NITI Aayog, shared his thoughts on the evolving role of artificial intelligence (AI) in the global economy. Contrary to widespread concerns about AI potentially replacing jobs, Dr. Panagariya emphasized that AI is not a threat but rather a tool that enhances productivity.

Dr. Arvind Panagariya

According to Dr. Panagariya, AI has the potential to streamline processes, improve efficiency, and support innovation across various sectors, including healthcare, manufacturing, and services. He explained that by automating routine tasks, AI allows human workers to focus on more complex and creative aspects of their jobs, ultimately leading to higher output and economic growth.

The Positive Impact of AI on Employment

One of the key points Dr. Panagariya made during the discussion was that AI’s role is more about augmenting human capabilities than replacing them. He argued that while certain jobs may be automated, AI can also create new opportunities, especially in fields related to AI development, data analysis, and digital transformation. By embracing AI, workers can learn new skills and adapt to the changing job market, ensuring that they remain valuable in the workforce.

Dr. Panagariya also pointed to historical trends where technological advancements, such as the industrial revolution and the rise of the internet, initially led to fears of job displacement but eventually resulted in increased productivity and job creation. He believes that AI will follow a similar path, benefiting both businesses and employees in the long term.

AI as a Tool for Economic Growth

Dr. Panagariya further explained that AI’s potential to drive economic growth lies in its ability to boost efficiency across industries. By implementing AI-powered systems, businesses can reduce costs, improve customer experiences, and create innovative products and services. Governments, he said, should focus on fostering an environment where AI and other emerging technologies can thrive, encouraging investment in research and development, as well as providing training programs to help the workforce adapt to new technologies.

The Need for Ethical AI Development

While Dr. Panagariya spoke positively about the future of AI, he also acknowledged the importance of ethical considerations in its development. Ensuring that AI is used responsibly, without bias or discrimination, is critical for building trust among users and ensuring the technology’s long-term success. He urged policymakers and tech companies to work together to create frameworks for the ethical use of AI, ensuring that its benefits are shared equitably.

Conclusion

Dr. Arvind Panagariya’s remarks at the NDTV Business Conclave provide a balanced and optimistic view of AI’s role in the future. Rather than being a threat, AI is a tool that can unlock new possibilities, improve productivity, and contribute to economic growth. As long as it is implemented responsibly and ethically, AI has the potential to create a more efficient and prosperous future for workers, businesses, and economies worldwide.