While AI and automation will create new jobs, it would also necessitate reskilling and upskilling of 16.2 Mn workers in India by 2027, as per a report by ServiceNow and Pearson
In India, where automation has not yet significantly transformed physical processes as in other countries, the manufacturing industry is set to undergo the most substantial changes, it said
The report comes at a time when an increasing number of Indian corporates as well as startups are adopting AI and the country is home to over 70 generative AI startups
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Artificial intelligence (AI) and automation will necessitate reskilling and upskilling of 16.2 Mn workers in India by 2027, while creating 4.7 Mn new tech jobs in the same period, as per a report.
The report is based on a study conducted by ServiceNow and Pearson. The study used machine learning to forecast how technology will reshape the constituent tasks of each job.
ServiceNow is a software development company that offers a cloud-based platform and solutions to enterprises to digitise their work flows.
The global workforce stands at a pivotal moment, with AI opening doors for those who have access to appropriate training, the report said.
It also shed light on the ways in which specific existing positions are set to evolve when enhanced by AI. For instance, considering the role of a system administrator, the report said that 9.3% of their current tasks can be automated, while an additional 39.7% can be augmented through AI.
The report said that organisations are now adopting AI in hiring processes as well. They are using AI-driven talent scouting, remote interviews, skill-based assessments, and online onboarding to enhance productivity and facilitate professional growth.
As per the report, the impact of AI on industries will vary from one country to another. In the UK, Japan, and the US, the impact of automation will be double on the retail sector compared to other industries. Simultaneously, it will also generate twice as many new tech jobs for those skilled in implementing these technologies.
In India, where automation has not yet significantly transformed physical processes as in other countries, the manufacturing industry is set to undergo the most substantial changes, it said.
The report comes at a time when an increasing number of Indian corporates as well as startups are adopting AI. From Tech Mahindra to Infosys and Zomato to Flipkart, a number of Indian organisations have jumped on the AI bandwagon.
As per an Inc42 report, there are over 70 generative AI startups in India and such startups have raised funding of over $440 Mn since 2019.
The AI talent pool in the country is also growing rapidly, with the country now one of the top five fastest-growing AI talent hubs globally, as per a LinkedIn report.
However, there is a big debate on the impact of AI adoption on the job market. Recently, Tata Sons chairman N Chandrasekaran said AI will create more jobs in India. He emphasised that AI will empower individuals with minimal skills to perform higher-level jobs by providing them with information skills. Chandrasekaran noted that the impact of AI will vary across markets and societal segments.
Meanwhile, OpenAI founder Sam Altman recently said that while AI may cause some disruptions in the global job market, it will also create new employment opportunities.
Earlier this year, Zoho cofounder, in a letter co-signed by former NITI Aayog vice-chairman Rajiv Kumar and iSPIRIT Foundation cofounder Sharad Sharma, asked India’s policymakers to regulate AI as it could put millions of jobs at risk.
Amid this, Prime Minister Narendra Modi called for a global framework on ethical use of AI.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.