AI will gradually eat into jobs: Raghuram Rajan

Addressing the two-day global digital summit, #FUTURE,’ in Kochi on Friday, Rajan noted there had been a dip in jobs over the past year, mainly because of growing automation.

“Jobs that require human empathy, high intelligence and jobs like those of doormen, etc, where humans want other humans to serve will remain,” he said. “Across jobs, there will be restructuring. Routine-ness will be replaced and more focus will be on creativity.”

Advances in AI and robotics will change the nature of jobs, and highly-skilled ones face increased risks, he said.

But the former RBI chief felt that technological change takes time to be accepted especially by governments and in the various departments. Organisations are also slow to change and will take time to adopt new technology.

According to him, there is less fear of job losses due to automation in India as compared to the west. He, however, had an advice: “We need not and should not oppose change,” said Rajan. “We shouldn’t be a victim of it, but embrace it.”

Referring to the death of a pedestrian hit by an Uber-monitored driverless car in Arizona in the US recently, Rajan cautioned that adoption of technology needs more time (See: Uber's driverless car fatally knocks pedestrian). 

“Are we pushing too fast too quickly?” he wondered. “The crowded streets of Daryaganj in Delhi need more time.”