Rejecting concerns that Artificial Intelligence (AI) would take away jobs, Union Finance Minister Nirmala Sitharaman on Friday said that it would create a new domain expertise that would facilitate the use of the technology for various purposes.
She recalled that there were similar concerns when computers were introduced in banks in the 1980s, and pointed out that they had improved the efficiency of banks. “Many people had doubts, especially those belonging to trade unions, who said computers will replace workers. But, how much has the country developed today? How many computers have come in and how many [people] are working in banks with the help of computers? Computers are everywhere, even in our homes. Have they taken away jobs or created more?” she said.
Replying to a query during an interactive session with students on ‘Transforming India into a New Decade’, organised at Agurchand Manmull Jain College in Meenambakkam, Ms. Sitharaman said: “Who is going to run AI? The technology is there. But, to use it, you have to develop tools with which you can exploit its capacity. That is going to be done by people like you.”
“One cannot come in the way of developing a system. It is bad for our economy. If we go along with the stream, it is good for us and the country. If someone tries to block it, it will wash them over,” she added.
To a query on digital rupee, Ms. Sitharaman said: “Today, India has many instruments for digital transfers. This will make cross-border payments easy. Remittances can be made at a lesser cost. Overall, it is going to have a positive impact on the economy. We are certainly encouraging [it], policy-wise.”
She further said that steps were being taken towards engaging in rupee trade with other countries, especially with Russia and Sri Lanka.
