CEA Nageswaran said that in order to prevent major disruptions, India's young must be prepared for AI

Regarding the job front, the CEA said that although the number of young people served by India's educational system remains a difficulty, learning results are.

V Anantha Nageswaran is the Chief Economic Advisor.

Chief Economic Advisor V Anantha Nageswaran said on May 18 that India has to equip its young to assist them benefit from this progress since the growing presence of artificial intelligence (AI) might cause massive disruptions.

"It's critical that we get the next generation ready for artificial intelligence (AI), since it will disrupt society profoundly and come at us in dramatic fashion in the years to come. We must control it and direct it so that our children may benefit from it. That is a significant problem for many nations, including India, but given our size, it is far more significant and severe than it is in many other nations, according to Nageswaran.

His remarks coincide with worries about how the introduction of AI would affect employment.

In response to public concerns about the effects of artificial intelligence (AI) on jobs, India's Finance Minister Nirmala Sitharaman stated in a newspaper interview back in February that although AI is a significant technological advancement, it requires collaboration between humans to be effective.

She went on to say that in an AI-integrated future, attention should be paid to the quality and importance of occupations as well as their quantity. Sitharaman made the argument that spending in AI may result in the emergence of new employment prospects in allied fields or support services.

With a budget of Rs 10,372 crore for the next five years, the Cabinet approved an exhaustive national-level AI mission for India in March. Among other initiatives, the government will use the funds to subsidize private companies looking to build artificial intelligence computing capacity in the nation and to provide seed funding for start-ups in the field.

Beyond artificial intelligence, India's top adviser to the finance ministry noted on May 18 the importance of safeguarding the physical health of the nation's youth because the demographic dividend the country currently enjoys will not materialize unless the majority of the population is in good physical, mental, and emotional health.

Regarding the job front, he said that the number of young people served by India's educational system is no longer a barrier, but rather the quality of education received.

Better digital and physical infrastructure combined with stronger bank balance sheets should demonstrate in the next years that the problem of creating jobs will be substantially resolved. On the other hand, employability and skill development still need effort," he said.

The top economic advisor emphasized that it won't matter whether India's economy ranks fifth, third, or second in the world unless it improves on measures of human resource development.

"Economic growth is a means to a goal, therefore although it may not be a sufficient condition, it is a necessary condition that must result in advancements in the development of human resources. Our goals are safer, greener cities, and most crucially, a thriving, entrepreneurial urban agglomeration. In order to become a developed country by 2047, Nageswaran pointed out that we must expand our cities and not only improve the major ones. We also need to turn second- and third-tier cities into economic engines.

Nageswaran outlined the areas that the nation has to concentrate on in order to achieve sustained and high GDP growth in the next years, while also praising the government's accomplishments in building physical and digital infrastructure:

Talking with states and other interested parties on changes for the next generation

more straightforward compliance, especially for MSMEs

Consistent energy transition policy

Keeping up the present efforts to preserve external stability and the macroeconomic financial market

Credit ratings improving as a result of general government public financing that is sustainable