The 77th Independence Day of India not only signifies its resilience and capabilities but also highlights its unique path. While major economies are struggling to recover their pre-COVID GDP growth, India is boldly moving forward with a strong growth rate of 6.1% (2023 GDP Rate), setting an example in economic development.
Looking ahead, it's worth noting that India is setting its sights on an ambitious 8% GDP growth over the next two decades. However, India must prepare its workforce to seize the next big opportunities in the era of AI. Echoing this sentiment, Dr Shashi Tharoor highlighted the pressing importance of adaptability, skill enhancement, and forward-looking strategies during TechHR India 2023. These discussions are particularly relevant in the face of the swift advancements in AI and the ever-evolving employment landscape.
Sreekanth K Arimanithaya, Global Talent and Enablement Services Leader at Ernst & Young said, “Recent advancements in artificial intelligence (AI) are having an impact across all sectors - education, government, industry, and more – thereby altering the socioeconomic and business landscape in India. Driving AI-based innovation and establishing AI-ready infrastructure has become key to preparing India’s jobs and skills markets for an AI-based future. By amalgamating elements of strategy, process, and human and technical capabilities, we are well and truly in the era of the AI-driven organisation.”
Role of education in India’s economic development
Dr Tharoor has asserted that with AI future is unpredictable and job roles are evolving, therefore, India should prepare its workforce for the unforeseeable twist in the employment landscape. He also expressed concerns about India’s talent preparedness and recommended that “Organisations should focus on upskilling and reskilling. India’s workforce should embrace a growth mindset and be willing to learn new skills and technologies. Continuous learning and development are crucial to staying relevant in a dynamic job market.”
“The prevalent system of education and work appears slightly outdated in today’s economic environment as the nature of jobs has shifted rapidly and traditional skills become obsolete. It’s imperative to make key alterations to alternative models of education that will be better suited to an AI-powered economy of the future,” said Sreekanth
AI Adoption in India - A strategic necessity
A recent study by IIM Ahmedabad and Boston Consulting Group revealed that Indian organisations are accelerating towards AI Adoption, however, there is still 60% scope for AI excellence. The study emphasised that successful adoption of AI could add up to 1.4 percentage points annually to the real GDP growth of India.”
Sreekanth added, “Till recently, AI-based applications have been driven largely by the private sector. However, the emergent scale and implications of the technology make it imperative for policymakers to make necessary changes. For example, current advances in AI are becoming critical for detecting tax fraud or preventing subsidy leakage. While AI has great scope to change an industry and the country at large, there are many challenges that accompany it. But it is important for the country as a whole to continue to explore AI’s potential across all sectors and to keep improving upon it and utilize it for the best of humanity.”