During a conversation with the Bharat Chambers of Commerce in Kolkata, V Anantha Nageswaran, the chief economic advisor, expressed that ChatGPT has the potential to generate employment in the current period. However, he also acknowledged that in the future, there might be an impact on employment due to the advancement of ChatGPT and similar technologies.
According to V Anantha Nageswaran, the chief economic advisor, utilizing artificial intelligence (AI) sources such as ChatGPT can bring potential benefits to a developing country like India. With the increased capacity of IT companies, they can undertake more projects, leading to a rise in employment opportunities. Nageswaran mentioned that AI sources like ChatGPT may not necessarily result in a lose-lose situation, as they can generate employment in the current scenario. However, he also acknowledged that there might be potential impacts on employment in the future as AI technology advances. Nageswaran shared these insights during an interaction with the Bharat Chambers of Commerce in Kolkata.
According to Chief Economic Advisor Nageswaran, it is expected that India’s GDP growth for the fiscal year 2022-2023 could exceed 7.2%. However, the final figures will be confirmed and available in 2026-
According to a report by Moneycontrol, Nageswaran stated that if AI sources enhance workers’ productivity and allow companies to accomplish projects with fewer employees, it opens up the possibility of taking on a greater number of projects than before. This scenario can be advantageous for all parties involved, provided we can equip our workforce with the necessary skills to leverage these new tools, interventions, and innovations.
Nageswaran also praised the projected 7.2% real GDP growth for the fiscal year 2022-2023 and expressed confidence that the final numbers, to be confirmed in early 2026, would indicate even higher growth. He viewed the GDP growth as a commendable achievement for both the government and the economy.
In the January-March quarter of 2022-23, India’s economy witnessed a growth of 6.1%, and the annual growth rate for the fiscal year stood at 7.2%. Chief Economic Advisor Nageswaran stated that GDP growth estimates for India are presented multiple times, and the final estimate for FY23 will be available in January-February 2026.
During the June 2023 Monetary Policy Committee meeting, the Reserve Bank of India (RBI) maintained the GDP growth rate forecast for FY24 at 6.5%. On a quarterly basis, the RBI projected the GDP growth rate at 8% in Q1FY24, 6.5% in Q2FY24, 6% in Q3FY24, and 5.7% in Q4FY24.
According to Chief Economic Advisor Nageswaran, India has the potential to experience a phase of high growth similar to China for a duration of a decade-
“The potential impact of ChatGPT on employment is a legitimate concern. It is an issue that the world will need to address as we are just at the beginning of this technology. However, currently, it can also serve as a positive driver for growth in India. If AI sources like ChatGPT enhance workers’ productivity and allow companies to accomplish projects with fewer employees, it also means they can undertake a significantly higher number of projects than before. This situation can create a win-win scenario, provided we can empower our workforce with the necessary skills to leverage these new tools, interventions, and innovations,” he stated.