Key Points
Budget 2024: The full Union Budget presented by Finance Minister Nirmala Sitharaman on July 23 proposed a host of measures to combat the persistent issue of unemployement with allocation of over Rs 2 lakh crore..
The growing concern over AI was echoed in the pre-budget document, Economic Survey FY24, prepared by the Department of Economic Affairs as well..
"The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels low, semi and high," the Survey said.. While commenting on the growing worries of the youth, the Finance Minister in an exclusive interview with ToI said "What you failed to point out is that it can still employ that many more, though more like crane operators and not brick carriers..
In a move aimed at addressing unemployment and fostering economic growth, Union Finance Minister Nirmala Sitharaman announced an employment generation plan in the Union Budget for the fiscal year 2024-25...
From the medium-term perspective, the Survey noted that the social impact of emerging technology like AI through labour market disruptions and labour displacement is barely understood. "It also has the potential to skew the capital and labour shares of income in favour of the former," it said.. "Studies suggest that the application of AI is likely to restrain the growth opportunities for business services progressively and, therefore, poses a challenge to long-term sustainability and job creation," the Survey added...
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