Artificial Intelligence: Creating Jobs and Necessitating Responsible Regulation

Artificial Intelligence (AI) has emerged as a transformative force, shaping various sectors and presenting both opportunities and challenges. During the B20 India Summit 2023 in New Delhi, top global business leaders emphasized that while AI has the potential to create new job avenues, there is an urgent need for a regulatory blueprint to ensure its responsible use.

Contrary to the fear that AI will lead to massive job losses, industry leaders including N Chandrasekaran, chairman of Tata Sons, Brad Smith, vice-chairman of Microsoft USA, and Arvind Krishna, CEO of IBM, expressed their belief that AI will pave the way for automated ecosystems that can handle mundane tasks. These leaders stressed that AI will augment human capabilities rather than replace them.

IBM is already leveraging AI internally to enhance productivity in lower-order cognitive tasks within its human resource department. This advanced technology is deployed in tasks such as candidate promotion and assessment, allowing employees to focus on higher-level cognitive responsibilities. Krishna emphasized that AI can improve productivity in coding by approximately 30%, aiding in the development of new applications and the modernization of existing ones.

While AI’s potential for job creation and increased productivity is evident, responsible regulation is of paramount importance. Microsoft’s Smith highlighted the need for stakeholders to discuss usage standards to safeguard against potential data misuse concerns, similar to those observed in the realm of social media. In fact, Microsoft recently released a whitepaper outlining a regulatory blueprint for AI, further underlining the significance of responsible oversight.

It is clear that AI possesses immense potential to fuel economic growth and generate new opportunities. Nonetheless, a balanced approach that includes responsible regulation is essential in order to harness the full benefits of this transformative technology.

Frequently Asked Questions (FAQ)

1. Will AI lead to job losses?

Contrary to popular belief, AI is expected to create new job opportunities instead of causing widespread unemployment. It will automate mundane tasks, allowing humans to focus on higher-level cognitive responsibilities.

2. How can AI enhance productivity?

AI can significantly improve productivity in various areas, such as coding, by approximately 30%. It aids in deploying new applications, maintaining existing ones, and streamlining coordination and requirement gathering processes.

3. Why is responsible regulation necessary for AI?

Responsible regulation ensures that AI technology is used ethically and responsibly, preventing potential misuse of data and protecting societal interests. It helps maintain human control over AI systems and guides their deployment in a manner that benefits society while minimizing risks.

4. What steps are being taken to regulate AI?

Several global stakeholders, including technology companies like Microsoft, are actively engaging in discussions to establish usage standards and regulatory frameworks for AI. Microsoft has even released its own whitepaper outlining a regulatory blueprint for AI.