According to Ajay Kela, president and CEO of Wadhwani Foundation, there will be a short-term disruption due to the growing integration of artificial intelligence (AI) across sectors, but this will eventually result in a significant boost in productivity and create jobs.
Certain employment are lost as a result of technological advancements. The same technology creates new employment opportunities. There will be interruptions in the near future. “Those who are incapable of keeping up will fall behind,” he stated to Business Standard. Kela was speaking today in New Delhi, outside of an event.
In order to establish Wadhwani Innovation Network Centers of Excellence (WIN-COE) in these institutions, the Wadhwani Foundation signed memorandums of understanding (MoUs) with the All India Council for Technical Education (AICTE), IIT Bombay, IIT Delhi, IIT Hyderabad, IIT Kanpur, IISc Bangalore, and C-CAMP on Tuesday.
Up to $1 million will be given yearly to each of these centers. The following 100 institutes in the nation will have their research and translation efforts supported by an extra $10 million in cooperative investment with AICTE through its 13 “Innovation Centers.”
The company hopes to convert over 1,000 concepts into product-led enterprises each year with this program.
“Finding work is the nation’s biggest difficulty, particularly in light of the expanding youth population. The goal of this project, like all of our other programs, is to create these family-wage jobs, according to Kela.
He also thinks AI will eventually lead to higher productivity. “Overall productivity in the industry will rise dramatically in the long run, which can have a big impact on the growth of the country and job creation,” Kela continued.
He went on to say that policies that encourage innovation and businesses are desperately needed.
“The Indian government’s top priority is GDP growth, which is correlated with job growth. Therefore, policies that foster innovation, entrepreneurship, and high-quality skill development and are linked to a robust matrix of employment creation are necessary, according to Kela.
He went on to say that the next Union Budget should have a “bias towards” job creation and should encourage the industries that generate jobs.
For example, we often overlook India’s 60 million microbusinesses. We can create five to ten million jobs annually, Kela stated, even if we assume that 1% of them, or about a million enterprises, create one job annually.
