AI Caution for India

According to Imad Mostaque, chief executive officer (CEO) of Stability AI, a company known for its text-to-image generator tool Stable Diffusion, while fears of job loss by artificial intelligence (AI) are widespread, there is reason to be particularly concerned in India. Mostak said that Indian engineers working in the information technology sector will be badly affected as the deployment of AI by multinational companies will reduce the work coming their way. Labor security in India remains weak, putting them at an increased risk of job loss. AI is rapidly invading our lives and may soon be powerful enough to even require an internet link, allowing devices to escape supervision. He’s not the only tech leader to have flagged AI threats. OpenAI CEO Sam Altman has advocated for quicker regulation, while executives from Google and Microsoft have also expressed concern. Some of this sounds like hype over AI capabilities or downplaying what humans do at work, but threats to jobs mean the labor-market scheme no longer seems to be an idea derived from the Soviet model of a controlled economy. Instead, it is something that economic planners should focus on. Unemployment growth can lead to all kinds of crises.