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In the tumult of opinions surrounding the benefits and ominous portents of artificial intelligence (AI), Tata Sons Chairman N Chandrasekaran asserted that it is not only here to stay but also presents a huge benefit should India be prepared to reap them.

While speaking at the JRD Tata Oration on December 18, the Tata conglomerate chief said global shifts are panning out in India’s favour, lending it the promise to blossom into a force in the modern world. But one of the stiff challenges facing India is the one to ensure inclusive growth.

“Transitions present opportunities for growth, for innovation and for inventing a new future,” said Chandrasekharan.

In a parallel development, echoing the Tata boss, Tech Mahindra CEO C P Gurnani said that on the whole AI could create more jobs than it can destroy. “The use cases of Generative AI are still being defined, which means that it has the potential to create more job opportunities in the future. Undoubtedly, possibilities are just opening, and there is more to come,” Gurnani told Reuters in an interview.

Incidentally, while there has been a lot of support and investments in the West for the development and proliferation of AI, notable names such as the richest person in the world, Elon Musk, have pointed out its harmful effects calling it a risk and threat to humanity.

The Tata supremo said that while the transition from the cold war era ushered in relative stability and prosperity, the pandemic produced huge supply chain shocks. Simultaneously, unforeseen armed conflicts are jeopardising stability.

“There was an economic slowdown, especially in developed markets. Things seemed to have stabilised, but now we are in the midst of two ongoing wars and there is an ongoing US-China trade stand-off,” added Chandrasekharan.

He emphasised that “All these present opportunities for growth, for innovation and for inventing a new future better than the past for all… In this context, India is making significant progress. Economically, we are already the fifth largest. Many things are working for us and going in our favour,” said Chandrasekharan.

He admitted that AI will impact almost every sector in the future, raising productivity and creating things never thought of earlier.

“There are extreme views on Al Those who believe it will change the world for the better and those who believe the risks are very high & it will take a significant number of jobs away. There are merits in these arguments but I for one believe that it will be beneficial if we prepare for it,” he added.

Pointing out India’s areas of strength he mentioned a robust and healthy banking system, increasing exports, rising consumption, fresh capital expenditure from both the private and public sectors and excellent public digital infrastructure.