Automation, AI will make 20 crore young Indians jobless: Mohandas Pai
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Industry veteran
"By 2025 there will be 200 million young people in the age group of 21-41 with no jobs or less jobs and nobody knows what to do with these people. Government policy does not know what to do as they don't have proper data. We are going to have demographic nightmare,” Pai, who is the chairman of
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"Disparity between people in agriculture and in service industry is widening and that is getting social attention all across India which has led to various agitation across states," Pai told ET.
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"Rule based jobs will get eliminated. Much of middle class people are involved in rule based jobs. Rule based jobs can be made by algorithms. Machines are still not creative. People who are creative will remain," Pai said.
He also feels that in sectors like banking too, jobs are shrinking because of automation of payment system with the help of ATMs, digital payments.
"Bank branches and employment are now shrinking in America. In India in last 15 years, banks have growth 10-15 times in assets and liabilities but employment has grown 5 per cent. In India very soon there will be robo finance which will search all portals and give you bank loan quote in half an hour," Pai told ET.
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