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Business News/ Economy / ChatGPT like AI sources can help IT firms increase employment, raise projects: CEA Nageswaran

Sources of artificial intelligence (AI) such as ChatGPT can prove to be beneficial to a developing country like India with an increase in the capacity of IT companies enabling them to take on more projects and increase employment, said chief economic advisor V Anantha Nageswaran. 

Sources of artificial intelligence like ChatGPT may not be a lose-lose proposition as they may increase the capacity of companies to take up more projects. Chatgpt can be employment generating at this point, though at a later stage, it may impact employment, Nageswaran said during an interaction with Bharat Chambers of Commerce in Kolkata.

Also Read: India's FY23 GDP growth may be over 7.2% when final numbers come in 2026: CEA Nageswaran

‘’If these sources of AI increase the productivity of workers, and a company can do with assigning less number of people to a project, it also means they can take on far more projects than earlier. It can be a win-win proposition provided we are able to upskill our people to take advantage of these new tools, interventions, and innovations," said Nageswaran according to a report by Moneycontrol.

Nageswaran also lauded the estimated 7.2 per cent real GDP growth in 2022-23 and was confident that the growth will be higher when the final numbers for the fiscal are frozen in early 2026. He said that GDP growth is ‘heartening achievement for the government and economy.’ 

India's economy grew by 6.1 per cent in the January-March quarter of 2022-23 and annual growth rate was 7.2 per cent. CEA Nageswaran said India's GDP growth estimates are presented six times and ‘the final estimate for FY23 will actually be with us in January-February 2026.’

In the June 2023 Monetary Policy Committee, the Reserve Bank of India (RBI) retained the FY24 GDP growth rate forecast at 6.5 per cent. On a quarterly basis, the RBI projected the GDP growth rate at 8 per cent in Q1FY24, 6.5 per cent in Q2FY24, 6 per cent in Q3FY24, and 5.7 per cent in Q4FY24.

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Updated: 10 Jun 2023, 07:22 PM IST
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