Business News/ News / India/  Indian firm to reimburse ChatGPT plus bills to encourage use of AI tools, warns some ‘roles to be obsolete’

Capitalmind, a Bengaluru-based investment research and wealth management startup, has decided to reimburse all employees who have subscribed to ChatGPT Plus. This move came after the company noticed a significant increase in productivity across the board, thanks to the AI-powered chatbot.

Vashistha Iyer, the COO of Capitalmind, announced the reimbursement plan on Twitter and mentioned that using ChatGPT Plus had increased productivity by up to five times. The tool had also made it possible for everyone to carry out complex analyses, which would have otherwise been impossible without coding skills.

“This week, we offered to reimburse everyone at @capitalmind_in for ChatGPT Plus subscriptions," he wrote. “It’s already a 5x productivity booster across the board. Going from a hunch to a complex analysis otherwise impossible without code is now accessible to everyone."

ChatGPT Plus provides subscribers with access to premium features, GPT-4, faster response times, and other benefits.

Iyer also predicted that AI would make most junior analyst roles obsolete over time. “Newcomers will have to learn to leverage AI and build expertise in their fields. There will be no room for mediocrity."


AI to replace two-thirds of jobs: Goldman Sachs

A recent study from Goldman Sachs predicted that the rise of AI would make hundreds of millions of jobs redundant, leading to significant disruption in the labor market. The report also noted that two-thirds of jobs in the US and Europe could be automated to some extent.

As per the report, the use of AI could affect some jobs more than others.

Jobs involving physical work may be less at risk than office or administrative support jobs, which have the highest percentage of tasks that can be automated at 46%. Legal work and architecture and engineering are also at risk, with 44% and 37% of their tasks respectively able to be automated.

The life, physical and social sciences sector follows at 36%, with business and financial operations at 35%.


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Updated: 30 Mar 2023, 04:53 PM IST
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