AI's Dark Side, Kunal Shah Warns of 90 Percent Job Irrelevance in a Decade
ChatGPT and Beyond, The AI Revolution that Could Reshape the Job Landscape
11 September 2023
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Kunal Tyagi
Kunal Shah, CEO of CRED, warns that AI could make 90% of the current workforce irrelevant in the next decade, sparking debates about AI-induced job losses.
Shah argues that the rapid pace of AI advancement makes upskilling a challenging solution, putting many jobs at risk despite upskilling efforts.
Despite concerns, Shah sees India's potential to lead in AI innovation, envisioning a future where human-AI collaboration creates "cyborg" companies, boosting efficiency across sectors.
Artificial Intelligence (AI) has long been hailed as a technological marvel, promising to transform industries and enhance our lives. However, recent remarks by Kunal Shah, Founder and CEO of fintech unicorn CRED, have sparked a debate on the darker side of AI's potential impact. Speaking at the Global Fintech Fest 2023, Shah boldly declared that AI could render 90% of the current workforce irrelevant within the next decade. This statement has ignited discussions within India Inc about the looming threat of AI-induced job losses.
Shah's assertion stems from the belief that while upskilling is often touted as a solution to job displacement, the pace at which AI is advancing presents a formidable challenge. He argues that humans simply cannot upskill quickly enough to keep up with the evolving technology landscape. In his words, "The time to upskill is going to be a real challenge. Unless you are a very curious compounding person, everybody's job is at risk."
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The debate around AI's impact on employment has gained momentum in recent months, with prominent voices like Nithin Kamath of Zerodha advocating for companies to invest in upskilling their employees. However, Shah's warning serves as a stark reminder that even with upskilling efforts, a significant portion of the workforce may find themselves without relevant employment opportunities.
Shah's concerns about AI are not without merit. The development of generative AI platforms like ChatGPT, capable of handling complex tasks on demand, hints at a potential transformation of the workplace. This raises questions about the future of various industries and the nature of the jobs that will remain in demand.
Despite the warnings, Shah sees a silver lining in this AI revolution. He envisions India as a hub for AI innovation, emphasizing the potential for entrepreneurs to build AI-driven products and companies. He believes that India's unique advantage lies in the ability to combine human expertise with AI in novel ways, creating a new era of "cyborg" companies. These entities would leverage AI as a co-pilot, enhancing efficiency and productivity across various sectors.
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