ChatGPT can Help Indian IT Companies get More Projects, says Chief Economic Advisor

New Delhi (India), 10th June 2023: India’s chief economic advisor V Anantha Nageswaran believes that artificial intelligence sources such as ChatGPT can benefit a growing country like India by increasing the capacity of IT companies, allowing them to take on more projects and boost employment.

Artificial intelligence sources such as ChatGPT may not be a lose-lose issue because they may boost a company’s capacity to take on new projects.

Nageswaran stated during an engagement with Bharat Chambers of Commerce in Kolkata that even though ChatGPT can be employment producing at this time, but it may have an influence on employment later on.

He said, “It (impact of ChatGPT on employment) is a valid concern. It is something that the world will be finding answers as this is the beginning. At this point, it can also be a positive source of growth for India.”

The CEA also added, “ 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.”

He further said that given, India’s ascent from lower middle income to middle income, ChatGPT creates capacity and opportunity for our IT-enabled businesses to take on more projects.

However, it may have an impact on some industries and employment growth in the future. Nageswaran suggested that India would need a multi-pronged approach to mitigate its detrimental effects.

Stating the Economic Survey, the CEA said that GDP will expand by 6.5 percent in FY24. Capital investments and digital transformation will provide an extra 0.5-0.8 percent GDP growth, bringing it closer to 7% in FY24.