India, Jan. 31 -- The Indian Economic Survey, which was tabled in the Parliament on Friday, said Artificial Intelligence (AI) promises to usher in a new age but at the same time, it can result in large-scale labour displacement, especially at the middle and lower quartiles of the wage distribution.

The survey was tabled by Union Finance Minister Nirmala Sitharaman, a day before she will present the Union Budget.

The Economic Survey 2024-25 states that as illustrated by Andrew Haldane, the former Chief Economist of the Bank of England, previous industrial and technological revolutions have been painful, characterized by widespread economic hardships, protracted unemployment for those displaced and widening income inequalities.

In this l...