India, Feb. 1 -- Artificial Intelligence (AI) promises to usher in a new age, one where a bulk of the economically valuable work is automated across various fields, but at the same time it can result in large scale labour displacement, especially at the middle-and lower-quartiles of the wage distribution, states the Economic Survey 2024-2025 tabled by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman in the Parliament today.

Risks and opportunities for India in adoption of AI

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 hardsh...