India’s Viksit Bharat goal achievable with AI, but risks remain: IMF

IMF Managing Director Kristalina Georgieva said artificial intelligence could raise global growth by 0.8 per cent, making India’s ambition of becoming a Viksit Bharat by 2047 achievable. She also cautioned that AI also poses significant risks to employment.

New Delhi: IMF Managing Director Kristalina Georgieva on Wednesday said artificial intelligence can lift global growth by 0.8 per cent, and India’s goal of becoming a Viksit Bharat or a developed nation is achievable.

Speaking at a panel discussion at the AI Impact Summit here, Georgieva said a research by the International Monetary Fund (IMF) suggests that AI has the potential to significantly accelerate global growth.

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“We did some research and here is the answer. Based on what we know, AI can lift up global growth by almost a percentage point. We say 0.8 per cent… It would mean that the world would grow faster than it did before the COVID pandemic,” she said.

Faster economic growth is “fantastic” for creating more opportunities and more jobs, she added.

“This is the magnitude that we see for India, and it would mean that India’s Viksit Bharat is achievable,” Georgieva said.

India has an aspiration of becoming Viksit Bharat by 2047 and achieving USD 30 trillion economy.

At the same time, the IMF MD also cautioned that AI poses significant risks for the job market.

“We calculated this risk is very high. We actually see the impact of AI…like a tsunami. Globally, 40 per cent of jobs will be affected by AI…In emerging markets, 40 per cent, but in advanced economies, 60 per cent,” she said.