Unlike common perception, the use of technology and artificial intelligence will not result in lesser demand for manpower, Jeremy Jurgens, Managing Director, World Economic Forum, said.

Jurgens, who was recently in India for the Bio Asia 2024, in a quick chat with businessline said, “Use of technology will see hunger for talent.”

On the scene of global economies in the recent past and today, he said, “Overall we continue to see geopolitical tensions, inflation is subsiding but not at the pace everybody would have liked, resulting in high level of economic uncertainties. Amidst all this India has emerged as a positive spot in the globally.”

“While all this is happening in the global economy, we also see emergence of technology especially AI, renewables, synthetic biology etc. So we have these ongoing tensions alongside these opportunities. Both together are creating a high level of uncertainty. But overall moving positively for India,” he said.

When asked whether the above-mentioned scenario is seeing participation from the private sector and whether investments are happening, Jurgens said, “I actually think, we may not being seeing big headline investments, but when I am talking to global business leaders India is there on their top set of investment opportunities. Post COVID a lot was looking to diversify their supply chains capacities.”

On whether technology will result in losing out on human resources, he said “I have been actually asking people here whether they are adding staff here. One of the questions I have been frequently asking people are do they see the technology offloading the workforce or is it actually requiring more talent, and it is actually hunger for talent. If you are using the technology effectively it actually creates growth opportunities. While you may see some displacement in some segments by and large you actually see need for workers as businesses are growing and India is seen as a destination.”

Companies that are adopting technologies more effectively are actually witnessing growth in the business and increase in market share, and therefore getting more workforces, he said adding, “It is more structural now.” He added, “companies that are not able to adapt technologies are actually seeing reduction in the market share and as a result they see in a shift in their workforce.”