While speaking at the Rising Rajasthan Global Investment Summit, Paytm founder and CEO Vijay Shekhar Sharma said Indian startups not applying technology to replace humans in the workflow will not last long.
"If you are not building a startup that removes the obligation of a human's workflow, you're not building a company that will be surviving after five years," Sharma stated.
However, he added that his company will need more people to develop AI technology and provide support.
"We will need to hire more ... to provide technology support. Technology companies will become stronger with the adoption of tech,” he remarked.
He admitted it is not good for job creation, but if a start-up's technology is not reducing the human workforce then it will not turn into an edge start-up.
The Paytm CEO further commented that earlier companies were known by the size of the employees. Now, single-person companies are functioning where AI is becoming their chief financial officer and chief human resource officer.
"I am shaken by the deep insight of what will happen to our country's workforce," Sharma added.
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The future with AI
"Machines will take care of processes and systems that typically humans do. Most ambitious person in this room will take an ambition of removing 100 thousand people off the load of the work. That is the power of AI that you are expecting. If you are not building for that then you are building mediocre stuff," he said.
The CEO shared that AI will be disruptive to the economy. Countries that have computers and capabilities to implement advanced AI technology will become the most powerful.
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