‘There is going to be a concentration of wealth and power with AI… we can't fight that,' says Nandan Nilekani

Infosys co-founder Nandan Nilekani stated that artificial intelligence (AI) would likely concentrate economic power and wealth in the hands of a few. Still, this reality should not deter societies from utilising the technology to address critical challenges.

Nandan Nilekani opens up about AI and its impact

Speaking at an event hosted by the Asia Society, Nilekani talked about the growing influence of AI and the unequal outcomes it could produce, reported Business Today.

“Obviously, there is going to be a concentration of wealth and power with AI… we can't fight that. Forces at play are much bigger than any of us,” he said.

He added that it remains to those in positions of influence to utilise the technology towards more inclusive and socially beneficial outcomes.

Nilekani urged a focus on practical applications with AI to serve public needs instead of pursuing global leadership in AI technology.

The veteran Indian entrepreneur challenged ongoing narratives surrounding universal basic income (UBI) as a response to potential job losses from automation. “I don't agree with the vision that these guys are propounding… that is a dystopian idea,” he said.

Nandan Nilekani advocated for using AI to improve human capabilities, allowing people to work better.

Reflecting on Aadhar and UPI, he remarked how innovation and frugal design can deliver scalable solutions at minimal cost. “You have to innovate to keep ahead. Otherwise, you will have negative risk-to-rewards and revolutions and so on,” he warned.

Who is  Nandan Nilekani?

Nilekani is a Bengaluru-born entrepreneur who co-founded Infosys. He left Infosys in July 2009 to serve as the chairman of the Unique Identification Authority of India, a cabinet-ranking position that he entered under the invitation of Prime Minister Dr. Manmohan Singh. As chair of the UIDAI, the Infosys co-founder was responsible for implementing the Multipurpose National Identity Card, or Unique Identity Card (UID Card) project to provide a unique identification number for all Indian residents.

He also played a key role in the development of the Unified Payments Interface (UPI), a system that revolutionised digital payments in India.

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