Artificial Intelligence (AI) is revolutionizing various sectors, from finance to app development, raising critical concerns about its impact on global inequality. While AI promises efficiency, the risk remains that it may deepen wealth divides by concentrating resources among a few powerful entities. Research indicates that approximately 40% of jobs are vulnerable to AI disruption, with advanced economies facing higher risks of job loss. Critical pathways such as capital capture, task polarization, access asymmetry, and network concentration may exacerbate these divisions. However, AI also holds potential for inclusivity, as seen in banking innovations that enhance financial access for underserved populations. For countries like India, leveraging digital infrastructure and emerging AI capabilities can turn risks into opportunities, promoting financial inclusion. The challenge lies in governance—ensuring that AI fosters broad-based prosperity instead of merely benefiting a select few. Ultimately, the future of AI will depend not just on technology, but on leadership and policy decisions.
Source link
Share
Read more