Wipro's Rishad Premji Discusses AI Challenges and Opportunities

At the Bengaluru Tech Summit 2024, Rishad Premji, Executive Chairman of Wipro, highlighted the rapid advancement of AI and its significant productivity benefits, expressing concerns about job displacement and the need for safe AI adoption. He emphasized the importance of skills like critical thinking and empathy in the evolving job market, noting a shift in corporate focus towards India due to its talent pool. Premji also praised government efforts in establishing AI regulations and skilling support, citing a hopeful outlook for job creation through AI applications. Concurrently, Microsoft reported that a substantial portion of Fortune 500 companies are utilizing its AI tools, with generative AI showing a promising return on investment, averaging $3.70 for every dollar spent. However, concerns remain regarding the high costs associated with AI technology, which may disadvantage smaller businesses. A recent IDC survey indicated a dramatic increase in generative AI adoption, forecasting significant economic impacts from increased AI investments through 2030.