Paytm boss predicts AI-led ‘mass industrialisation’ of human jobs in next 5 years

“Overall AI impact around us is grossly underestimated," Vijay Shekhar Sharma said on X.

Published on: Dec 31, 2023, 16:01:53 IST

By HT News Desk, New Delhi

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Days after Paytm carried out artificial intelligence (AI)-driven layoffs, the company's founder and CEO, Vijay Shekhar Sharma, in a post on X, predicted that many jobs, currently done by humans, will have been ‘mass industrialised’ by artificial intelligence (AI) ‘in the next five years.’

Vijay Shekhar Sharma founded One97 Communications, the parent company of Paytm, in 2000. (HT file photo)

Also Read: Paytm shares in red amid AI-driven layoffs at fintech major

“Overall AI impact around us is grossly underestimated. Mass industrilisation (done by machines) of so many, currently human jobs is expected in next 5 years,” Sharma posted on X on Saturday.

In a separate post, made on Friday, the entrepreneur expressed amazement at AI-created ‘influencers’ generating ‘more than ₹80,000 per post.’

Paytm layoffs

The Noida-based fintech major slashed its workforce by relieving an unspecified number of employees, though a few reports put this figure at ‘over 1000.’

“We will be able to save 10-15% in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year. Insurance and Wealth will be a logical expansion of our platform, in continuation of our focus on the existing businesses," One97 Communications Limited, Paytm's parent firm, said in a statement on the layoffs.

As per Entrackr, One97 previously reduced its staff strength in 2021 and 2022, when 4080 and more than 20,000 staffers got laid off.

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