Artificial Intelligence (AI) can replace the work being done by auditors and accountants, said T.V. Somanathan, the Union Finance Secretary and senior IAS officer on Saturday.
AI Replacing Jobs
He has expressed this while delivering the CAS. Hariharan memorial lecture in Chennai.
AI has specific implications for the economy and added that automation for business processes can be much more potent with Artificial intelligence than it was without it, Somanathan noted.
Further adding, this can quite a bit replace the work that was being done by auditors and accountants.
The finance secretary also said that he can foresee an expansion of credit lending in the Indian economy.
“In India credit to the private sector is approximately 55 percent of the GDP while in China it is above 180 percent. I would not say the Chinese level is healthy or desirable .. it is not. This is not a goal we should see, but one can argue that India’s level is too low. It has to rise to 100-120 percent of the GDP which will accelerate investment and growth,” said T.V. Somanathan.
Projects Need Enough Credit
Adding, “Projects that would not start will start if they get enough credit. But the challenge is to expand the volume of credit without bad debts which we politely call as NPA’s. This expansion of credit will expand demand for accountants.”
In the coming future, the number of Income tax payers in India will increase continuously for many years, said the Union finance secretary during his lecture.
In his words, he could see an annual expansion of 6-7 per cent in the number of Income tax payers and this would increase the demand for good accountants.
When we are talking about AI affecting the work environment, in another part of the world, in South Korea, AI humans have enrolled as students at universities, interned at major companies, and appear regularly on live television driving sellouts of products from food to luxury handbags.
According to Pulse9, this is only the beginning. They are “working on developing the technology to broaden AI human use”, Park Ji-eun, the company’s CEO, told AFP.
Further adding, “Virtual humans are basically capable of carrying out much of what real people do, the current level of AI technology means humans are still needed — for now”.
