IT stocks, jobs, AI fears: ‘attention’ is what matters
The transition isn’t sui generis or driven only by private sector innovation. The push towards automation is also a geopolitical objective for the US. Post 9/11, America redesigned policies to enable energy independence. The Energy Policy Act of 2005 under George W Bush allowed tapping of shale oil and gas fields. The Energy Independence and Security Act of 2007 created a corpus of $25 billion for research. The 2009 American Recovery and Reinvestment Act under Barack Obama furthered energy independence. In 2017, thanks partly to fracking, the US emerged as the top oil producer.
The focus on automation and autonomous processes is not an accident either. It is the route to shrinking dependence on ‘imported labour’ and migration. The DARPA Grand Challenge in 2003 led to the creation, in 2006, of the CISE-IIS Division of Information and Intelligent Systems for research in human-computer interaction. In 2016, the US National Semiconductor Technology Center unveiled a strategic plan for “investments in the next generation of AI” and “develop effective methods for human-AI collaboration” through a network of AI institutes. The 2017 Tax Cuts and Jobs Act provided room for companies to invest by providing 100 percent depreciation—while wages are taxed (payroll tax), machines deliver tax cuts (depreciation).
This week, the government of India is hosting the AI Impact Summit. The guest list is impressive, but what is the focus? Can the ministers forge partnerships for AI-enabled solutions—gathering data for preventive healthcare, curbing air pollution, addressing teaching deficiencies, fixing farm linkages including using geospatial capacity to inform farmers, moving from flyover fixation to easing last-mile mobility in cities? There is no disputing that the fears of AI’s impact are real. This calls for rethinking policies. While doing so, it would be useful to remember ‘attention’ matters.
Read all columns by Shankkar Aiyar
Shankkar Aiyar
Author of The Gated Republic, Aadhaar: A Biometric History of India’s 12 Digit Revolution, and Accidental India
(shankkar.aiyar@gmail.com)
