Middle-Class at Risk? Experts Warn of Economic Slowdown

Future of the Middle Class: According to experts, automation and artificial intelligence are going to supplant the industrious middle class. AI is increasingly performing tasks that were formerly completed by white-collar workers.

Indian Economy: Saurabh Mukherjee, a market analyst and the founder of Marcellus Investment Managers, a company that provides portfolio management services, has given a concerning forecast regarding the Indian economy. According to him, the nation’s middle class will be displaced by automation and artificial intelligence.

Saurabh Mukherjee believes that the middle class’s history may be nearing its conclusion. India’s economy has reached a new stage. It is anticipated that at this time, salaried positions will progressively become less relevant in the nation.

The job structure is no longer viable: Professional

“I think the biggest thing about this decade will be the loss of jobs for the top-salaried class,” Mukherjee stated in a podcast. Hardworking, educated people may gradually lose their jobs. The previous paradigm, in which our parents spent thirty years in the same company, is likewise ending. India’s middle class no longer has a viable work structure.

He added that technology and artificial intelligence are destined to supplant the hardworking middle class. AI now performs the tasks that were formerly performed by white-collar workers. According to Google, AI is already used to complete one-third of its coding. In the future, the media, financial, and IT industries will experience the same thing.

What lies ahead?

Notwithstanding these fluctuations, he asserted that the JAM trinity—Jan Dhan, Aadhar, and mobile—will generate a large number of employment prospects in the future. In order to successfully execute JAM, the federal government has also invested a significant amount of money. It aims to give low-income individuals access to simple banking and information products.

He added that if we apply it to entrepreneurship with the same intelligence and perseverance that we did in the corporate sector, then new avenues for advancement may become available.

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