CEO and co-founder of Zoho Sridhar Vembu recently raised his concerns regarding AI (artificial intelligence) and said public policy has to ensure that no one monopolizes AI.
In a series of tweets, Vembu said, if AI were to eliminate all jobs, it means AI will be able to produce all the goods and services humans need and want without human labor.
"The air we breathe is free and we don't complain about it, so if a future magical AI were to produce all the goods and services free of human labor, it need not be bad for us. The real question is 'how do we pay for those goods, because there are no jobs and hence no income'," he wrote.
That question really comes down to "who owns the magical AI" - are there monopolies that extract rent. Observing that Indians Indians get practically free digital payments because UPI is a common digital good, he said that analogy applies to AI well.
“Public policy has to ensure that no one monopolizes AI,” he wrote.
Where will the jobs come from, he asked, adding, "In a world where AI made goods and services free, the better question is "what will humans do?"
The Zoho CEO said he is rather optimistic about such a scenario and added that it will give more time for people to spend time for family and friends, sports, music, dance, and for spiritual pursuits.
"What should our policy makers do? My advice is to place strict openness requirements on AI technology. Some providers will threaten to leave India but we must call their bluff. Indians can produce great AI too, subject to our laws. No monopolies, no toll gates," he wrote.