Saurabh Mukherjea, chief investment officer (CIO) and founder of the portfolio-management services company Marcellus Investment Managers, forewarned the Indian middle class about the decline in traditional white-collar occupations as a result of the industry’s widespread automation.
Mukherjea stated in a recent podcast titled “Beyond the Paycheck: India’s Entrepreneurial Rebirth” that the current decade will mark the actual end of “salary employment,” with automation and artificial intelligence (AI) replacing industrious individuals.
In the podcast, Saurabh Mukherjea stated, “I believe the defining flavor of this decade will be effectively the death of salaried employment, the gradual demise of salary employment as a worthwhile avenue for educated, determined, hardworking people.”
He did, however, also draw attention to the country’s recent economic growth and entrepreneurship.
Shift to AI & Automation
Mukherjea emphasised that automation will be taking over sectors like India’s IT sector, along with the media industry, and the financial services sector.
AI currently does a large portion of the tasks that white-collar people were once expected to perform. According to Google, a third of its coding is now done by AI, and I am fairly certain that Indian IT services companies are no different,” he stated on the podcast.
He added that because of the speed at which technology is developing, mid-level employment possibilities are now in danger of disappearing.
“The outdated model, in which our parents spent thirty years working for a single organization, is perishing. According to Mukherjea, the employment model that created India’s middle class is no longer viable.
The JAM Trinity
The “JAM Trinity” effort, which combines Jandhan, Aadhaar, and Mobile, was also praised by Mukherjea. Its goal is to give low-income groups simple access to identity, banking, and information items.
For the impending newcomers to the market, this also acts as a platform for India’s entrepreneurial boom.
“Entrepreneurism can be the new engine of prosperity if applied with the same intellect and grit we brought to corporate careers,” he stated.
Money-obsessed Society
The CIO also brought attention to the issue of Indians’ fixation on stability and income, which define individuals and success in terms of paychecks.
Our society is fascinated with money. Paychecks are how we measure success. That must alter,” he stated. Mukherjea stated, “We should be solving for happiness and impact, not just monthly income.”
He also emphasized the need for a cultural change that will encourage individuals to become entrepreneurs rather than job seekers in the future.
“Families like yours and mine need to cease teaching their children how to look for work. There will not be any work,” he declared.
