Baring Private Equity’s managing director Rahul Bhasin places his bets on the Generative Artificial Intelligence sector of the IT industry. He told CNBC-TV18 in an interview that over the coming 5- 10 years, the world will witness a “fundamental structural change” with Information Technology becoming a core industry.
Basin stated that the growth of artificial intelligence is testament to the fact that “IT is becoming the backbone for several businesses.”
He believes that generative AI causes an increase in productivity across businesses. “The knowledge businesses will experience very dramatic change will the growing AI” he told CNBC-TV18.
Rahul stated that even though it may seem like generative AI is bringing down work opportunities in the short term, the future is rather optimistic. Artificial intelligence, he believes, will create far more job opportunities in the future than it is killing right now.
“The increased productivity caused by generative AI will create more wealth in the future” he told CNBC-TV18, “this will solve the world’s hangover”.
Also read: Google Lens can now detect skin conditions
When asked about the companies which may possibly thrive in the futuristic generative AI space, he expressed his faith in private companies. “The companies who have had invested in artificial intelligence 5 years ago will perform well in this space. The other will basically keep playing catch up”, said Rahul.
He expressed his confidence in the generative AI space stating that it will help every other sector achieve productivity gains.
When speaking about the larger IT industry in general, Rahul stated that the market players are doing well in terms of governance architecture and processes. There are twofold market concerns revolving around a potential US recession and rising job displacement due to the growth of artificial intelligence. However, Rahul believes that these are short term issues that if surpassed with patience, the IT industry riding on the crest of improving AI technology can provide exemplary returns.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
