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AI jobs in India set to explode

In 2022, AI-generated revenues in India touched $12.3 billion

Published: Mon 3 Apr 2023, 1:45 PM

  • By
  • NRI Problems/H.P. Ranina

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Will Artificial Intelligence ruin our lives and liberty?

Will Artificial Intelligence ruin our lives and liberty?

Question: I have been advising my sons to get into areas of artificial intelligence. Am I on the right track and are job opportunities available in India in this field as I want them to settle down in Bengaluru from where I hail?

ANSWER: According to an independent agency, there are about 45,000 open positions in the field of artificial intelligence in India. AI is one of the main technologies which is in focus under the Indo-US initiative for critical and emerging technologies agreement, which was signed last year. Major job opportunities are in healthcare, manufacturing, retail, and banking and financial services. Healthcare will cover prospects for clinical data analysts and medical imaging specialists. For banking and finance, prospects abound for chatbot developers, fraud analysts and credit risk analysts. The manufacturing sector has needs for industrial data scientists, process automation specialists and predictive maintenance engineers. Currently, data engineers and machine learning engineers earn annually about Rs1.5 million as freshers. It is projected that by the time data engineers and machine learning engineers reach their fifth year in the industry, they could earn upto Rs5 million per annum. In 2022, AI-generated revenues in India touched $12.3 billion. Bengaluru has the world’s second-largest talent pool in the field of artificial intelligence.

My company is anxious to know the new e-commerce rules being framed by the Indian government as certain policies will have to be dovetailed into the new rules.

ANSWER: Government data shows that some e-marketplaces are resorting to inventory based models for routing products among their own outfits where they have made substantial investments. Benefits and concessions are given to consumers only when they use financial platforms in which the e-commerce players have a stake. The government wants to create a level playing field where all financial intermediaries are treated equitably and consumers are not forced to deal in financial products which are directly or indirectly owned by e-commerce companies. Over the last few months, the government has addressed some of the issues facing consumers, such as those relating to product reviews and grievances for sale of defective products. The proposed rules may ensure that e-marketplaces, both domestic and foreign owned, do not resort to using inventory-based models to sell their goods. The Department for Promotion of Industry and Internal Trade has gathered enough data and information, which suggest that some of the e-marketplaces are resorting to the use of inventory-based sales by routing the products among their own outfits/firms. These restrictive practices are sought to be curbed under the proposed e-commerce rules.

Question: My brother is a qualified lawyer working in England. Due to the difficult situation there, he wants to return to India to represent his British firm and practice in Indian courts. Will this be permitted under the regulatory rules of professional bodies in India?

ANSWER: The Bar Council of India has liberalised rules and regulations to permit foreign law firms to set up offices in India. However, their practice in India will be confined to the field of foreign law and international disputes. Foreign-based lawyers will not be allowed to appear in Indian courts, tribunals and before other statutory and regulatory bodies. The practice of overseas lawyers and firms will be restricted to transactional and corporate work such as advising and facilitating joint ventures, mergers and acquisitions, issues pertaining to intellectual property rights, drafting of contracts for international trade and commerce, and providing legal advice to Indian clients on foreign law. Further, overseas law firms will be permitted to participate in arbitration proceedings in India. Even with such limited scope of operations, there is a fairly large market for overseas law firms to establish their practice because many multinational companies are operating in India in a big way and need the expertise of foreign educated and globally experienced lawyers. Therefore, your brother should find it rewarding to set up an office in India to represent his British firm.

H. P. Ranina is a practising lawyer, specialising in tax and exchange management laws of India.



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