Robots Threaten the Job Market, Warns India’s Central Bank Governor

Friday, June 10, 2016
By Paul Martin

SputnikNews.com
10.06.2016

India’s Central Bank Governor Raghuram Rajan has cautioned that robots are replacing human workers at an alarming rate, especially in the manufacturing sector, which could create political turmoil in emerging economies like India and Vietnam.

NEW DELHI (Sputnik) — Speaking at a book launching in Mumbai, Raghuram Rajan said:

“The emerging threat is: It is not the guy sitting in Bangalore but the robot next door which is going to take your job, and this creates enormous anxiety among the middle class. You can see this in the political dialogue that is taking place in the US as well as in the run-up to Brexit in Britain.”

“Every country sets out by first making textiles and apparel, before moving on to the simple assembly of electronic products and then proceeding along the ladder of growth to higher-order products. What will happen to countries like Vietnam, the Philippines and India if that ladder for steady growth is removed, when its export-driven aspect is just taken away because industrialized countries can produce things just as cheaply? The worry is that if a large segment of the middle-class becomes disempowered and is looking for easy solutions in country after country, could it create conditions for more political turmoil? ” asked Rajan.

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