‘Death of Salary and Employment’: Saurabh Mukherjea predicts the grim prospects of the Indian middle class in the past decade
Portfolio Management Services, Marcellus Investment Manager and Chief Investment Officer (CIO), Saurabh Mukherjea warned the Indian middle class that the Indian middle class has reduced traditional white-collar work due to the industry-wide automated transfer.
Mukherjea said in a recent podcast called “Beyond Salary: The Rebirth of Entrepreneurs in India” that the current decade will determine the effective death of “salary employment” and that hard-working people are expected to be replaced by automation and artificial intelligence (AI).
“I think the definition of this decade will be effective in the death of salary employment, which is the gradual demise of salary employment, which is a worthy road for valuable, firm, hardworking people,” Saurabh Mukherjea said in the podcast.
However, he also highlighted the recent rise of entrepreneurship and economic opportunities across the country.
Move to AI and automation
Mukherjea stressed that automation will take over the IT sector in India, as well as the media industry and financial services sectors.
“AI is now done by white-collar workers, most of the work that should have been done. Google has publicly stated that one-third of its coding is now done by AI, and I’m pretty sure the same is true for Indian IT services companies.”
He also mentioned that due to the rapid development of technology, mid-term career choices are now at risk of erosion.
“Old model that our parents worked for an organization for 30 years was about to die. The work structure that built India’s middle class was no longer sustainable.”
Jam Trinity
Mukherjea also appreciates the government’s initiative to “Jam Trinity”, a combination of Jandhan, Aadhaar and Mobile, the center aims to provide low-income groups with easy access to identity, banking and information products.
It is also the stage for the entrepreneurial wave of India’s upcoming new entrants.
“If we carry the same intelligence and courage, we bring entrepreneurship into the corporate career, which could be the new engine of prosperity,” he said.
Society obsessed
The CIO also highlights a focus on Indians’ obsession with stability and salary, which defines people and success through salary.
“We are a money-obsessed society. We define success by salary. That has to change,” he said. “We should address happiness and impact, not just monthly income,” Mukherjea said.
He also focuses on how to make a cultural change that will lift people away from being job seekers and becoming entrepreneurs in the future.
“Families like you and me have to stop preparing children to become job seekers. The job isn’t there,” he said.
