Use AI With Job Creation In Mind, Say Young Corporate Leaders

Bengaluru: Artificial Intelligence (AI) is transforming businesses in many fundamental ways but has to be implemented carefully in a country like India given its risks to job losses.

Three scions of large corporate houses- Suzannah Muthoot, Executive Director of Muthoot Housing Finance Company; Jay Kotak, Co-Head of Kotak811; Parth Jindal, Managing Director of JSW Cement & JSW Paints opined such views in a session here at the ‘Invest Karnataka Summit, 2025’. The session was moderated by Nikhil Kamath, Cofounder of Zerodha. “AI has helped us in making loan underwriting better. Due to this, we can now reach rural regions of the country where people may not have sufficient documents to get a loan. However, AI now enables us to disburse a loan based on the financial transactions of a borrower,” Suzannah Muthoot, Executive Director of Muthoot Housing Finance Company said.

Jay Kotak, co-head of Kotak811 and son of veteran banker Uday Kotak was of the opinion that AI has changed banking in many ways with respect to customer support and product development. “AI has enabled writing of software (faster) through LLMs (large language models). It will also help in supporting customer service through voice-based reach outs,” Kotak said.

However, Parth Jindal has a slightly different view on this matter. He said while AI will definitely improve efficiency in the manufacturing sector, its penetration in the sector is not high yet.

“AI may be dangerous for a country like India because we need more jobs to grow. In India, the cost of labour is not high as compared to developed nations. So, India has to see how AI is getting applied in the economy,” Jindal said.

Meanwhile, exchanges of opinion on some abstract topics made the panel discussions interesting. For instance, Nithin Kamath’s question on success and happiness evoked many emotional reactions from the panelists.

Similarly, all three young corporate leaders agreed that India is in a sweet spot for taking a giant leap in terms of growth. Indian youth should be skilled properly with focus on job creation, they opined.

On impact of US President’s likely imposition of tariffs on India, Jindal said that the impact on JSW Group remained minimal. Kamath’s question on how these second generation entrepreneurs coping with the pressure of driving growth also saw interesting reactions from these young scions.

“I think, entrepreneurs in the second or third generation become more risk-averse,” Jindal said.