Mumbai, July 2 -- Artificial intelligence (AI) will require India's IT companies to reskill employees and rethink their business strategies, but fears of widespread job losses are misplaced, according to Neelkanth Mishra, Executive Director-Designate at the World Bank and Chief Economist at Axis Bank.

"There is a lot of pivoting, there is a lot of restrategising that all the firms will need to do. But this panic and paranoia about massive job losses is something which I think is at this stage and time," Mishra told reporters on the sidelines of an event organised by the Internet and Mobile Association of India (IAMAI) in Mumbai.

He said India's services exports continue to grow strongly despite rapid advances in AI.

"Even in the month ...