India, July 27 -- Tech entrepreneur Elon Musk has made a bold prediction about the future of the global economy, saying that money could become largely irrelevant by 2036 as artificial intelligence and robots produce an abundance of goods and services.

Speaking during a recent podcast appearance, Musk argued that advances in AI and robotics could create a world where material scarcity no longer exists, reducing the need for money as a medium of exchange.

"What do you want money for? You want money for goods and services, right? You want money for food, housing, transport, entertainment," Musk said.

"Well, if that is so abundant that the robots and AI are providing more goods and services than any human could possibly consume, what do y...