New Delhi, March 24 -- A viral note from a small research firm, Citrini Research, rattled the US information technology (IT) stocks when it warned that artificial intelligence (AI) could lead to "ghost GDP".

The firm laid out a scenario in which AI replaces all white-collar workers, boosting output and profits, but, at the same time, collapsing demand as displaced workers lose income. At the other extreme are the views that AI will create entirely new categories of jobs yet to be imagined.

Between these poles lies a more optimistic reality of job re-allocation. History offers some guidance on technological job displacement, but this wave is different: AI is automating cognitive tasks at an unprecedented speed. For India, the stakes are ...