India, July 10 -- Chief Economic Adviser V Anantha Nageswaran on Thursday said the government has done its part by announcing several measures in Budget to support Global Capability Centres (GCCs), and called on industry to invest in skilling, capability development and innovation to address the challenges posed by artificial intelligence.

Observing that AI has exposed old model, Nageswaran said it is likely to displace routine, repetitive and rule-based tasks, and it would be unrealistic to deny the risks posed to business models built solely around low-cost execution.

Highlighting the role of government-industry collaboration, the CEA said the Union Budget has addressed a long-pending industry demand by simplifying and expanding the t...