Don't let 'robophobia' deter growth via manufacturing, exports: Panagariya
The threat to jobs from automation was overstated and "robophobia" should not deter countries from adopting a manufacturing and exports based strategy for rapid economic growth, according former Niti Aayog vice chairperson, Arvind Panagariya. "One should not freeze in to inaction on account of 'robophobia' from following the path of manufacturing and exports that had led some of the Asian countries out of poverty," Panagariya said on Monday while addressing the UN General Assembly's committee on economic and financial issues. "Countries easily have a 15-year window to pursue manufacturing and exports based strategy."The technologies have to be invented or developed and then they have to commercialised before robots can replace workers, he said.
Panagariya, who left the Niti Aayog late August and was now back at the Columbia University where he is the professor of economics holding the Jagdish N. Bhagwati chair of Indian Political Economy.