5 Key Takeaways
- AI will likely concentrate wealth and power in the hands of a few, according to Nandan Nilekani.
- Nilekani urges those with influence to use AI for public good and inclusive outcomes, not just personal gain.
- He believes societies should focus on practical AI applications to address critical challenges rather than seeking global AI dominance.
- Nilekani disagrees with universal basic income as a solution to job losses from automation, calling it a dystopian idea.
- He advocates for using AI to enhance human capabilities and highlights the importance of innovation and frugal design for scalable solutions.
Why Nandan Nilekani Thinks AI Will Make the Rich Richer—And What We Should Do About It
Artificial Intelligence (AI) is changing the world at a rapid pace. But with all the excitement, there are also some big concerns—especially about who will benefit the most from this powerful technology. Recently, Nandan Nilekani, the co-founder of Infosys and a key figure behind India’s Aadhaar and UPI systems, shared his thoughts on this topic at an event hosted by the Asia Society.
Nilekani didn’t sugarcoat the truth: he believes that AI will likely lead to a concentration of wealth and power in the hands of a few. In simple terms, this means that a small group of people or companies could end up controlling most of the money and influence that comes from AI. “Obviously, there is going to be a concentration of wealth and power with AI… we can't fight that. Forces at play are much bigger than any of us,” he said.
But instead of giving up or trying to stop this trend (which he thinks is nearly impossible), Nilekani suggests a different approach. He believes that those who do have access to AI and its benefits should use it for the greater good, not just to get richer or more powerful. In other words, AI should be used to solve real problems and help society as a whole.
Nilekani also challenged the idea of giving everyone a basic income (known as Universal Basic Income or UBI) as a solution to job losses caused by automation. He called this a “dystopian idea” and doesn’t think it’s the right answer. Instead, he wants to see AI used to make people more capable and productive, helping them do their jobs better rather than replacing them entirely.
He pointed to India’s own success stories—like Aadhaar (the world’s largest biometric ID system) and UPI (which made digital payments easy and accessible)—as examples of how smart, affordable innovation can benefit millions. According to Nilekani, the key is to keep innovating and finding practical ways to use technology for everyone’s benefit. If we don’t, he warns, we could face social unrest and other negative consequences.
In summary, while AI may make the rich richer, Nilekani believes we should focus on using it to improve lives and solve big challenges, rather than just chasing profits or global dominance. It’s a call for responsible innovation—something we all need to think about as AI becomes a bigger part of our world.
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