Elon Musk, the world’s leading tech business magnate, has sparked a new debate. In a recent interview, he claimed that in the next 10 to 20 years, AI and robotics will advance to such a level that it will no longer be necessary for humans to work. This suggests that people may no longer need to go to the office. In building and construction work, robots made of metal and driven by AI algorithms will replace human labor. Cars will be driverless, and humans will witness the pinnacle of the technological revolution.
The process of automation through generative AI has already begun. From manufacturing to the service sector, early signs of this transformation are visible. Predictions suggest that the world will completely change in the next 15–20 years. This leads to an important question:
How much will AI and automation change the world economy?
What will be the currency of the AI-first economy?
Earning income, supporting oneself and one’s family, and fulfilling social responsibilities form a major part of human life. This pursuit keeps humans busy throughout their lives. But when work becomes optional, what will humans do?
- If all jobs are performed by AI and robots, what kind of economy will exist?
- Will the current currency system remain relevant?
- Will AI bots trade in the stock market instead of human beings?
- What will be the real currency of the AI-first world?
- How will national priorities change and what will a nation need to become a superpower?
- How deeply will algorithms influence our lives, economy, and systems?
- Will the world’s financial structure change forever?
Here is a prudent attempt at answering these questions.
As we discuss these possibilities, the image of India celebrating the 100th anniversary of its independence appears vivid. What will the world look like then? What kind of employees will work in offices? Who will serve tea and coffee, and who will take on the role of assistants? How much will companies spend on salaries?
From road construction to building construction, how will work be carried out? In kitchens and homes, who will cook and clean? Will there be a need for human drivers?
Predictions suggest that most of the work currently performed by humans will be taken over by machines. In factories and offices, humanoid robots capable of decision-making in difficult situations may take charge. Robots equipped with generative AI will work without getting tired and will produce many times more output than humans.
AI teachers costing around Rs 25,000
Two years ago, a restaurant in Lucknow deployed two robots as waiters. They served customers with the same attention as human staff. Meanwhile, a 17-year-old student named Aditya created an AI robot teacher based on an LLM chipset. These AI teachers can answer questions from students of classes 6 to 12. LLM technology is also used by major global companies to develop chatbots and robots. The cost of this AI teacher is around Rs 25,000.
Companies in pursuit of adopting humanoid robots
Industries once dominated by human workers are rapidly shifting toward humanoid robots. In a few years, offices may have fewer humans and more robots. A global race has begun to manufacture products at the lowest possible cost. Producing more in less time is a major challenge, prompting companies to adopt humanoid robots quickly.
From manufacturing to the service sector, and from construction work to household chores, AI robots are becoming increasingly common.
China planning to manufacture cheaper humanoid robots
Seeing the rising demand, Chinese manufacturers are designing low-cost humanoid robots for domestic use. These robots will be trained using user behavior data, allowing generative-AI-driven robots to make decisions much like humans.
At the pace at which AI robots are advancing globally, factories, warehouses, and construction sites will mostly rely on humanoid robots in the coming years. Tasks such as accounting, legal document drafting, coding, customer support, translation, graphic design, and animation—currently reliant on human labor—may soon be 75 percent automated.
Labor-based jobs to disappear in ear future
Humanoid robots will also emerge as personalized AI tutors.
In less than two decades, household chores like cleaning, cooking, and farming may all be handled by robots. These humanoid robots will look like humans, communicate, understand emotions, and make decisions based on circumstances. This new technological era may eliminate labor-based jobs entirely.
Self-driving cars causing accidents?
The global economy is set to undergo major changes. From markets to roads, transformation is inevitable. Recently, I came across a video showing two self-driving cars in a San Francisco tunnel zigzagging unpredictably and breaking traffic rules. In the past five years, nearly 4,000 accident cases involving self-driving vehicles have been recorded, with more than 80 casualties.
Who will be responsible for such accidents?
If humanoid robots start competing with each other or attempting to overpower one another, what might happen?
A Morgan Stanley report estimates that by 2050, humanoid robots could take over more than 62 million jobs currently performed by humans. Another study suggests that AI robots may impact over 300 million jobs globally, mostly white-collar roles. Machines may soon act as both labor and leadership.
This raises another crucial question: What will the global economic order look like?
Tesla’s humanoid robot priced between Rs 18–27 lakh
Tesla’s Optimus humanoid robot currently costs between $20,000–$30,000 (Rs 18–27 lakh). Meanwhile, China is producing a wide range of humanoid robots priced between Rs 5–25 lakh.
Studies predict that by 2050, the world may have 300 million to 1 billion robots at work. A Bank of America report suggests that by 2060, the number of humanoid robots globally may reach 3 billion.
Robots will get cheaper and work without monthly salaries
In the future, a new global economic system will emerge. Once the initial investment is made, companies will no longer need to pay salaries to robots, but they will have to invest significantly in maintenance and software upgrades. Robots will not take leaves, demand bonuses, or require employee benefits.
Humanoid robot prices will halve within 10 years
AI experts believe that within 5–10 years, humanoid robot prices will fall by half. Generative AI will become so advanced that distinguishing humans from robots will become difficult. Humans may handle only ethics and creativity, while robots will perform all other tasks—faster and more affordably.
World will shift to digital currency
Elon Musk argues that as robotics and AI expand rapidly, an economy may emerge where money loses importance and resources become abundant. Global financial equations may change drastically in the coming years. AI is revolutionizing banking and financial transactions. The world may shift entirely to digital currency—driven by crypto and blockchain. In the AI era, only those who adapt quickly will succeed.
How banking evolved in India, its roadmap ahead
In the 1980s, banking in India was extremely slow. Withdrawals could take an entire day. India’s first ATM was installed in 1987, and today there are over 2.5 lakh ATMs across the country. UPI has transformed payments—entire accounts are now managed through smartphones with minimal human intervention.
Such rapid changes raise questions:
Will rupees, dollars, euros, pounds, or yuan retain their value 20 years from now?
Will physical currency even be relevant?
Or will crypto become the global currency?
Middle-class investors investing in crypto SIPs
Crypto’s share in the global money supply is less than 1 percent. Bitcoin holds more than half of the crypto market, followed by Ethereum. Investment, once dominated by the wealthy, is now attracting middle-class investors. India saw 5.72 lakh new crypto SIPs this year—seven times more than last year.
What is cryptocurrency?
Crypto is a virtual, intangible currency secured on blockchain—a system designed to prevent tampering and fraud. Each transaction creates a new block, added simultaneously to all users’ ledgers.
Around 45 countries have legalized cryptocurrency, about 20 have partial restrictions, and around 10 have banned it.
What will humans do?
India’s investment culture shifted from land and gold to stock markets, and now to crypto and SIPs. But the important question remains: when machines perform all work, what will humans do?
National priorities will shift. While nations today seek economic prosperity, analysis suggests that energy resources will become the new gold. Solar, hydro, and wind energy will be the most valuable resources because AI’s real fuel will be energy, not data.
AI machines or humans: an ethical dilemma
India has a large youth population, many of whom are unemployed. Would it be fair to deploy generative-AI-driven machines in such a scenario?
In a conversation with podcaster Nikhil Kamath, Elon Musk said that generative AI and machines will become so advanced that “everything will be possible.” When asked what humans will do, he replied that people may spend more time doing creative things they love.
UBI: the New Upcoming Norm
Experts believe that generative AI and humanoid robots will increase inequality. Wealth will concentrate among AI company owners and top creative individuals, while the rest of the world may depend on Universal Basic Income (UBI). History shows that economic inequality breeds unrest and threatens democracy.
The biggest upcoming challenge for humans
By the time India reaches its 100th year of independence, factories and offices may be filled with generative-AI-powered robots. Humanoid robots will function as disciplined labor, increasing production while reducing costs. But the biggest challenge for humans will be keeping these robots under control.
Job opportunities will favor ITI graduates over IIT graduates. Those skilled in robot programming, servicing, and repair will thrive. Governments may introduce AI tax, data tax, and robot tax. Crypto and blockchain may dominate global transactions.
Energy and technology to define global power
Global diplomacy will revolve around energy and technology. The world may be divided into two groups:
- Elite: the wealthy, who harness AI technology
- Useless class: the jobless, dependent on government support
Lives for the latter may be filled with emptiness, depression, and instability. Before the world fully embraces AI, we must ensure that technological progress incorporates social and human values—and we must think deeply about the potential dystopian consequences.
