 "Chinese artificial intelligence-related stocks, including Alibaba and Iflytek Co., rose on Wednesday.")
Illustration: Binay Sinha
High salary expectations are slowing the recruitment of artificial intelligence (AI) talent in India, particularly for 132 companies in the technology, finance, and manufacturing sectors, according to a survey by US-based payroll firm Deel, reported The Economic Times.
The company’s Asia-Pacific General Manager, Mark Samlal, was quoted by the report stating that while the demand for AI expertise is rising, locating candidates with the right skill set remains a significant challenge.
Samlal stated that based on recent survey data from Deel in collaboration with Rakuten, 66 per cent, or 165 of the 250 organisations surveyed indicated that high salary expectations were a major obstacle in attracting AI talent. He further mentioned that 132 of these companies, accounting for 80 per cent, were exclusively recruiting in India within the technology, finance, and manufacturing sectors.
Additionally, the company noted that 88 per cent of the organisations surveyed are open to global hiring. Over half of HR professionals reported using six or more technological tools to manage their companies’ HR needs. Deel facilitates hiring and payment processes for businesses employing international workers and contractors.
Last month, Deel released payroll data analysis revealing notable trends in the financial habits of Indian workers, including an 11 per cent rise in contractor dollar withdrawals since May 2023.
Globally, there has been a surge in demand for payment in US dollars, particularly among contractors in countries such as Argentina, the UAE, Turkey, Georgia, and India, according to Samlal.
He explained that the increase in dollar withdrawals by contractors in India could be attributed to favourable exchange rates, allowing them to optimise their income. Additionally, India’s growing middle class and adventurous younger generation — many of whom are travelling to the US — have contributed to India’s status as the fifth-largest source of tourists to the country.
Meanwhile, the Australian Strategic Policy Institute’s Critical Technology Tracker report released on Thursday, highlighted that India is now a significant player in the AI sector, ranking just behind the US and China in various areas, including advanced data analytics, AI algorithms, hardware accelerators, machine learning, integrated circuit design and fabrication, natural language processing, and adversarial AI.
The report found that this represents a significant improvement compared to the 2003–2007 period, during which India was among the top five countries for only four technologies.
First Published: Aug 30 2024 | 11:00 AM IST
