Today models like ChatGPT are outperforming developers in programming tests. Tools like Sora, Runway, and Google VEO 3 can create entire videos from just text. AI is also doing tasks like video editing, voiceover and email drafting easily. If your work is based on words, data or patterns, chances are AI will be able to do it faster, cheaper and perhaps better.

This is the reason why the discussion about UBI (Universal Basic Income) is increasing. UBI is a system in which the government gives a fixed amount at regular intervals to every citizen, whether rich or poor, working or not. Its objective is to ensure the basic needs of the people like food, housing and health services.

The specialty of UBI is that it is universal, which means that everyone gets it. Apart from this, no qualification is required for this. Every person gets this benefit. This is a regular system i.e. you will get money from time to time.

Big tech leaders believe that UBI is the solution to the big changes brought about by AI. Sam Altman (CEO, OpenAI) funded a study in 2016 in which low-income people received $1,000 every month for three years. The results found that people spent most of their money on necessities and worked less hard. Elon Musk (CEO, Tesla) is a long-time supporter of UBI. He believes that when AI takes over a large part of the production, then profits should be distributed among humans.

Marc Benioff (CEO, Salesforce) said that half of the work in his company is now being done by AI. He says that as machines take over jobs, UBI will not only help the unemployed but also those raising children and those doing unpaid work.

Experiments on UBI have been conducted in some cities of Finland, Canada and America. Initial results show that it increases people’s financial security and reduces stress without making them lazy. But it is difficult to implement it on a large scale. For this reason, governments are working on CBDC (Central Bank Digital Currency). This is a digital currency which can be controlled by the government. For example, UBI money can be prevented from being spent on liquor, luxury goods or air tickets.

Digital Rupee (CBDC) has also been launched in India. It is like normal rupee, only in digital form. It can be used like cash and can also be exchanged in the bank account. UBI is not a completely new idea in India, but as AI and automation impact the jobs of the country, its discussion may become more intense. The biggest question is who will fund it and how much control will be attached to it. Tech leaders believe that UBI is the need of the future but there are still many challenges in its path.