In an interview, the Paytm founder argued that AI will not hollow out India’s services economy. Instead, it will expand it.
“Those saying BPO jobs will disappear need to answer why they think BPO only means call centre jobs,” Sharma said.
“If Europe needs healthcare professionals, not everyone will get a visa. But the computers and signals being put there can allow our BPOs to become global healthcare providers.”
He drew a parallel with the mobile revolution. STD booths vanished, but telecom and app ecosystems created far larger industries.
“Whenever new technology comes, there are questions about upgradation,” he said. “AI increases possibilities for more jobs.”
This runs counter to the prevailing anxiety that AI will automate away India’s IT and outsourcing workforce.
India’s BPO sector employs over 5 million people. The shift, Sharma suggests, is from voice-based call centres to AI-enabled remote services, healthcare support, underwriting analysis, and compliance processing, delivered from India to the world. But jobs are only one piece of the shift.
The AI aid: From wealth advice to underwriting and credit
AI is fast becoming financial infrastructure, not just a feature. Sharma noted that wealth management in India typically starts at ₹1 crore, leaving small investors without advice. AI can fill this gap by offering structured, low-cost guidance on index funds and risk trade-offs.
With over 10 crore demat accounts and thin advisory penetration, AI could reshape finance’s plumbing, acting as advisor, underwriter and distributor.
He said AI-powered underwriting can expand insurance and credit access, especially for informal workers. Sharma stressed India’s AI growth will be domain-led, not chatbot-led, aided by regulators backing sandboxes over strict roadblocks.
