Elon Musk’s idea is inspiring, but it is not around the corner. AI is progressing rapidly, but economic and cultural change happens much more slowly. Experts say AI will automate tasks, not entire professions. (Getty Images)

When Elon Musk told Zerodha co-founder Nikhil Kamath in a November 30 podcast that “money will ultimately become irrelevant,” the statement spread rapidly across the Internet. Many assumed he meant that currency would vanish or that jobs would disappear completely. But Musk was describing a deeper transformation that is shaped by artificial intelligence (AI) and robotics, where basic needs could be met without traditional work, and where human effort would no longer be essential for survival.

What does that mean for a country like India, where 90% of the workforce depends on daily wages, formal safety nets are limited, and money is not just an economic tool but a measure of survival?

Let’s understand Musk’s statement, how AI and automation will drive a future without money, and the socio-economic implications, especially for India.

What Exactly Did Musk Say, And Why?

In the conversation, Kamath asked whether AI and robotics would eventually make most jobs obsolete. Musk replied that advanced AI systems, combined with highly capable robots, will eventually be able to produce goods, services, and solutions without requiring human labour. Work, he said, may still exist but largely as a choice rather than a necessity. Humans would work for fulfillment, not for income.

Kamath then asked: “If work is optional, will money also lose its meaning?” Musk answered, “Yes, money will eventually become irrelevant.” It was not a prediction of the end of currency but a vision of a future where survival is not determined by income or employment. His statement reflected the concept of abundance, which means a future where technology creates so much efficiency that basic needs are easily met without financial barriers.

The Idea Of Work Becoming Optional

Musk’s view is rooted in the idea of abundance economics, where technological progress makes resources so plentiful that scarcity — the foundation of traditional economics — begins to fade. Today, the world runs on scarcity. There is limited food, limited housing, limited energy, and limited healthcare, and these hurdles make money essential. Humans work to access what is scarce.

In a world powered by super-efficient AI, autonomous factories, precision agriculture, robot-led construction, and AI-powered medical systems, the cost of producing essentials could drop dramatically. Instead of working eight to ten hours a day to afford rent, food, and transport, people may receive these basic needs automatically, managed by intelligent systems. Work, then, becomes something humans pursue for passion, creativity, innovation, or personal fulfilment, not survival.

What Does ‘Money Becoming Redundant’ Really Mean?

Musk does not suggest that rupees, dollars, or digital payments will disappear. Instead, he means that money could lose its most important function, such as controlling access to essentials. In today’s world, if you cannot afford housing, healthcare, education, food, or transport, you simply don’t get them. In a future with abundant automation, those essentials could be provided as guaranteed rights, not as commodities.

Money would still exist, but its power would fade. It would become a tool for luxury, not survival. People could still spend on travel, art, entertainment, and premium experiences, but shelter, food, healthcare, education, electricity, and internet could become universal and near-free. In such a world, human well-being would no longer depend on income.

“A fully automated society where money loses relevance is still several decades away, if it ever materialises. We are at an early stage globally in advanced automation, and economic systems still have a deep linkage with labour, markets, and capital. The drastic implications of the post-scarcity model demand an unprecedented level of technological maturity, stable government, and social acceptability, even if AI surges,” said Piyush Goel, Founder and CEO of Beyond Key, a software development and IT consulting company whose operations are in the US, Indore, Pune and Hyderabad.

What This Future Could Look Like In India

India’s workforce is complex and largely informal. Any change brought by AI and automation would not affect all sectors equally. For gig workers such as delivery agents, taxi drivers, and service providers, automation through drones and self-driving vehicles could reduce demand for manual work. Yet these individuals could transition into supervisory, maintenance, logistics coordination, or customer management roles; that is, jobs would still exist, but their nature would change.

“Elon Musk’s idea of a future where money becomes redundant is fascinating, but its practicality depends heavily on a nation’s social and economic foundations. India is progressing rapidly, with digital inclusion, UPI-driven financial access, and tech-led governance transforming how people work and live. However, a completely money-free society requires very advanced automation, universal social welfare, and highly robust institutions. India’s strengths — a young workforce, fast-growing digital economy, and improving financial inclusion — create room for long-term possibilities, but income disparities, informal employment, and varying access to technology mean such a model is not realistic in the near future,” said Goel.

IT professionals, software developers, and tech engineers may face the biggest disruption. AI tools already generate code, manage cyber security, create digital designs, and even write detailed business plans. However, academic and industry experts suggest that AI will change, not replace, these jobs. Human roles could evolve into AI supervision, ethics management, strategic design, and innovation-driven problem-solving rather than repetitive coding.

Factory and manufacturing workers in sectors such as textiles, automobiles, electronics, and processed food could gradually shift from operational labour to monitoring and managing robotic systems. Robotics-led manufacturing will arrive faster than many expect, especially in industrial zones like Gujarat, Tamil Nadu, and Maharashtra.

Indian agriculture presents both challenges and opportunities. Drone spraying, climate prediction, AI-based irrigation, and robot farming could improve yields and reduce labour needs. Yet, without policy support and digital training, small and marginal farmers, who form the majority, risk being left behind.

The only sector least threatened by AI is one deeply rooted in human emotion, that is, creativity and relationship-based professions. Artists, writers, spiritual guides, mental health professionals, social workers, community leaders, teachers, counsellors, and storytellers may find greater relevance, not less, in a world of abundant automation.

What Will Be The Challenges Amidst Income Inequality, Policy Gaps?

While Musk’s vision seems futuristic, India faces deep structural challenges that must be addressed before a post-money society becomes a reality. Income inequality is still extremely high. Access to digital tools is limited. The majority of workers do not have a pension, insurance, or unemployment support. If robots and AI take away routine jobs, traditional livelihoods could collapse without replacement.

India has no universal unemployment protection or national reskilling safety net. Though it has existing social safety nets, such as the Mahatma Gandhi Rural Employment Guarantee Act (MGREGA) and Employees’ State Insurance Corporation (ESIC). But basic legal protection for informal workers is minimal. Without a proper framework to manage job transitions, automation could widen the gap between the educated digital elite and the economically vulnerable.

There is also a psychological factor. In India, work is not just an economic act. It is deeply tied to dignity, identity, and social value. Even if technology allows people not to work, the cultural importance of employment may not disappear easily.

According to government data, in the July-September 2025 quarter, around 56.2 crore people aged 15 and above were employed in India. Of which, 39.6 crore are males and 16.6 crore are females.

How Can India Prepare For A Post-Jobs Economy?

Countries such as Finland, Canada, and Spain have experimented with Universal Basic Income, where the government pays every citizen a fixed amount regardless of employment status. These experiments aimed to deal with job loss caused by automation. In India, the feasibility of Universal Basic Income has been debated, but cost and scale remain major hurdles.

Another approach could be Universal Basic Services, where instead of giving people money, the government guarantees access to housing, healthcare, education, the Internet, and food. India already has versions of this through the Public Distribution System, government schools, free vaccinations, PM-Kisan, Ayushman Bharat, and subsidised housing schemes. With stronger digital infrastructure, these could eventually form a foundational welfare system that supports a future with less traditional employment.

“Indiawill have to proactively strengthen social and economic buffers. This is about increasing unemployment benefits and providing retraining grants, incorporating large-scale reskilling programmes into the national framework, particularly the digital and technical skills. Public-private partnership models will enable these kinds of pathways for those who lose their jobs. Encouraging entrepreneurship, pressing companies to adopt suitable automation methods, and bolstering social security for the unorganised sector are all equally important,” explained Goel.

India may also explore technology dividend models, where organisations using AI and automation contribute to a pool that supports reskilling, digital access, and social security.

When Could This Actually Happen?

Musk’s idea is inspiring, but it is not around the corner. Artificial intelligence is progressing rapidly, but economic and cultural change happens much more slowly. Experts agree that AI will automate tasks, not entire professions. Doctors, teachers, designers, lawyers, and engineers will increasingly work alongside AI, not be replaced by it completely. Jobs will evolve rather than disappear overnight.

In India, automation may affect some sectors faster than others, but a complete shift to a post-work society is still decades away. Technology will transform work, but will not eliminate it. The next 10 to 15 years will likely see a coexistence model, where AI enhances efficiency while humans focus on creative, relational, strategic, and leadership roles.

What To Conclude?

Musk’s statement does not signal the end of money or jobs, but the beginning of a new way of thinking about them. In India, where money is linked to identity, survival, and opportunity, any movement towards abundance will require infrastructure, policy innovation, inclusion, and cultural acceptance. AI may change how human beings earn, but it will also change how they live, learn, create, and connect.

The future is not one without money. It is one where money stops being the only way to live.