The Indian government, led by Minister of State for Electronics and Information Technology Rajeev Chandrasekhar, is taking steps to introduce a preliminary regulatory framework for artificial intelligence (AI). The framework is expected to be unveiled by June or July, aiming to harness the benefits of AI for economic growth while addressing potential risks associated with the technology.
Chandrasekhar highlighted the importance of leveraging AI across various sectors, such as healthcare, agriculture, and productivity enhancements for farmers. The government’s approach to regulating AI focuses on establishing principles and identifying potential harms and misuse related to the technology.
Moreover, the Minister emphasized the exponential growth in India’s AI market, projected to reach $17 billion by 2027 with a compound annual growth rate of 25%. This growth is expected to be fueled by increased internet usage in the country, which is estimated to reach 1.2 billion users from the current 900 million.
The government’s strategy includes setting up transparent guidelines for platforms to address concerns like bias and misuse during model training. Chandrasekhar’s comments came during the NASSCOM leadership summit, where the NASSCOM-BCG report highlighted the significant growth potential of India’s AI market.
As the government works towards finalizing the AI regulation framework, stakeholders are eagerly awaiting the release of the draft guidelines in the coming months. With a strong emphasis on balancing economic growth with risk mitigation, India aims to position itself as a global leader in harnessing AI technology for sustainable development.
