Govt Actively Working On AI Regulations: MeitY Secretary S Krishnan

Nearly 84% Of Indian CEOs Are Raising & Reallocating Capital For GenAI Spends

SUMMARY

Addressing a conference by the Centre for Development of Advanced Computing (C-DAC) in Kolkata, Krishnan said that the government has been working on the preparation of the regulations on AI and it is also evaluating global inputs

He also hinted that discussions are underway on whether a separate act of AI should be introduced or if regulations can be introduced in existing acts

With AI taking centre stage globally, the government is increasing its focus on the segment

The central government has started the process of preparing regulations for artificial intelligence (AI) to support its growth, safeguard interests and encourage innovation in this evolving technology in India, said IT Secretary S Krishnan.

Addressing a conference by the Centre for Development of Advanced Computing (C-DAC) in Kolkata on Tuesday (December 19), Krishnan said that the government has been working on the preparation of the regulations on AI and it is also evaluating global inputs, as per reports.

He also hinted that discussions are underway on whether a separate act of AI should be introduced or if regulations can be introduced in existing acts.

“The government is already engaged in working on AI data and regulation. There are ongoing discussions within the government about AI data and its regulation,” he said.

The government is considering a policy approach akin to the Digital Personal Data Protection (DPDP) Act. This strategy aims not only to safeguard data but also to foster development and innovation, avoiding any hindrance to the growth of emerging technology.

With AI taking centre stage globally, the government is increasing its focus on the segment. Recently, Minister of State (MoS) for Information Technology Rajeev Chandrasekhar said that the centre is planning to fund and support AI startups in the country.

Modelled on the lines of a similar framework for the semiconductor industry, Chandrasekhar said that funding and incentives will be rolled out to scale the burgeoning ecosystem.

The government will also deploy ‘financial resources’ to build foundational AI models, large language models (LLMs) and various use cases for the emerging technology.

Chandrasekhar added that the Centre would explore synergies between AI and semiconductor industries in areas such as the development of AI chips.

These discussions come at a time when generative AI (Gen AI) has become a buzzword among Indian entrepreneurs. This has given rise to many new Indian startups in the segment.

As per Inc42 data, India is home to more than 70 GenAI startups that have raised capital in excess of $440 Mn between 2019 and Q3 2023. The homegrown GenAI market is expected to grow to a market size of $17 Bn by 2030 from $1.1 Bn in 2023.