Govt Working On Draft AI Regulation Framework, To Be Released By July: MoS IT Rajeev Chandrasekhar

SUMMARY

Rajeev Chandrasekhar has reportedly said that the union government will issue a draft framework to regulate the artificial intelligence (AI) space by June or July

He also pitched for a global governance framework to address issues related to safety and trust of AI citing the “ubiquitous and boundary-agnostic nature”

The minister said that the government wants to fully harness AI to achieve the goals of economic growth

Minister of State for electronics and information technology, Rajeev Chandrasekhar, has said that the government is working on a draft regulatory framework for artificial intelligence and plans to unveil it by June-July this year.

“The government is working on a draft AI regulation framework that is set for release in June or July this year. The intention is to harness AI for economic growth and address potential risks and harms,” the IT minister said, as per news agency PTI.

He was addressing the opening session of the two-day Nasscom leadership summit on Tuesday (February 20).

Chandrasekhar also pitched for a global governance framework to address issues related to safety and trust of AI citing the “ubiquitous and boundary-agnostic nature” of the emerging technology.

On the other hand, the MoS also underlined that the government was determined to set up guardrails to prevent misuse of AI and build a homegrown AI talent pool.

“We will fully exploit the potential of AI but set up the guardrails as well to prevent misuse. We are today seen by the world at the forefront to harness AI technology. We are all for deploying AI across use cases, from farm to factories and we want to use AI for economic growth, healthcare, agriculture, and farmer productivity,” he said.

Chandrasekhar further said that the government wants to fully harness AI to achieve the goals of economic growth, ensuring a significant impact on sectors such as healthcare, agriculture, and farmer productivity, among others.

“Given the ubiquitous and boundary-agnostic nature of the Internet and AI, it is important that there is a global governance framework that deals with safety and trust of AI,” the minister added.

Globally, investments in AI have experienced a compound annual growth rate (CAGR) of 24% since 2019, reaching nearly $83 Bn in 2023, as per a Nasscom-BCG report.

The report indicates that the majority of investments were directed towards areas such as data analytics, GenAI, and machine learning algorithms and platforms.

Of significance, approximately 93% of the investments made by Indian tech services and domestically produced products are concentrated in digital content, data analytics, and supply chain, as highlighted in the report.

Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.