In a significant move to regulate and support the burgeoning artificial intelligence (AI) sector, the Indian government has initiated the process of framing regulations. The Information Technology (IT) Secretary, S Krishnan, revealed this development during a conference organized by the Centre for Development of Advanced Computing (C-DAC) in Kolkata on Tuesday.
Krishnan emphasized that the government is actively engaged in formulating regulations for AI, aiming to strike a balance between promoting innovation and safeguarding interests. The process involves a comprehensive evaluation of global inputs, indicating the government’s commitment to aligning its regulations with international standards.
A key point of discussion within the government revolves around whether a separate AI act should be introduced or if regulations can be seamlessly integrated into existing acts. Krishnan stated, “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.”
Drawing inspiration from the successful Digital Personal Data Protection (DPDP) Act, the government aims to implement a policy approach that not only ensures data protection but also facilitates the unimpeded growth of AI technology.
Recently, Minister of State for Information Technology, Rajeev Chandrasekhar, revealed the government’s plan to fund and support AI startups in the country. He proposed a framework mirroring the one used for the semiconductor industry, promising funding and incentives to nurture the growing ecosystem. Chandrasekhar emphasized deploying financial resources to develop foundational AI models, large language models (LLMs), and various use cases for the emerging technology.
The Centre also envisions exploring synergies between AI and semiconductor industries, particularly in the development of AI chips. This strategic focus aligns with the increasing global prominence of AI and its multifaceted applications.
These developments unfold against the backdrop of the rising interest in generative AI (Gen AI) among Indian entrepreneurs. With over 70 Gen AI startups in the country having raised more than $440 million between 2019 and Q3 2023, the homegrown Gen AI market is poised to reach $17 billion by 2030, up from $1.1 billion in 2023, according to Inc42 data.
As the Indian government takes proactive steps to regulate AI, the country is poised to become a significant player in the global AI landscape, fostering innovation and ensuring responsible development in this rapidly evolving field.
