Regulations Need To Be On Sprint Along With AI, Says FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said Artificial Intelligence is not static; it is rapidly progressing, real-time and dynamic. Therefore, "all of us will have to be cautious that we do not sit back on the ethics."

While releasing the report 'AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth' by NITI Aayog, she said, "We need to be clear that regulation has to be running this race equally as much as the technology is running it, if the technology is on a sprint, then regulation also has to be on a sprint."

The finance minister also noted that live and continuous interactive sessions with Nasscom and others who are engaged in AI-related activities are being done, "because we do not want to be behind, but we also cannot just be at par, we need to have a leadership role, and that's where the effort of the ministry is going."

The FM said there was a need for regulations that enable innovation in technology in a responsible manner, especially AI.

"We do not want regulation that literally wipe out technology itself. We want regulations because we want a responsible application," said Sitharaman.

She explained that the budget had an announcement of a quantum mission, the AI centres for education, agriculture, health, and urban spaces, because "we need better cities to live in, and therefore I am very insistent that AI should help us give solutions for better cities and urban areas which exist."

The ministry is working with the Reserve Bank of India which is creating sandbox for various user tester applications, she noted.

"AI can also have its challenges, and that can affect our so-called demographic dividend, and I see the challenge not just in jobs but also in the way that these can be used for the not so much the betterment of society, so we need to be clear that regulation has to be running this race equally as much as the technology is running it," she said.