India to come up with AI regulations framework by June-July this year: Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology, and Jal Shakti, Mr. Rajeev Chandrasekhar
- IBEF
- February 21, 2024
India's AI regulatory framework is set to take shape, with the first draft expected by June-July 2024, as announced by the Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology, and Jal Shakti, Mr. Rajeev Chandrasekhar. This framework aims to harness AI's potential for economic growth while mitigating risks.
Emphasizing responsible AI development, he highlighted its role in healthcare, agriculture, and drug discovery sectors. He stressed exploiting AI "to its fullest" for national benefit, prioritizing impacts over mere technological showcasing. Supporting education and incorporating India's diverse languages into AI development are key focuses.
He reiterated the importance of legal compliance in the digital economy, citing the Reserve Bank of India's actions against Paytm Payments Bank as an example. He warned entrepreneurs of "severe consequences" for disregarding regulations, urging responsible participation in this evolving landscape.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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