India's Approach to AI Governance and Regulation

As Prime Minister Narendra Modi co-chaired the AI Action Summit in Paris, India has been actively engaging in policy dialogues concerning artificial intelligence. Various arms of the government, including the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, Niti Aayog, and others, have focused on ensuring the safe and ethical development of AI.

Key Issues

• Intellectual Property (IP) Rights: There's a need for revising India's copyright laws to address issues of IP ownership in AI-generated content.
• Data Sovereignty: Ensuring that data remains within national borders and is protected in AI applications.
• Competition Concerns: Analyzing the impact of AI on market structures and competition.
• Financial Risks: Addressing biases and inaccuracies in AI systems, particularly in financial sectors.

Sectoral Frameworks and Regulation

• Sectoral Approach: Experts advocate for sector-specific frameworks to prevent over-regulation.
• Financial Sector: RBI has formed a committee to explore responsible AI use in banking to mitigate risks like bias and data protection.
• Competition Commission Study: Analyzing AI's potential impact on competition, which can be both pro-competitive and anti-competitive.

Strategic Initiatives

• Building Resilience: Emphasizing the need for a resilient AI supply chain and reducing dependency on foreign technologies.
• Investment in R&D: Highlighting the necessity of investing in research and development to build competitive advantages in AI.

Conclusion

India is poised to become a significant voice in the global AI discourse by addressing challenges unique to its context. There is a focus on creating a balanced approach that encourages innovation while safeguarding national interests.