Technological Advancement and Public Good
The finance minister, emphasized the importance of technological advancement serving the public good, highlighting the risks of technology being weaponized. Speaking at the Global Fintech Fest, she urged restraint and responsibility from those who influence technology.
Key Points from the Speech
- No society can fully master technology; it should not be used for harm.
- Technological advances are sometimes weaponized, undermining progress.
- Increasing scrutiny on AI misuse, such as deepfakes and digital fraud, highlights the need for a balanced approach to innovation.
Focus Areas for Fintech Firms
- Expand financial inclusion, especially for MSMEs, women, and gig workers.
- Develop green finance products to support low-carbon transitions.
- Ensure AI runs on sustainable and green power.
India's Role in AI Talent
- India contributes 16% of global AI talent.
- Ranks among the top three talent markets globally.
- AI-enabled Global Capability Centres (GCCs) are expected to account for 30-35% of India’s AI services revenue by 2030.
Risks and Responsibilities
- AI can be weaponized for deception, as illustrated by personal deepfake experiences.
- Fintech growth must balance innovation with fundamentals like revenue growth, profitability, and compliance.
- Cybersecurity, fraud, and unethical lending are key risks due to varied literacy and digital familiarity in India.
- Tools like RBI’s regulatory sandbox enable responsible innovation with accountability.
Call to Action
Sitharaman called for collaboration among regulators, fintechs, startups, and citizens to tackle challenges such as deepfakes and cybercrime. The goal is to create an innovative, inclusive, trusted, and resilient system.