India to Legislate AI Regulations After Election

Electronics and Information Technology Minister, Ashwini Vaishnaw told in an interview to a business newspaper that AI There is a plan to create a regulatory structure for. He said, “The idea was to create a self-regulating body for this, but we do not think this will be sufficient. We believe that this regulation should be done in a legal manner. We have discussed this with the industry. “After the elections, we will formally begin the consultation process to move toward legislation.” Ashwini said that the regulations will be balanced and it will be ensured that the creativity of innovators does not suffer.

Last year, as the use of AI increased, problems like deepfakes also came to light. After this, the government also warned social media platforms Facebook and YouTube about deepfakes. Recently, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar had said, “AI will be used to achieve our goals of economic growth. This will have a big impact on sectors like agriculture and healthcare. We with ChatGPT Don’t want to compete. We are not going in this direction. The focus will be on many languages ​​of the country.

The country’s AI market is expected to grow to $17 billion by 2027 with a compound annual growth rate (CAGR) of 25-35 percent. A report by Nasscom and Boston Consulting Group, an organization of software companies, states that the reasons behind this growth will be increased expenditure of enterprises on tech and investment in AI. Last year, Artificial Intelligence (AI) had a high ranking in the searches done on the Internet search engine Google. It had left behind the searches done through keywords related to Crypto, Bitcoin and Web3. Last year, keywords related to AI like ChatGPT were searched more.