The Indian government is set to release a draft regulatory framework for artificial intelligence (AI) by June or July of this year. The aim of this framework is to harness the power of AI for economic growth while addressing potential risks and harms. Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, stated that the government intends to fully exploit the potential of AI but also establish guardrails to prevent misuse.
India’s AI market is projected to reach USD 17 billion by 2027, according to a joint report by Nasscom and BCG. Factors such as increasing enterprise tech spending, a growing AI talent base, and significant AI investments are expected to drive this growth. The government aims to leverage AI for various sectors including healthcare, agriculture, and farmer productivity.
Given the global nature of the Internet and AI, Chandrasekhar emphasized the need for a global governance framework that ensures the safety and trust of AI. The government’s approach to AI regulation involves establishing principles and addressing issues like bias and misuse during model training.
India has made substantial investments in AI talent, with an installed talent base of 420,000 employees working in AI job functions. The country ranks among the top five nations in terms of growth in AI-skilled individuals. As investments in AI continue to rise, the demand for AI talent in India is expected to grow at a compound annual growth rate of 15% until 2027.
Recognizing the importance of human capital in the AI journey, leading firms in India have heavily invested in upskilling and reskilling their workforce in AI and related technologies. This includes allocating significant funds to upskilling programs over the next three years.
Overall, India is taking proactive steps to regulate AI technology to ensure responsible and beneficial usage while maximizing its potential for economic growth.
FAQ Section
1. When is the Indian government set to release a draft regulatory framework for artificial intelligence (AI)?
The Indian government is set to release a draft regulatory framework for AI by June or July of this year.
2. What is the aim of the regulatory framework for AI in India?
The aim of the framework is to harness the power of AI for economic growth while addressing potential risks and harms.
3. What is the projected value of India’s AI market by 2027?
India’s AI market is projected to reach USD 17 billion by 2027, according to a joint report by Nasscom and BCG.
4. Which sectors does the government aim to leverage AI for?
The government aims to leverage AI for various sectors including healthcare, agriculture, and farmer productivity.
5. What is the government’s approach to AI regulation?
The government’s approach to AI regulation involves establishing principles and addressing issues like bias and misuse during model training.
6. How many employees are working in AI job functions in India?
India has an installed talent base of 420,000 employees working in AI job functions.
7. What is the expected growth rate of AI talent demand in India?
The demand for AI talent in India is expected to grow at a compound annual growth rate of 15% until 2027.
8. How are leading firms in India investing in their workforce’s AI skills?
Leading firms in India have heavily invested in upskilling and reskilling their workforce in AI and related technologies, including allocating significant funds to upskilling programs over the next three years.
Definitions
– Artificial intelligence (AI): The simulation of human intelligence by machines, enabling them to perform tasks that normally require human intelligence.
– Regulatory framework: A set of rules, regulations, and guidelines established by a governing body to guide and control the activities within a specific domain.
– Economic growth: An increase in the production and consumption of goods and services in an economy over a specific period of time.
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