According to IT Secretary S Krishnan, the central government has begun the process of drafting laws for artificial intelligence (AI) in order to foster innovation in this rapidly developing field, protect interests, and promote its growth. Speaking on Tuesday, December 19, at a conference organized by the Centre for Development of Advanced Computing (C-DAC) in Kolkata, Krishnan stated that the government has been drafting AI rules and is also reviewing international contributions, according to sources.
Additionally, he made a suggestion that talks are taking place regarding the possibility of adding laws to already-existing statutes or the introduction of a distinct AI act. The government is already working on regulations and data related to AI. The regulation of AI data is a topic of continuous discussion within the government, he stated.
A legislative strategy similar to the Digital Personal Data Protection (DPDP) Act is being considered by the government. In addition to protecting data, this approach seeks to promote growth and innovation in order to prevent any obstacles from impeding the advancement of emerging technology.
The government is concentrating more on the AI market as it becomes more and more prominent worldwide. Rajeev Chandrasekhar, the Minister of State (MoS) for Information Technology, has announced that the center intends to finance and assist AI businesses in the nation.
Funding and incentives would be implemented to scale the emerging ecosystem, according to Chandrasekhar, who claimed the structure will be modeled after one similar to that for the semiconductor industry. In order to develop large language models (LLMs), basic AI models, and diverse use cases for the burgeoning technology, the government will also allocate “financial resources.”
The Center will investigate opportunities for cooperation between the AI and semiconductor industries in areas like the creation of AI chips, Chandrasekhar continued. These conversations take place at a time when Indian entrepreneurs are using the term “generative AI,” or “Gen AI,” a lot. In the sector, this has led to the emergence of numerous new Indian businesses. Based on statistics from Inc42, over 70 GenAI firms with capital raised above $440 million between 2019 and Q3 2023 are based in India. It is anticipated that the domestic GenAI market will expand from $1.1 billion in 2023 to a size of $17 billion by 2030.
