NEW DELHI – Finance Minister Nirmala Sitharaman said Monday that artificial intelligence is advancing at a rapid pace and regulatory frameworks must evolve just as quickly to keep up. Speaking at the launch of NITI Aayog’s report “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth”, Sitharaman warned that AI cannot be treated as a static technology and stressed the need for ethical safeguards.
“If the technology is on a sprint, then regulation also has to be on a sprint,” she said, adding that India’s objective is not only to remain current with global developments but to take a leadership role in shaping AI adoption responsibly. “We do not want to be behind, but we also cannot just be at par. We need to have a leadership role, and that’s where the effort of the ministry is going.”
The Finance Minister emphasized that regulation must strike a balance between promoting innovation and ensuring responsible use. “We do not want regulation that literally wipes out technology itself. We want regulations because we want a responsible application,” she noted.
Sitharaman pointed to initiatives in the Union Budget, including AI centers for education, agriculture, health, and urban development, highlighting the role of AI in improving cities and living conditions. She also said the Finance Ministry is working with the Reserve Bank of India on a regulatory sandbox to test AI-based applications.
While recognizing AI’s potential to accelerate economic growth, Sitharaman cautioned about its risks, including the impact on employment. “While AI can be a powerful tool for progress, it must be managed carefully to ensure India’s demographic dividend is not negatively affected,” she said. (Source: IANS)
