World AI Appreciation Day: What Does Regulations Look Like For the Ecosystem? Industries such as healthcare, agriculture, finance, manufacturing, and IT have benefited significantly by leveraging AI technology. Home to a vibrant AI startup ecosystem, India presently has over 1,000 AI startups
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Every year, July 16 is celebrated as World AI Appreciation Day to celebrate the boundless potential and accomplishments of Artificial Intelligence. The rampant evolution of emerging technology is leaving everyone in awe and making our lives easier.
Industries such as healthcare, agriculture, finance, manufacturing, and IT have benefited significantly by leveraging the technology. Home to a vibrant AI startup ecosystem, India presently has over 1,000 AI startups.
However, the now indispensable technology has its own share of worries and challenges. The European Parliament adopted the Artificial Intelligence Act (AI Act), considered to be the world's first comprehensive horizontal legal framework for AI in March. In 2023, China enforced a new law to regulate generative artificial intelligence (AI).
In March, Rajeev Chandrasekhar, the former Minister of State for Electronics and Information Technology, said the government plans to unveil a draft regulatory framework for Artificial Intelligence by June-July this year. While ensuring a safe and legal usage of AI, Indian parliamentarians call for a breathing space for the startups to grow in.
"As I clearly see, we are not going to be having one size-all regulation for AI. I think AI is going to be permeating every sphere of life. So I think it'll be the respective sector that AI applications will be used in. I think eventually world order will mature to the regulator of that sector," shares Niranjan Reddy, Rajya Sabha MP representing Andhra Pradesh,
For instance, there might be an education AI regulator if it wants to enter the field.
Priyanka Chaturvedi, Rajya Sabha MP from Maharashtra feels that the complexity behind regulations can be changed through education and awareness. On the other hand, she feels it cannot be part of policymaking.
"When the Secretary of MeitY is saying that we want to lead this (AI revolution) globally, then you cannot be having this no-risk taking and risk-averse stance. You cannot be single and be like let me see how other countries are regulating this, then I will take this forward. If you want to lead, you lead from the front and set the task in motion," she said
The road to become an AI leader worldwide, will require AI players to have clean data to train their models.
Dr Sasmit Patra, Rajya Sabha MP from Odisha feels that as a nation we have become a very inclusive and inward-looking culture, "We do not want to share data. AI cannot be looked at from the prism of generative AI."
He further said that we have a zeal for over-regulation. "That is something that has really stopped us from growing. The fear is if I do not regulate and allow everyone to start, will I be able to pull them back later?"
"One of the best ways for you could kill this nascent industry or half of these startups will disappear if we start over regulating today. We want to be a global leader on the aspects relating to the development of AI," adds the Andhra Pradesh MP.
They said during the launch of the collaborative initiative CoREai.
AI in coming times
Recently, Google DeepMind's co-founder Shane Legg said that there's a 50 per cent chance that Artificial General Intelligence can be achieved by 2028. Ankush Sabharwal of CoRover feels AI will exponentially surpass its current capabilities to solve real-life problems by 2030. "As AI becomes increasingly intertwined with daily life, it will tackle complex challenges, amplify productivity, and pioneer sustainable solutions. The future of AI holds boundless potential, revolutionizing industries and enhancing lives on an unprecedented scale, poised to reshape the world as we know it," he notes.
Pranavan S of Control One.AI feels that the integration of AI into slow-moving equipment and physical AI agents is a big step towards intelligent automation.
"AI is more than just automating operations; it is changing how industries handle complicated tasks and operational challenges. As AI advances, its impact on physical AI agents and slow-moving equipment promises to usher in a new era of innovation, productivity, and dependability across a variety of industries," he shares.
