Finance Minister Nirmala Sitharaman on Monday underlined the urgent need for regulations in Artificial Intelligence (AI) to keep pace with rapid technological advancements. She was addressing the launch of “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth” and the Frontier Tech Repository organised by NITI Aayog in New Delhi.
The Finance Minister said AI is a “rapidly progressing, real-time and dynamic” technology and must be governed with the same speed as its evolution. “We need to be clear that regulation has to run the race equally as much as the technology is running it,” she remarked.
Sitharaman stressed that India has the capacity to absorb and apply AI-driven solutions for the common good. She said technologies are never without riders, and it is for society to use them responsibly. “AI is something which we should know how to keep well under our reins and serve for the common good,” she said.
Highlighting AI’s potential to address real-world challenges, the Finance Minister pointed out that the technology could play a vital role in improving existing urban areas and in planning new urban centres. She also called for AI-assisted technologies to be deployed across all districts of India, delivering “in-situ solutions” to people who have been waiting for decades.
On the occasion, NITI Aayog launched two flagship initiatives under its Frontier Tech Hub to accelerate India’s journey towards Viksit Bharat 2047. These include the AI for Viksit Bharat Roadmap and the Frontier Tech Repository, both aimed at driving innovation, boosting economic growth, and supporting sustainable development.