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Mumbai: The government will launch a draft regulatory framework for artificial intelligence (AI) by June-July, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said on Tuesday. Speaking at the opening ceremony of the two-day Nasscom Leaders Summit, he said, “The government is formulating a draft regulatory framework for artificial intelligence, which is scheduled to be released in June or July this year. The purpose is to use artificial intelligence to promote economic growth and solve potential problems. risks and hazards.” Chandrasekhar further said that the government is also determined to develop individuals with AI skills.
“We will unlock the full potential of artificial intelligence while also erecting guardrails to prevent misuse. Today, we are seen by the world as being at the forefront of leveraging artificial intelligence technology. We all support the deployment of artificial intelligence in every use case from the farm to the factory, and we It is hoped that artificial intelligence will be used to promote economic growth, healthcare, agriculture and farmer productivity,” the minister said.
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A joint Nasscom-BCG report released on Tuesday predicts that India’s artificial intelligence market will reach $17 billion by 2027, with growth driven by a variety of factors, including rising corporate technology spending, India’s growing artificial intelligence talent base and Significant growth. Artificial Intelligence Investment.
“We intend to make full use of artificial intelligence to achieve our economic growth goals and ensure a huge impact on healthcare, agriculture and farmer productivity, among others,” the minister said.
The government has long planned to publish a regulatory framework for artificial intelligence. Even in May 2023, Chandrasekhar had shared plans to release a first draft of the framework. However, the same is yet to be released.
“Given the ubiquitous and border-agnostic nature of the internet and AI, it is important to establish a global governance framework that addresses security and trust in AI,” he said.
The Nasscom-BCG report titled “Artificial Intelligence-Driven Technology Services: A Roadmap for Future-Oriented Enterprises; The Role of Artificial Intelligence and GenAI in Promoting Industry Development” also stated that since 2019, the compound annual growth rate of global artificial intelligence investment has been The growth rate is 24%, and investment is expected to be close to US$83 billion in 2023.
The majority of investments are in data analytics, GenAI and machine learning algorithms and platforms, the report said.
It is worth noting that the report stated that about 93% of investments by Indian technology services and Indian-made product manufacturers are concentrated in digital content, data analysis and supply chain.
The report states that as enterprise technology spending increases, technology service providers are developing a series of innovative services and solutions based on artificial intelligence to expand their products beyond traditional IT services.
This includes the development of proprietary AI and GenAI platforms, automation tools, data analytics solutions, and customized AI applications for specific vertical industries such as healthcare, banking and finance, and retail, the report said.
Earlier, Chandrasekhar had said the government’s approach to regulating artificial intelligence would involve developing principles and a comprehensive list of harms and crimes associated with the technology.
He said the government would not regulate artificial intelligence at specific stages of its development, but would prefer to set clear guidelines for platforms that would focus on addressing issues such as bias and abuse in the model training process.
Regarding the rising Internet usage, he said that there are already 900 million people online and will soon reach 1.2 billion. But the minister did not provide a timetable.
The industry will have a net increase of 60,000 employees in fiscal year 2024. However, Nasscom said on February 16 that the focus on digital skills remains strong as artificial intelligence, cloud, data and cybersecurity become the most popular skills in the industry in 2023.
India has the second-highest installed talent base, with 420,000 employees working in artificial intelligence, the report said.
India also has the highest skills penetration rate, with three times the number of AI skilled talent than other countries. The report said that the number of artificial intelligence technicians in the country has increased 14 times in the past seven years, ranking among the top five.
As investment in artificial intelligence continues to increase, the demand for artificial intelligence talents in India is expected to grow at a compound annual growth rate of 15% by 2027, the Nasscom-BCG report said, adding that the growth rate of the Indian technology industry has Over the past 12 months, AI/ML positions have grown by more than 15%, with positions such as AI engineers growing by 67% compared with the same period last year.
Given the importance of human capital in the AI journey, leading companies have invested heavily in upskilling and reskilling their workforce in AI and related technologies, with some organizations allocating US$1 billion over the next three years specifically for upskilling.
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