Regulations should promote innovations, not delete: Sitharaman

New -Delhi, September 15 (PTI), Finance Minister Nirmala Sitharaman on Monday emphasized the need for regulations that promotes technology innovation in a responsible way, especially in artificial intelligence (AI), rather than suffocating it. The government is determined not only to adopt AI technologies, but also to ensure their responsible application in different sectors, she said while releasing the report ‘AI for Vikksit Bharat: the opportunity for accelerated economic growth. “We do not want regulation that literally eradicate technology ourselves. We want regulations because we want a responsible application,” she said after releasing the report set by Niti Aayog here. “Ai is a quick progress, right time, dynamic thing, and so we all need to be aware that we are not on ethics again, as AI can also have its challenges,” she said. She added that the challenge is not only in jobs, but also in a way in which it can be abused, which can have consequences for society. According to the report, projections show that AI will create many new roles, but it will also relocate many existing posts, especially in clerical, routine and low-skill segments. For India, the challenge would be twofold-to prepare a workforce with advanced digital and AI skills to capture new opportunities, while at the same time ensuring that those displaced are profitably used by redeployment or recording in other growth sectors of the economy. Finally, productivity profit and innovation must match the creation of the market to translate into growth, he said, adding that India should at the same time deepen domestic demand and ensure stronger participation in global value chains. This will require the alignment of industrial and trade policies, especially as global rule books develop rapidly. For example, the AI ​​Act of the European Union will be in obligations for general purposes and high-risk system in phase, and new climate-related trading measures, such as carbon border adjustments, are focused on the form of conditions for the market access.