Finance Minister Nirmala Sitharaman made a strong case for keeping up with artificial intelligence (AI) during the launch of NITI Aayog’s latest report, “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth.” Speaking in New Delhi, she highlighted how AI is changing at lightning speed and urged everyone to stay alert without losing sight of ethics.
“AI isn’t some fixed tool—it’s evolving right now, in real time,” Sitharaman said. She stressed that regulations for AI in India must match this fast pace. “If technology is sprinting ahead, our rules have to sprint too,” she added with a clear message: don’t let innovation run wild.
The government is actively chatting with industry groups like Nasscom and other AI stakeholders to build smart strategies. Sitharaman wants India to lead the global AI race, not just follow. “We can’t lag behind or even match others—we need to take charge and shape responsible AI adoption,” she explained. This push aims to boost India’s economy through ethical AI growth.
Balancing act is key, she noted. Regulations should spark innovation without stifling it. “We don’t want rules that kill the tech; we need them for safe, responsible use,” Sitharaman said. She’s focusing on AI applications that solve real problems, like better education, farming, healthcare, and city planning—ideas straight from the recent Union Budget, which includes new AI centers in these areas.
The finance ministry is teaming up with the Reserve Bank of India (RBI) to create a testing ground, or “sandbox,” for AI tools in finance. But Sitharaman didn’t shy away from the risks. AI could shake up jobs and society, so leaders must handle it carefully to protect India’s young workforce and its “demographic dividend.”
“AI is a game-changer for progress, but we have to manage it wisely on our path to Viksit Bharat,” she wrapped up, repeating that regulations must keep running alongside the tech boom. With India’s AI push gaining steam, this report signals big opportunities ahead for economic growth.
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