With artificial intelligence (AI) gaining global prominence, it is believed that governments must work with players to create a safe AI space. Experts believe that the collaboration between governments and AI companies is crucial in ensuring the advent of a safe AI era. Governments can play a pivotal role in enacting policies and legislation that promote transparency, accountability, and responsible development of AI technologies. “The engagement of AI companies with regulatory bodies can provide expertise and insights to shape effective guidelines. It can foster an environment where AI systems are designed to prioritise safety, privacy, and fairness. By fostering this collaboration, businesses can build trust, drive innovation, and unleash the potential of AI for the betterment of humanity,” A. Aziz Khan, co-founder and marketing communication expert, RVCJ Digital Media, a digital media company, told FE-TransformX.
Overview of the Collaborative Market
The global market for AI technologies is expected to be around $200 billion by the end of 2023 and is expected to grow beyond that to over $1.8 trillion by 2030, as per insights from Statista. Recently the government’s India AI Mission is one such initiative, which has not opened doors for the industry but also academia. The strategy is believed to leverage AI for economic growth, social development and inclusive growth, and finally as a garage for emerging and developing economies. “ I believe that India needs civil society organisations and academic institutions to provide independent oversight and push for ethical guardrails. Additionally, an informed and engaged public that can hold all actors to account is also needed. I believe India has the potential to become a global leader in responsible frontier AI development,” Nishant Rajawat, founder and CEO, Cybernetyx, an intelligent teaching and learning platform, explained.
India’s AI market is projected to reach $17 billion by 2027 with a CAGR of 25-35%, as per insights from NASSCOM. In today’s tech-era, AI can offer potential for innovation, efficiency, and informed decision-making across sectors. However, realising these benefits demands a focus on safety, ethics, and inclusivity in AI development and implementation, governments are pivotal in crafting standards and regulations governing AI research and deployment. To address this gap, academia and industry must collaborate, facilitating partnerships for knowledge exchange, curriculum development, and hands-on learning experiences. “A safe AI era, thereby, requires concerted efforts from all stakeholders, governments, AI companies, academia, and society at large. By working together in cooperation and mutual accountability, businesses can harness AI’s transformative power while promoting responsible AI development and upskilling initiatives that help drive innovation and economic growth,” Akshay Munjal, founder and CEO, Hero Vired, highlighted.
Industry experts believe that with the collaborative efforts with governments AI can help avoid incidents around deepfake scams and misuse of generative AI, among others, can be reduced. For instance, the govenrment announced investment worth Rs 10,372 crore to drive AI driven projects in India. Moreover, Pradhan Mantri Kaushal Vikas Yojana is expected to provide on-job training and courses in AI. “ The key to create an effective AI driven India can lie in safe-AI regulations by the government and industry players focusing on creating more responsible-AI. Furthermore, top industry players are expected to look upto governments for policy effective moderated regulations between a ‘laissez-faire’ and outright bans,” Arun Moral, managing director, Primus Partners, a business and management consulting firm, concluded.
