‘Regulations should foster innovations, not wipe them out’

PTI New Delhi

Finance Minister Nirmala Sitharaman on Monday emphasised the need for regulations that foster technology innovations for the common good, particularly in artificial intelligence (AI) but not stifle them. The government is determined to not only adopt AI technologies but also ensure their responsible application across various sectors, she said while releasing the report 'AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth'.

"We do not want regulation that literally wipe out technology itself. We want regulations because we want a responsible application," she said. Sandboxes provide a  testing ground for regulatory mechanisms, enabling a balanced approach that fosters innovation while ensuring necessary oversight, she said, adding, this helps prevent over-regulation that could kill the technology itself.

"India is a country which can understand the implication of a good which comes in our way, although a good is never unmitigated, a good is never without riders, a good is never - on its own - good, it is for us all to use in such a way that it is for the common good.