AI regulation needs global cooperation, not isolated moves: Sitharaman

Speaking in Milan, Finance Minister calls for common global framework for the technology

There has to be global understanding on a framework to regulate artificial intelligence (AI) on the lines of cryptocurrency, Finance Minister Nirmala Sitharaman has said.

 

“AI and regulations are going to be an issue for all of us to understand and take forward. It cannot also be that a country decides to handle AI through a certain regulatory framework as though it is independent of all other countries,” she said. 

 

Regulations are evolving as AI develops, she said on Tuesday at the plenary session of NEXT Milan Forum on 'Balancing Economic and Climate Resilience' in Aula Magna - Bocconi University in Milan, Italy. Regulators have to keep up with technology and not fall behind the curve.

 

Sitharaman welcomed the conclusion of free trade agreement negotiations between India and the United Kingdom, noting that bilateral trade agreements are becoming the order of the day. “It is necessary that countries in the process of expanding their trade to conclude agreements, and it is through that route with which we can widen the export basket for ourselves.” 

 

Sitharaman said India’s democracy can serve as a dividend only if people are trained and prepared to utilise opportunities in areas that are in focus.

 

“We are focusing on the digital economy. We are focusing on artificial intelligence; we are focusing on making sure that deep tech also grows faster.”