“Growing Influence of Generative AI Underscores the Critical Need for a Unified Regulatory Framework,” says Leading BFSI Expert Alok Bansal

In the throes of India’s digital revolution, the rise of Generative AI is nothing short of a game-changer. As technology reshapes industries at breakneck speed, the need for swift adaptation becomes paramount to stay competitive in this digital age. Yet, this digital transformation unfurls a new challenge – one that beckons companies, policymakers, and professionals to craft a regulatory roadmap for the era of Artificial Intelligence (AI).

Alok Bansal, CEO, Global Business Process Management, Visionet Systems

“Sectors handling sensitive data increasingly rely on AI-driven methodologies. Ethical concerns and biases demand a clear, consistent, and accountable set of guidelines to prevent Gen AI’s potential misuse,” emphasizes Alok Bansal, CEO of Global Business Process Management at Visionet Systems.

A 2023 McKinsey study reveals Gen AI’s pivotal role in marketing, sales, product development, and operations. Global tech experts consistently stress the need for regulations mandating conformity assessments before AI systems hit the market, alongside robust enforcement measures post-deployment.

Governments worldwide are grappling with the imperative need for AI regulation. Notable progress has been made by the European Union (EU), Brazil, Canada, and Japan in crafting regulatory guidelines. The UN Security Council relentlessly champions the cause, advocating for an ethical and responsible international AI governance framework.

India, while overseen by the Ministry of Electronics and Information Technology (MeitY), lacks specific AI laws. Crimes involving AI fall under existing cyber regulations. However, industry leader Alok Bansal calls for a comprehensive framework that prioritizes transparency, accountability, fairness, and individual rights protection.

“The burgeoning Gen AI startup scene in India, as spotlighted in NASSCOM’s 2023 study, adds urgency to the regulatory quest. With Gen AI’s rapid expansion, policymakers must consider factors like top-notch training data, increased funding, and dedicated Gen AI tech hubs in their regulatory endeavors. As the digital frontier unfolds, clear regulations promise to be the guiding compass for India’s AI-powered future,” he concludes.