Finance Minister Nirmala Sitharaman has emphasized the need for a universal regulatory framework for developing technologies like artificial intelligence (AI). This call for global cooperation reflects concerns about AI's potential impact on society, economy, and governance.
A universal framework would enable seamless interaction and data exchange between countries and organizations, establish common principles for AI development, deployment, and use, and address concerns around bias, fairness, transparency, and accountability.
The European Union's Artificial Intelligence Act aims to prohibit AI use in certain areas and require conformity assessments for high-risk applications. In contrast, the US approach focuses on federal agency oversight and enforcement, with guidelines for AI development and deployment. India's National AI Strategy emphasizes responsible AI development, deployment, and use, with guidelines for ethics and governance.
A risk-based approach, balancing general principles with industry-specific requirements, and international collaboration are key considerations for a universal framework. By establishing a universal regulatory framework, countries can work together to ensure AI's benefits are realized while minimizing its risks.
As AI continues to evolve and shape various aspects of our lives, a global regulatory framework would provide much-needed clarity and consistency, enabling the development and deployment of AI solutions that are fair, transparent, and beneficial to society.
