India will have an artificial intelligence (AI) programme loaded with massive datasets that will support business owners in the fintech and digital-led industries.
According to Chandrasekhar, the minister of state for electronics and Technology, they are launching the India AI programme by the end of March or early April, which will be one of the largest publicly available datasets in the world with three centres of excellence, as declared in the Budget. The next generation of Indian entrepreneurs would change as a result of the country’s own AI ecosystem.
The impending Digital India Act (DIA), would recognise the diversity and complexity of intermediaries and the numerous rules required for online players. Like other regulations, the DIA will be developed, planned, and implemented after consulting with all parties involved.
The Digital India Act, which will replace India’s primary digital law — IT Act, 2000 — is also expected to create a regulator for the internet, similar to the Telecom Regulatory Authority of India.
The minister emphasized how AI in fintech would be revolutionary. We will recognise AI in the Digital India Act and provide guardrails for it, “in the context of user harm, openness, free competition, and responsibility.”