
Artificial Intelligence (AI) is widely recognized as a disruptive technology with the potential to transform various sectors globally. However, the economic value of AI technologies remains inadequately quantified. Despite numerous reports on AI ethics and governance, many of these efforts have been inconsistent and reactionary, often failing to address the complexities of regulating AI effectively. Even India's MeitY AI Advisory, which faces constitutional challenges, was a result of knee-jerk reactions.
Amidst the rapid advancements in AI technology, the market has been inundated with AI products and services that frequently overpromise and underdeliver, leading to significant hype and confusion about AI's actual capabilities.
Many companies are hastily deploying AI without a comprehensive understanding of its limitations, resulting in substandard or half-baked solutions that can cause more harm than good.
In India, several key issues in AI policy remain unaddressed by most organizations and government functionaries.
Firstly, there is no settled legal understanding of AI at a socio-economic and juridical level, leading to a lack of clarity on what can be achieved through consistent laws, jurisprudence, and guidelines on AI.
Instead, much of the AI discourse is driven by investors and marketing leaders,