Regulations Should Encourage, Not Stifle Innovation: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday underscored the importance of creating regulatory frameworks that encourage technological innovation, particularly in the field of artificial intelligence (AI), while ensuring its responsible use.

Speaking at the release of the report titled “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth” prepared by NITI Aayog, the minister said India is committed to embracing AI technologies across multiple sectors.

“We do not want regulation that literally wipe out technology itself. We want regulations because we want a responsible application,” Sitharaman said.

She added that the government’s focus is on striking the right balance between enabling innovation and safeguarding societal interests. The report highlights how AI can play a transformative role in driving India’s economic growth and development goals.