Asserting that ‘Generative AI’ has to be regulated in “some form”, N Chandrasekaran, Chairman of B20 India and Chairman of Tata Sons on Thursday endorsed the responsible use of this technology, stating that it has lot to offer to businesses and the society.

“So much can be done on generative AI. It requires regulation in some form. It is important to see how do we come together to develop a common (global) framework that will result in responsible use of Generative AI without choking innovation. Necessary policy action on this is part of our recommendations and will be discussed in a special session tomorrow (Friday)”, Chandrasekaran said here on the eve of B20 India Summit 2023, organised by Confederation of Indian Industry (CII).

“A regulatory framework for AI is needed. For every positive case, there is a negative case. That is why discussion is needed.”

Regulation of AI is among the 54 policy recommendations made by the B20 and submitted to the G20 for further action. Policy recommendations also include measures needed to promote growth, trade and investments. 

In all, these 54 policy recommendations cover 170 action points, Chandrasekaran said.

For the three-day B20 India Summit 2023 commencing on Friday, more than 1,700 business leaders from 55 countries are expected to participate in the Summit to be held in the Capital.

Upbeat on economy

On Indian economy, Chandrasekaran highlighted that its growth momentum was continuing against the current trend in the world. The global transition is placing India uniquely in several domains such as energy transition, digital transformation and artificial intelligence and supply chain resilience due to the geo political situation. 

“We are the fifth largest economy, and we have a lot of things going for us. Just not in terms of economic growth, but in terms of infrastructure as well”, Chandrasekaran said.

B20 India had over the last several months held intense engagement with business leaders abroad as well as those within India to discuss on the identified areas. Seven task forces and two action councils went into the identified themes. B20 has also now come with follow-up mechanism to take the dialogue forward.

The areas include adopting AI to scale so that not only businesses but societies can also benefit; supply chain financing and empowerment of women.