This article outlines the differences between the Indian regulatory environment in the AI driven markets as opposed to digital markets in two separate sections.
AI REGULATION AND GOVERNANCE
The Indian economy is one of the fastest growing in the world and the Indian government has set an ambitious target of becoming a US$5 trillion economy by 2027. AI adoption and development are key drivers in supporting this target, with India being one of world’s largest and fastest growing AI markets, projected to reach US$131.31 billion by 2032 with a growth rate of at a compound annual growth rate of 42.2%.1 The growth in AI adoption in India is evenly spread across sectors such as finance, healthcare and manufacturing. Local players are offering AI-enabled products and solutions in abundance, for example, Uniphore (conversational AI and business automation) and 5C Network (AI-powered radiology),2 among others. The potential for growth in AI is also attracting significant investments in this
