Sanjeev Bikhchandani, co-founder of Info Edge, the parent company of platforms like Naukri.com, Jeevansathi.com, and 99Acres.com, emphasized that AI regulations in India should promote innovation and avoid hindering the growth of startups. Speaking at an event in New Delhi, Bikhchandani warned that overly strict regulations could push Indian users towards foreign products, stunting local innovation.
“You can’t have legislation or regulations in India that hamper your own startups because the Indian user will then move to more and more overseas products and companies,” Bikhchandani said.
There have been recent discussions among key Indian government bodies, including the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, Niti Aayog, Competition Commission of India, Department of Commerce, and Telecom Engineering Centre, about ensuring the ethical and safe development of AI in India.
Bikhchandani pointed out that excessively stringent regulations could stifle innovation, citing Europe as an example. He noted, “I think in Europe, you have regulation and no innovation, while in the US, there is plenty of innovation. Now, we are caught in a bind—if we do anything less than the US, our companies will be at a disadvantage against US competition.”
While Sanjeev Bikhchandani acknowledged AI’s potential to lead to job displacement, he also highlighted its potential for creating new opportunities. “The thing is that AI creates opportunities… It may also create new jobs. The problem is that most of the people who get those jobs will not be the same people who lost them,” he added.
In his view, finding the right balance in AI regulations is crucial for fostering growth, creating new jobs, and ensuring India’s competitiveness in the global tech landscape.
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