They told ET that the government should address the ethics issue around AI and that some amount of regulation could be needed to protect companies.
AI refers to the simulation of human intelligence processes by machines, especially computers.
HUL<\/a> CEO Sanjiv Mehta said India must prioritise regulations for AI ethics, data privacy and protection of intellectual property rights<\/a> (IPR) while reskilling the workforce where jobs are at a risk and building an AI-ready workforce proactively.
“Generative AI<\/a> has the potential to transform Indian businesses by enabling personalised customer experiences, boosting productivity, accelerating innovations and revolutionising education,” said Mehta. “However, to harness the benefits, we need a balanced approach. Collaboration between government, academia and businesses is essential to harness the benefits while establishing responsible adoption of generative AI in the country.
Financial services, banking and insurance businesses are quite resilient in their structural set-up, as they are highly digitised and can use AI to remain competitive, said experts.
They said companies that want to use AI to make businesses more efficient must also invest in training employees to build a more data-driven culture and make data accessible through data analytics and business intelligence tools to help in decision-making.
Tata Sons<\/a> chairman N Chandrasekaran recently said that AI will be a major disruptor and significantly impact jobs, skills and the regulatory environment. “AI is going to change the productive equation by an order of magnitude; it has implications on jobs and skills for the future. It is a huge regulatory issue because already different governments have started reacting differently. We have got to take the lead to come up with some kind of a regulatory framework,” he said.
Generative AI spells a fundamental shift in jobs, said Rajan Navani, co-chair of the Confederation of Indian Industry’s AI committee. “It opens the way for massive disruption as both established businesses and new entrants drive innovation and develop new business models that could make many existing jobs redundant.”
He said the government should address the ethical issues around AI and that AI could necessitate some regulation for protecting companies.
“AI is a game changer in areas related to data analytics, enabling real-time decision processes, enhancing efficiency, speed and predictability of responses and automating routine processes,” said Suresh Narayanan, CEO, Nestle<\/a>. “Worries come in related to Chat GPT-type LLM platforms where IP protection, plagiarism and authenticity of content without religious, race, gender or other biases creep in.”
Indian businesses are increasingly leveraging AI as part of accentuating customer experience and boosting efficiency for customers.
“AI is a game changer and will drive the next wave of innovation and advancement. It must also be used in a responsible way and in this way companies can really leverage it to delight consumers and create new experiences,” said Sudarshan Venu, managing director, TVS Motor<\/a>.
Reliance Industries<\/a> Limited is reported to have set aside $2 billion for its multi-design strategy approach to transform into a technology and innovation powerhouse. The conglomerate’s strategy involves spending $1.6 billion on purchasing stakes in technology-driven companies in different countries, including the United States, the UK and India. The remaining amount will be invested in creating in-house tech in emerging technologies including AI, machine learning (ML), blockchain, augmented reality, Internet<\/a> of Things, robotics and Big Data analytics.
Clearly, there is disparity in AI adoption, especially in segments such as agriculture and micro, small and medium enterprises where digitisation is relatively low. While a generational change is needed, the current levels of change are largely incremental, said Navani.
“Will it spur more falsehoods, fake news, hate material, etc.?” said Narayanan. “Hence the need for regulation so that we don’t land up with the social media chaos we now have on various platforms. AI\/ML can be valuable as simulated online training tools, especially in hyper specialised processes that need assimilation over a period of time.”
The Tata Group<\/a> is also preparing to make AI an enabler for businesses. Group chairman Chandrasekaran had said earlier that training is a core competence of the company and that it had already created pilots to explore the potential of AI and ML. “We might set up a centre of excellence for the group and we are already putting the framework in place. We will put a lot of hero projects across the group on AI and machine learning,” he had said.
A report based on a study on ‘Understanding the Dynamics of Artificial Intelligence in Intellectual Property’, conducted by Tata Consultancy Services<\/a> in association with the CII, said that with the evolution of this new technology, it is essential to change IP creation by modifying the existing system and adopting new policies for the enforcement of IPR. The CII firmly believes that IPR should be at the centre stage of competing in the world of AI in a meaningful manner, said the report.
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