Sanjay Bikhchandani, the cofounder of Info Edge—which operates platforms like Naukri.com, Jeevansathi.com, and 99Acres.com—stated on Friday that regulations governing artificial intelligence (AI) in India should foster innovation and not obstruct the growth of startups.
“Legislation or regulations in India cannot limit our startups’ potential, as Indian consumers will then increasingly turn to foreign products and companies,” he remarked during an event in New Delhi.
As reported by ET, discussions on the safe and ethical development of AI have taken place in recent months among various organizations, including the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, Niti Aayog, Competition Commission of India, Department of Commerce, and the Telecom Engineering Centre.
According to Bikhchandani, overly strict regulations will hinder innovation in India, mirroring the situation in Europe.
“In Europe, we see regulation and a lack of innovation, whereas the US experiences abundant innovation. We find ourselves in a dilemma—if we adopt regulations that are less stringent than those in the US, our companies might be at a disadvantage against American competitors,” he explained.
Nonetheless, Bikhchandani acknowledged the potential for AI to cause job losses. “AI generates new opportunities… It might also lead to the creation of new jobs. The challenge is that many individuals who obtain these new positions may not be the same ones who lost their jobs,” he added.
