A PYMNTS Company

Competition Commission of India to Probe AI Landscape for Competition

By  |  April 23, 2024
AI

The Competition Commission of India (CCI) has announced plans to commission a comprehensive market study In a bid to gain insight into the intricate landscape of artificial intelligence (AI) and its impact on competition and local market dynamics.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The announcement, made through a press release, outlined the CCI’s intent to engage an agency or institution to conduct the study, with a deadline set for proposal submissions by June 3.

    The focal points of the study encompass a broad spectrum, aiming to decipher critical AI systems, market structures, and the roles of various stakeholders within the AI value chain. Additionally, the study aims to scrutinize emerging competition issues within AI ecosystems, while assessing associated opportunities, risks and competition-related ramifications.

    Furthermore, the study will look into the regulatory frameworks governing AI systems and applications in India, as well as in other major jurisdictions globally, reflecting the CCI’s commitment to understanding the legal landscape surrounding this transformative technology.

    Related: India Does Not Plan To Regulate AI For The Time Being

    “The transformative capabilities of AI have significant procompetitive potential, at the same time there may be competition concerns emanating from the use of AI,” elucidated the Commission, underscoring the nuanced balance between AI’s potential benefits and its regulatory challenges.

    This initiative comes against the backdrop of India’s concerted efforts to harness emerging technologies, with AI occupying a central role in the nation’s growth agenda. Recently, the Indian government approved a substantial allocation of over Rs 10,300 crore ($1.24 billion) for the IndiaAI Mission, slated to unfold over the next five years. The mission aims to invigorate India’s AI ecosystem, fostering innovation and entrepreneurship in the process.

    Prime Minister Narendra Modi’s ambitious vision of a developed India, encapsulated in the “Viksit Bharat” (developed India) goal, underscores the pivotal role of AI in achieving the nation’s economic objectives. With aspirations to propel India into a $5 trillion economy by 2027-2028, PM Modi has positioned AI as a key enabler, aiming to attract both domestic and international investments to fuel India’s growth trajectory.

    Moreover, India is poised to introduce a draft regulatory framework for AI by July, signaling a proactive approach to harnessing AI for economic growth while safeguarding against potential misuse. The impending framework is anticipated to provide much-needed clarity and guidance, ensuring that AI technologies are leveraged responsibly to drive inclusive growth.

    Source: Coin Geek