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Sunday, September 24, 2023

AI Framework Proposed for NRI Challenge Solving

The Telecom Regulatory Authority of India (TRAI) has recommended an independent statutory body to oversee responsible AI development across industries. TRAI states that AI’s impact extends beyond telecom to healthcare, finance, transportation, education, and more. A universal framework covering all sectors is suggested.

The framework should regulate AI use cases based on risk and mandate legally binding rules for high-risk cases. TRAI proposes a multi-stakeholder advisory body within the statutory authority.

Regulations should encompass AI lifecycle phases: design, development, validation, deployment, monitoring, and refinement. Ethical codes and an overarching data ethics framework are urged.

India’s top IT firms foresee declining growth due to tightened overseas spending and increased competition. Price-cutting and reduced discretionary spending in Western countries impact margins.

However, IT companies are confident in achieving double-digit growth over five years, driven by cloud transformation and new technology leverage.

India currently settles on a T+1 basis, ahead of the global T+2 standard. SEBI plans a T+0 system for instant settlement, boosting trading volume and reducing risk. An efficient payment mechanism and evolved share transfer process are seen as facilitators for instant settlement.

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