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Called the AI Act, the new rules aim to set the guardrails for a technology used in a broad swathe of industries, ranging from banking to cars to electronic products and airlines, as well as for security and police purposes.
Artificial Intelligence: The rules will also regulate foundation models or generative AI like the one built by Microsoft-backed OpenAI, which are AI systems trained on large sets of data, with the ability to learn from new data to perform various tasks.
Spence, who is a professor and dean emeritus at Stanford University, said at the summit on Saturday that Western economies are unlikely to gain more from the transition to generative AI than developing nations.
Generative AI: “We do have serious supply-side constraints. They are probably not as evident or important here in India, which is growing at a high rate and has the highest potential growth of any major economy in the world,” he said.
Over 11 scheduled technical meetings beginning on Tuesday, government officials and aides of lawmakers will hash out specific details such as the scope of the laws and how they will work