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How does the India AI Program Boost Fintech Industry?


Artificial Intelligence and Machine Learning are moving to the next level. One of the most significant examples for the common people is ChatGPT, an AI-powered natural language processing tool that enables human-like discussions and much more with chatbots. The language model may help people with things like writing emails, essays, and code, as well as provide answers to your inquiries. Likewise, this year, dynamic AI has gained popularity, catching the public's attention and spurring companies like Microsoft and Alphabet to introduce products using the technology they hope will alter the nature of work.

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Shri Rajeev Chandrasekhar says, “India will have an artificial intelligence (AI) programstacked with large datasets by the turn of this month, which would aid entrepreneurs in fintech and digital-led sectors. The government is launching by the end of March or early April the India AI program, which will be one of the largest publicly available datasets in the world with three centers of excellence as announced recently in the Budget.”

What is the Program All About?
The next generation of entrepreneurs in India would undergo a paradigm shift thanks to the nation's own AI ecosystem. Chandrasekhar stated that the Digital Personal Data Protection Bill and the impending Digital India Act would be the two pillars of the innovation ecosystem in relation to the regulatory mechanisms that the center has been working on. Behavior would be brought about by the two, particularly in how platforms engage with users and citizens.

Personal data harvesting, learning, and algorithms based on it will no longer be possible. The days of saving anonymized data for years and using it to build learning platforms will be replaced with something that allows far faster learning and storing. There won't be any business as usual.

The AI For All curriculum is offered in 11 Indian languages, and all of the content is compatible with a variety of talkback systems, making it entirely accessible to students who are blind or visually impaired

The planned Digital India Act (DIA) would take into account the complexity and diversity of intermediaries as well as the various rules needed for online players. Like other regulations, the DIA will be developed, planned, and implemented after consulting with all parties involved.

The government has virtually finished drafting the Digital India Bill, which will regulate the digital domain on crucial issues like online harm, de-platforming, doxxing (the public publication of a person's personal information, sometimes with malicious intent), and social media algorithms. Two recently unveiled draught laws, the Digital Personal Data Protection Bill and the Telecom Bill, will be incorporated into a comprehensive legal framework.

Also planned is the creation of an internet regulator analogous to the Telecom Regulatory Authority of India under the Digital India Act, which would replace the IT Act of 2000, which currently serves as India's primary digital law.

What is the need for AI for All?
The fours paced microlearning course AI for All aims to demystify artificial intelligence for the general audience. The program is divided into the categories of AI Appreciate and AI Aware. It takes roughly four hours to accomplish both portions. Each segment centers on AI-related ideas clarified through fun activities and tests. The user receives a badge after passing the quiz, which they can post on social media. The number of times a user may take this quiz is unlimited. They earn badges for AI Aware, and AI Appreciate after passing these tests. The AI For All curriculum is offered in 11 Indian languages, and all of the content is compatible with a variety of talkback systems, making it entirely accessible to students who are blind or visually impaired.

The team created the AI Forecast for 2023 in January 2023, compiling the opinions and insights of industry leaders and experts in artificial intelligence (AI) about the upcoming trends, opportunities, and improvements AI would bring to a variety of industries and sectors. The scenario looks back on the year 2022 in terms of AI and highlights India's accomplishments over that time. According to the paper, the Indian government has taken significant action to promote ethical AI adoption and foster public confidence in this technology, placing the concept of "AI for All" at the center of our National Plan for AI. It also claims that India had a big influence on how the world talked about new technologies. India has been entrusted with the duty of council chair for the Global Partnership on Artificial Intelligence (GPAI) for a 3-year term as one of the main economies in the Global South leading the AI race (Incoming chair in 2022-23, lead chair in 2023-24 and outgoing chair in 2024-25).

Aim of Program?
The program is divided into two sections: AI Aware and AI Appreciate and includes the following -
•Basic artificial intelligence knowledge, its uses, and common myths and misunderstandings.
•Understanding the three core AI areas, Computer Vision, Natural Language Processing, and Statistical Data, as well as the impact these areas have on different sectors.

What is Digital India act 2023?
The primary goal of the Digital India Act 2023 is to reevaluate a crucial element of the safe harbor in cyberspace. The safe harbor principle states that websites that act as so-called intermediaries on the internet are not liable for anything that is posted by others on those websites. This idea enables social media platforms to escape responsibility for user content. Regulations like the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which require platforms to remove posts when directed to do so by the government or as required by law, have curbed safe harbor in recent years.

The act is a fresh piece of law that tries to update the outdated Information Technology Act 2000. A variety of subjects are covered under the act, including artificial intelligence (AI), cybercrime, data protection, deep fakes, competition between internet platforms, and online safety. The act also seeks to address new complex types of user harms like trolling, catfishing, and phishing that have evolved since the IT Act's passage.

Why was the Act Enacted? What are its key features?
Data privacy: The Digital Personal Data Protection Bill, 2022, which is primarily concerned with processing personal data in India, would be put into effect in tandem with the Digital India Act.

The Lawful Use of Data: It aims to handle the processing of digital personal data in a way that acknowledges both the necessity to process personal data for legitimate reasons and the right of persons to protect their personal data.

Comprehensive Regulation: This Act and the Digital Personal Data Protection Bill will work together.

The Key Features are:
(i)Establishing new laws to govern emerging technology, such as 5G, IoT, cloud computing, metaverse, blockchain, and cryptocurrencies. The internet intermediaries should be reclassified into distinct groups with their own laws rather than given the broad middleman name. (ii)Removing web intermediaries' safe harbor protections against third parties' malicious disinformation or other content violations.

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