 "artificial intelligence business fintech")
Around 60 per cent of Indian companies state that they either follow matured practices and policies related to responsible artificial intelligence (RAI) or have initiated steps towards RAI adoption, according to a recent survey by Nasscom.
Responsible AI refers to the deployment and use of artificial intelligence technology in an ethical and safe manner.
The State of Responsible AI (RAI) in India survey by Nasscom states that 30 per cent of organisations report basic awareness of RAI imperatives without a formal strategy or framework.
“2023 was undoubtedly the year of AI and brought to the fore both opportunities and risks central to AI adoption. It also spurred discussions on the need for ethical and responsible AI and its pivotal role in solidifying brand integrity and nurturing enduring relationships with stakeholders,” said Debjani Ghosh, President, Nasscom.
The survey also found that a majority of businesses operating across key industries are progressing towards achieving satisfactory levels of RAI maturity. Around two-thirds of businesses in sectors such as BFSI, healthcare, and others reported either having matured RAI practices or being in the process of adopting those.
Around 89 per cent of surveyed companies committed to continue investments in workforce sensitisation and training for better RAI compliance during the survey. Further, over 60 per cent of businesses that reported lower levels of RAI maturity also committed investments to improve compliance.
Large enterprises (with annual revenue > Rs 250 crore) were 2.3 times more likely than start-ups and 1.5 times more likely than SMEs to report matured RAI practices, according to the report.
“Insights from the survey are anticipated to catalyse the creation of stronger industrial policies and strategies aimed at ensuring compliance with RAI,” said Ghosh.
The study involved a survey of over 500 senior executives from large enterprises, SMEs, and startups engaged in the commercial development and/or use of AI in India. It highlights the importance of supportive leadership for successful RAI adoption.
Executives from the surveyed businesses feel that the accountability for successful RAI adoption lies with top-level management. “69 per cent of respondents suggested that the major share of accountability for RAI compliance should lie with the C-suite or the board of directors at their companies,” says the report.
The lack of access to high-quality data and shortage of skilled technical and management personnel are the biggest barriers to RAI implementation in India, finds the study.
“As India gears up to become a global epicentre for AI development and use, these insights will serve as a compass for AI governance and regulations that strike a delicate equilibrium between nurturing innovation and upholding ethical principles,” she added.
The survey findings, with respect to the responsible use of artificial intelligence, are significant as there is a discourse taking shape around the safe and ethical use of AI globally and in India.
During the GPAI summit earlier this month, Prime Minister Modi emphasised that India is committed to the responsible and ethical use of AI and called for a global framework on the same.
