The Competition Commission of India (CCI), the country’s fair trade watchdog, is looking to engage an agency or an institution to conduct a market study on artificial intelligence (AI) and its evolving landscape.
The last date for submission of proposals is June 3, the Commission—which aims at establishing a competitive environment in the Indian economy—announced in a press release.
The market study intends to understand critical AI systems and markets or ecosystems, including AI stakeholders, value chains, market structures, and parameters of competition. The study is also expected to examine the emerging and potential competition issues in these ecosystems and the scope and nature of AI applications and use cases while assessing associated opportunities, risks, and ramifications from a competition standpoint.
The study also aims to understand the existing and evolving regulatory and legal frameworks governing AI systems and applications in India and other major jurisdictions.
“The transformative capabilities of AI have significant procompetitive potential, at the same time there may be competition concerns emanating from the use of AI,” the Commission explained.
“The proposed study will be a knowledge building exercise to develop an in-depth understanding of the emerging competition dynamics in the development ecosystems of AI systems and implications of AI applications for competition, efficiency and innovation in key user industries,” it added.
India has recognized emerging technologies like artificial intelligence as a key catalyst to drive economic growth. The fastest-growing major economy recently approved over Rs 10,300 crore ($1.24 billion) for the IndiaAI Mission, slated over the next five years. The financial infusion aims to boost the country’s AI ecosystem, innovation, and entrepreneurship.
With his Viksit Bharat (developed India) goal, Prime Minister Narendra Modi will leverage AI to achieve a $5 trillion economy target by 2027-2028, luring investors and corporates to be part of the India growth story. The world’s most populous nation is also expected to release a draft regulatory framework for AI by July to use the technology for economic growth while setting up guardrails to prevent misuse.
Generative AI (Gen AI) has the potential to add a cumulative $1.2 trillion-1.5 trillion to India’s gross domestic product (GDP) by financial year 2029-30, according to an Ernst & Young report. The expected impact includes improvements in employee productivity, enhanced operational efficiency, and personalized customer engagement.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
Watch: India is going to be the frontrunner in digitalization
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
