India is scheduled to come up with the first draft of the AI regulations framework by June-July this year, said Rajeev Chandrasekhar, Union Minister of State for Skill Development and Entrepreneurship, Minister of State for Electronics and Information Technology and Minister of State for Ministry of Jal Shakti on February 20, as per NDTV Profit.

“We will exploit AI to its fullest for achieving the goals of our economic growth, ensuring that it makes a big impact on healthcare & agriculture among others,” said Chandrasekhar during his discussion with Anant Goenka during the Mumbai Tech Week on February 19, as per PIB.

Further expanding on the government’s stance on AI, Chandrasekhar added, “We intend to exploit AI to its fullest for achieving the goals of our economic growth, ensuring that AI makes a big impact on healthcare and drug discovery, as well as on agriculture and farmer productivity. Use cases are not about having bragging rights to compete with ChatGPT. That is not the direction we are going in. We will also go ahead and support education and there will be a focus on multiple languages of India, and multiple datasets.”

Chandrasekhar echoed the RBI’s actions against Paytm Payments Bank, stressing the importance of legal compliance and the risks faced by entrepreneurs who disregard regulations in the digital economy. He warned of “severe consequences” for non-compliance, according to a Times of India report.

“India’s policy is enabling and that is the qualitative structural change that has created the momentum seen today. We have to make our talent pool global standard esp in areas such as semiconductors and AI you need the ability to research and innovate,” he said, as quoted by a Mint report earlier this month.