MUMBAI, Sept 11: Finance Minister Nirmala Sitharaman on Friday called for greater global cooperation to address the risks emerging from artificial intelligence and other rapidly developing technologies, while stressing the need to ensure that innovation is not held back by fragmented regulations.
Speaking at the Global Fintech Fest in Mumbai, Sitharaman described artificial intelligence as a double edged technology, capable of delivering significant benefits while also creating new risks in areas such as cybersecurity, fraud and the spread of misinformation.
She said emerging technologies, including agentic AI, tokenisation and quantum computing, were advancing rapidly and required policymakers and regulators to keep pace with developments.
Sitharaman also proposed creating a dedicated forum through which Indian technology companies could engage more effectively with governments and regulators in overseas markets. Such a platform could help smaller firms navigate different licensing requirements, regulatory frameworks and standards as they expand internationally.
The minister said startups and technology companies should not be expected to independently manage increasingly complex regulatory environments across multiple countries. Greater coordination, she said, could support international partnerships and improve interoperability between different systems.
Her comments come as governments worldwide grapple with how to regulate increasingly capable AI systems without restricting technological progress. The rapid adoption of AI has also raised concerns about cyberattacks, financial fraud, privacy and the potential manipulation of public opinion.
Sitharaman stressed that India would need to balance technological innovation with appropriate safeguards. She also highlighted the importance of strengthening cybersecurity and preparing for technological shifts that could affect existing financial and digital systems.
The push for greater international coordination reflects India’s growing technology ambitions as its startups and digital companies seek to expand into global markets.