It was realised that AI had the potential to disrupt, but in recent months, especially after the entry of ChatGPT and GPT-4 that the world has woken up to what dramatic changes the technology could bring about. With the sophistication being achieved in AI systems, the risks too are growing. Mankind has to align AI innovation with human well-being, and risk minimisation along with AI development and deployment. While doing this alignment, we cannot ignore the innovation. What challenges us is the alignment of AI without compromising on innovation.

Some suggest state intervention. However, are we clear what is to be regulated? Is it possible to regulate without slowing down the process of innovation? There could be regulation of AI in one country. At the same time, another country without regulation converts AI as its competitive advantage. State intervention should come later. To begin with, the industry must act responsibly. An interdisciplinary team could frame the guidelines to align with the values of society. This could be a continuous process. There should be comprehensive risk assessment. Best practices could be suggested for deploying and using generative AI. AI is productivity multiplier, and its potential across different sectors to boost productivity must be studied. Governments must promote universal AI literacy and must encourage trustworthy adoption of AI. The training of AI language models should be prioritised in terms of different areas. It calls for global co-operation.

R&D and product development regulation should be treated separately.

It is a complex issue to trade off between innovation and regulation. There cannot be a binary view. We have to harness AI for the betterment of society while minimising its risks at the same time.