Economic Survey 2024-25 Advocates Strategic AI Regulation for India

The Economic Survey 2024-25 emphasized the need for India to revisit and update its regulatory frameworks to ensure artificial intelligence (AI) aligns with societal values, balancing innovation with accountability and transparency. The Survey highlighted the importance of learning from past experiences and stressed the need for capacity building and institutional strengthening to effectively harness AI's potential. Structural changes in education, along with safety nets to protect workers from the economic and social impacts of AI, are also necessary, particularly given India’s large population and relatively low per capita income.

The impact of AI on labor will be felt globally, but it could be more pronounced in India. The corporate sector must take on greater social responsibility, carefully managing the introduction of AI over time. Additionally, the government should consider taxing profits derived from replacing labor with AI to generate resources for supporting the transition. The Survey advocates using the current early stage of AI development to establish strong institutions, ensuring that India can manage the risks and maximize the benefits. A collaborative approach, involving the government, private sector, and academia, is crucial to ensure that the productivity gains from AI are widely distributed and contribute positively to India’s labor-driven economy.

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