75% Leaders Believe Responsible AI Can Improve Decision-Making, Governance: Report
The report shows that AI has the potential to contribute up to 10% to India’s GDP by 2025, if governed responsibly.
Three-fourth of industry leaders believe responsible artificial intelligence can improve decision-making and governance. To that end, 73% of the leaders support establishing a dedicated AI governance and ethics board within the corporate structure to oversee responsible AI practices, according to a report by Primus Partners.
Based on insights from industry leaders and domain experts, the report shows that AI has the potential to contribute up to 10% to India’s GDP by 2025, if governed responsibly.
It highlights the challenges of data quality and availability (including data scarcity, biases in datasets and complexities of data preparation and cleaning), noting that 76% of the industry views these as their top concerns in AI deployment.
It also emphasises that 61% of the industry prioritises privacy and security, including threats posed by deepfakes, as a crucial principle-based element in safe AI deployment.
Other key findings from the report include:
Of the surveyed industry leaders, over half (53%) believe that AI systems should be designed to be transparent and explainable to ensure trust and accountability.
Over 78% emphasise the need for ongoing skill development and training to keep pace with AI advancements.
Of the respondents, 51% prefer a hybrid regulatory approach combining traditional frameworks with adaptive guidelines.
Over 47% believe that overregulation and overcompliance, if put in place, can become a deterrent to AI growth.
Over 67% of the industry believe that more PPP (public-private partnership) engagements are required in critical sectors such as health and education.
Of the leaders, 78% view that accelerating the ethical AI ecosystem in India necessitates operational requirements like continuous skill development, and training and structural realignment in core AI organisations.
Also, 89% believe that specific regulations are essential to ensure ethical practices, accountability and transparency in AI development and deployment.
The report recommends establishing a robust framework that supports innovation, while addressing the ethical challenges posed by AI. It calls for a collaborative approach between the government and the private sector to develop standards and practices that ensure AI benefits all segments of the society.
“India’s current AI landscape reflects a segment full of opportunities. As we journey towards becoming a trillion-dollar digital economy, we must adopt a balanced approach to AI governance. This involves leveraging AI for its economic benefits, while ensuring robust regulatory frameworks that can prevent or curb risks such as deepfakes by promoting ethical standards,” said Devroop Dhar, co-founder and managing director, Primus Partners.
