Indian Tech Startups Prioritise AI Adoption, Report Finds:
According to the Indian Tech Startup Landscape Report 2023, a collaboration between Nasscom and Zinnov, approximately 70% of startups in India are investing in artificial intelligence (AI) to boost product capabilities and internal efficiencies.
Despite global economic challenges, over 950 new tech startups emerged, with more than 750 securing funding in the past year. Nasscom President Debjani Ghosh noted that in 2023, startups are emphasizing strengthening business fundamentals, pursuing profitability, and fostering growth.
The report highlights the transformation of Tier-II/III cities into new innovation hubs, decentralizing the startup landscape and contributing to India’s continued impressive growth in the tech startup ecosystem.
Indian Government Considers Amendments to IT Rules, Introducing AI Regulation:
Sources indicate that the Indian government is set to amend the Information Technology (IT) Rules of 2021 to include regulations for artificial intelligence (AI) companies and generative AI models.
Govt may amend IT Act 2021 to add these new rules
The government is likely to amend the IT Act to introduce rules for regulating AI companies and generative AI models. These amendments are expected to be notified soon by the Ministry of Electronics and Information Technology… pic.twitter.com/ox0jJ8EyHA
— Sivakumar V (@veeyeskay) January 4, 2024
The proposed amendments are expected to require platforms utilizing AI algorithms or language models to ensure freedom from biases. The Ministry of Electronics and Information Technology is likely to notify these amendments soon, mandating that AI models with inherent biases or trained on biased datasets be restricted from open use. Additionally, the amendments may introduce rules addressing deepfake and synthetic content, along with explicit instructions for platforms dealing with loan apps.
Italian G7 Presidency Prioritizes Addressing AI Risks, Says Italian Prime Minister Giorgia Meloni:
Italian Prime Minister Giorgia Meloni has highlighted the potential dangers of artificial intelligence (AI) as a significant concern during Italy’s presidency of the Group of Seven (G7).
Meloni expressed worry about the impact of AI on the labor market and emphasised its potential consequences. Italy assumed the rotating G7 presidency in January and plans to host a dedicated meeting on AI, separate from the main G7 summit scheduled for June.
The focus on AI underscores the growing global recognition of the need for proactive discussions and strategies to address the challenges posed by advancing technologies.
US Chip Stocks Experience Declines Following Record Year, Impacting Semiconductor Index:
On Wednesday, US chip stocks faced notable losses, causing the main semiconductor benchmark on Wall Street to plummet from recent record highs. Notably, Advanced Micro Devices, Qualcomm, and Broadcom witnessing drops exceeding 2%, contributed significantly to the 2.1% decline in the PHLX semiconductor index. The semiconductor sector had enjoyed its most robust performance since 2009, driven by optimism around artificial intelligence and expectations of Federal Reserve interest rate cuts in 2023. However, this week’s dip aligns with a broader market downturn as investors eagerly await insights into the Federal Reserve’s interest rate strategy from its December meeting minutes, slated for release later in the day.