PM Modi: Global framework must to ensure ethical use of AI, counter crypto threat

New Delhi, August 27

Prime Minister Narendra Modi on Sunday called for a global framework for ethical use of artificial intelligence (AI) as he flagged concerns surrounding bias in such modern technologies and their impact on the society.

Treating nations as markets won’t work

Treating other nations as markets will never work. It will harm producer-country. Making equal partners in progress is the way forward. Narendra Modi, Prime Minister

Speaking at a B20 summit, PM Modi warned corporates and businesses of the emergence of a new form of colonialism if supply chains were not made more resilient and sustainable, as he went on to make a strong case for developing an integrated approach to deal with issues concerning cryptocurrencies.

“There is a challenge related to cryptocurrencies. There is a need for more and more integrated approach in this matter. A global framework should be created for this, in which all stakeholders are taken care of,” he said at the gathering attended by global and domestic business leaders.

A similar approach was needed regarding AI as well, he said. “Today, the world is showing a lot of excitement regarding AI. But amidst the excitement there are also some ethical considerations. Regarding skilling and re-skilling, concern is being raised about algorithm bias and its impact on the society. Such issues also have to be resolved together,” said the PM. Stressing the need to take business beyond the bottom line, the PM said: “This can only be done by focusing on supply chain resilience and sustainability.”

The PM pointed out the phenomenon was being acutely experienced in the area of critical materials and rare earths. “At some places there are too many of these and at some they are simply not there. But the need is felt by all. If we don’t see this from a global perspective, we will promote a new form of colonialism, this is my serious warning,” said the PM.

Achieving a better balance between producers and consumers also applies to nations. “Treating other nations as markets will never work. It will harm the producer-country sooner or later,” he said, while urging business leaders to be more consumer-centric towards individuals as well as nations. The PM also wanted the G20 and B20 to consider new approaches such as green carbon. The PM began his address by pointing out the B20 conclave was taking place in India during an atmosphere of celebration due to the successful moon mission.

Pointing out that the most important lesson left behind by the pandemic was the loss of trust as supply chains broke down, the PM said: “India, full of compassion and humility, is standing before you waiving the flag of trust.”