REGULATING DISRUPTION

NEWER TECHNOLOGIES ARE DISRUPTING THE WORLD AS WE KNOW IT AND THEY POSE SIGNIFICANT CHALLENGES. IN THIS BACKDROP, INDIA IS USING ITS G20 PRESIDENCY TO FIND COMMON GROUND ON A GLOBAL REGULATORY FRAMEWORK

- AAKANKSHA CHATURVEDI

SEISMIC SHIFTS ARE being wrought in the world today by emerging technologies like artificial intelligence (AI), cryptocurrencies, blockchain and Web3, among others. Then there is the ever-increasing urgency to bring in regulations regarding data privacy, cyber security, cross-border data flows, and the power being wielded by big tech companies. Another debilitating challenge that countries are confronted with today is the growing need for semiconductors, the technology required to produce them and their distribution—that has become a pawn in the high-stakes geopolitical game playing out in the global arena. It is in this backdrop that India assumed the G20 presidency for 2023 in December 2022, and the moment is ripe for crucial deliberations on these tech policy matters that hold unprecedented importance for the future.

Hence, the upcoming G20 Leaders’ Summit to be held in New Delhi in September could be an opportune moment to forge international consensus on regulating these technologies. And while there are plenty of challenges to overcome, the presidency of G20 also presents a significant opportunity for India to showcase and pitch the domestically-developed India Stack—that has spearheaded significant financial and social inclusion in the country—as a replicable service across nations where it could be beneficial.

Expressing his enthusiasm about the opportunity it presents to put the India Stack on the global map, Ashwini Vaishnaw, Minister of IT told Business Today earlier this year, “In the G20 summit, we will be showcasing our technological capabilities to the world. Global players are very keen on our growth story”.