Economic Survey 2024-25 calls for regulatory framework tweaks to align AI use with societal values

NEW DELHI: The Economic Survey on Friday said regulatory frameworks will need to be "revisited and amended" to ensure that use of AI aligns with societal values, balancing innovation with accountability and transparency. With an entire chapter dedicated to 'Labour in the AI era', the Economic Survey noted that while impact of AI on labour will be felt across the world, the problem is magnified for India, given its size and its relatively low per capita income. "This can then help tilt the scale towards the benefits, bringing a balance to the 'cost-benefit' aspect in a labour-driven, services-dependent economy like India," it said. "A tripartite compact between the government, private sector and academia can ensure that the gains from AI-driven productivity are widely distributed, taking us in the direction of the ideal inclusive growth strategy," it said, adding that the probability of success in this endeavour is directly proportional to the appreciation of the enormity of the challenge and the gravity of the consequences of failure.