Finance Minister Nirmala Sitharaman has advocated for the establishment of global AI regulations, emphasizing that technology transcends national borders. Speaking at Milan’s NEXT Forum, she underscored the necessity for adaptable regulatory frameworks and lauded India's crypto leadership during its G20 presidency. Sitharaman also affirmed India's attractiveness as a transparent, open economy.

During a Plenary Session on 'Balancing Economic and Climate Resilience' at Bocconi University in Milan, Sitharaman highlighted the challenges and opportunities presented by emerging technological frontiers. In a post on X, she stated that "Artificial Intelligence (AI) is a developing area. The regulatory mechanisms are also evolving. Regulators need to be up to date with them and handle them accordingly," stressing the importance of timely adaptation to technological advancements.

Sitharaman pointed out the impracticality of any single country having an isolated AI regulatory framework, given that technology inherently crosses borders. She noted, "it cannot also be that a country decided to have an AI who is a regulatory framework and who is independent of other countries because technology goes through borders."

Reflecting on India's G20 Presidency, Sitharaman highlighted India's role in bringing crypto regulations to the forefront of global discussions. She mentioned, "During its G20 Presidency, India brought the matter of crypto to the table & wanted countries to discuss how to handle it without curbing the blockchain technology & at the same time regulate it smartly."

Sitharaman emphasized India's inherent advantages, stating, "India has leverage from which the industry can benefit, and that's the demography that speaks English and understands global business practices and the law of the land." She further added that India remains an appealing destination for global industry, characterized by its open and transparent economy built on shared value systems.

Discussing the shifting dynamics in global trade, the Finance Minister observed, "Signing bilateral agreements is the order of the day today. Multilateral agreements were in currency for sometime but today seems to be the time for countries to chalk their own bilateral arrangements."

Expressing satisfaction with recent progress on the India-UK FTA, she stated, "I'm glad that our Hon'ble Prime Minister Shri Narendra Modi and the UK PM have announced that the negotiations have concluded on a positive note."

The Finance Minister is in Milan, Italy, for the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), held from May 4 to 7.