India can blend the EU and US models of AI regulation

livemint.com:

During his visit to India, Sam Altman once again called for governments worldwide to regulate artificial intelligence (AI). At first glance, this proposition may seem paradoxical. Corporations generally prefer a laissez-faire approach from governments, favouring minimal regulations that allow businesses maximum freedom.

After all, more regulation often translates to more bureaucratic oversight, increased compliance costs and potential constraints on innovation. Innovators might be discouraged from exploring uncharted territories for fear of non-compliance or burdensome regulatory processes. On the other hand, bureaucrats might welcome such advocacy from influential figures in the tech industry like Altman.

As Max Weber detailed in Economy and Society: An Outline of Interpretative Sociology, bureaucracy, at its core, seeks to create order, uniformity and predictability. A regulated AI landscape may just be the rational, systematic environment that traditional bureaucratic systems would be comfortable operating within. As we stand at the frontier of the AI revolution, emerging technology ventures including AI grapple with the ‘liability of newness.’ The hurdles these ventures face are formidable—from securing necessary resources to stay afloat, to establishing their legitimacy among diverse audiences, including consumers, regulators and government bodies.