Union Finance Minister Nirmala Sitharaman on Thursday described artificial intelligence (AI) as a “double-edged sword”, saying it can be used both to detect fraud and to carry out fraud.
Speaking at an event in Mumbai, she said India’s youth are accelerating economic growth by building businesses, new technologies and digital platforms. She added that young talent is overcoming doubts and moving ahead by creating successful ventures.
Sitharaman said the Reserve Bank of India should further strengthen the digital rupee framework and improve the use of central bank digital currency for both wholesale and retail transactions.
Highlighting India’s digital public infrastructure, she noted that the country has built one of the world’s most powerful systems, with UPI handling crores of transactions. She stressed the need to manage technology-related risks without hurting innovation.
She said the contribution of technology and entrepreneurship is shaping the pace of India’s journey towards becoming a developed nation by 2047, and called for celebrating the transformation while setting aside negative views.
