Overregulation of technology could stifle innovation: USIBC

Overregulation of technology could stifle innovation, cautioned the U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) on Wednesday (November 20).

Speaking at the 27th edition of Bengaluru Tech Summit 2024 here, USIBC members said given the nature of the technology, it was essential to understand the fine line between overregulation that could stifle innovation while ensuring trust and providing adequate guardrails for governance, transparency, explainability and misuse.

The council members further said the BTS theme this year, “Unbound”, underscored the transformative role of AI and how it would enable services and applications across all sectors, where USIBC showcased the impacts on technology, logistics, manufacturing, space, agriculture, and education, among others.

Christopher Hodges, U.S. Consul General, Chennai, spoke on the latest trends and opportunities in the digital economy, focusing on AI’s transformative role across industries and the impact of policies to bolster technology-led growth.

‘’It’s an exciting time to align our (of India and the US) tech sectors to foster investment, innovation, and creativity. Here, we are facilitators of critical dialogue that drives innovation and policy alignment,’‘ said USIBC India Managing Director Rahul Sharma.

An Indo-US Tech Conclave held at the Bengaluru Tech Summit laid the groundwork for further discussions on logistics policy, artificial intelligence (AI) in agriculture, and advancements in electronics system design and manufacturing(ESDM). USIBC also reaffirmed its commitment to deepening technology ties between the US and India.

Published - November 20, 2024 10:03 pm IST