India, Oct. 8 -- Amid growing uncertainties over AI's utilisation and its prospects, union IT minister Ashwini Vaishnaw said that the government is working on releasing a consultation paper on regulating the nascent tech.

Speaking at the release of the World Bank's latest World Development Report on the subject of 'The Promise of Artificial Intelligence', Vaishnaw said the timing is right for India to formalise AI regulation and the upcoming consultation paper will establish the foundational basis for future AI regulation.

The regulatory blueprint is also likely to sharpen focus on AI safety and security, navigate the deepfakes risk as well as ensuring adequate skill development necessary to optimise the utilisation of AI.

On the deepf...