New Delhi, June 3 -- A big sell-off of Indian stocks by foreign institutional investors (FII) was triggered by the recent outbreak of war in West Asia and its impact on our economy. Then a narrative emerged of India being 'nowhere in AI' (artificial intelligence).

The fall of Indian market indices, led by IT stocks, even as AI-rich indices surged across the globe, bolstered this narrative.

In AI, India is currently a fast follower; it is not a leader (unlike the US and China) but not a laggard either. Globally, the buzz around an 'AI bubble' is getting louder.

If the benefits and profit potential of AI , as reflected in the stock prices of AI-related companies, have been overestimated, then inflated valuations point to the existence of...