New Delhi, Feb 20 (IANS): The government on Tuesday said it is working on to unveil a draft regulatory framework for artificial intelligence (AI) by June-July this year, amid concerns over a rise in deepfakes and user harm associated with the new technology.

Addressing a Nasscom event in the Capital, Minister of State for Electronics and IT, Rajeev Chandrasekhar, said the government is working on a draft AI regulation framework and will release it soon.

“The aim is to harness AI for economic growth and address potential risks and harms,” the minister said.

"We will fully realise the potential of AI but set up the guardrails as well to prevent misuse,” he added.

The Nasscom-BCG report, unveiled at the event, said that India’s AI market is likely to grow at 25 per cent compound annual growth rate (CAGR) to reach $17 billion by 2027, with similar growth in AI investments.

Earlier this week, the government reiterated that internet platforms and social media intermediaries in India have a legal obligation to make sure that no misinformation or deepfakes find space on their respective platforms.

In a post on X, Chandrasekhar mentioned the collaboration between the Misinformation Combat Alliance (MCA) and Meta to launch a dedicated fact-checking helpline on WhatsApp in the country.

“Use of credible fact checkers to label misinformation is good,” the minister posted.

“All internet platforms/intermediaries in India have a legal obligation to ensure no misinformation/deepfakes are posted in their platforms by their users,” he added.

Earlier this month, the government said it is regularly monitoring the compliance of intermediaries with the IT Rules, 2021 and the direction given in the latest advisory by the IT Ministry.