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Nikaalo Prelims Spotlight || Constitutional and Statutory bodies, Regulatory, Quasijudicial Bodies, RTI etc.
Dear Aspirants,
This Spotlight is a part of our Mission Nikaalo Prelims-2023.
You can check the broad timetable of Nikaalo Prelims here
Session Details
YouTube LIVE with Parth sir – 7 PM – Prelims Spotlight Session
Evening 04 PM – Daily Mini Tests
Join our Official telegram channel for Study material and Daily Sessions Here
14th Apr 2023
Constitutional bodies
Appointment Tenure Removal Process of removal Eligibility for reappointment w/i govt Attorney general (Advocate general) President (governor) Pleasure of President (governor) President (governor) No reason needs to be mentioned Yes Election Commission (SEC) President (governor) 6 years/ 65 President CEC and SEC by a special majority Other ECs on the recommendation of CEC
Yes Finance commission (SFC) President (governor) Specified by president NA NA Yes UPSC (SPSC) President (governor) 6 years/ 65 President After enquiry by supreme court Members can become Chair, state members can become chair or member or chair of UPSC CAG President 6 years/ 65 President Special majority No Statutory bodies
Appointment Committee members Other members Tenure Removal NHRC (SHRC) President (Governor) 6 (PM + LOP Lok Sabha) Speaker, Deputy CP RS, LOP RS, home minister 3 years*/ 70 President after Supreme Court inquiry CIC (SIC) President (Governor) 3 ((PM + LOP Lok Sabha) Cabinet Minister nominated by PM As prescribed by the Central Govt*./ 65 President (governor for SIC) after supreme court inquiry CVC President (governor) 3 ((PM + LOP lok sabha) Home minister 4 years/ 65 President after Supreme court inquiry Lokpal President 5 (PM + LOP lok sabha Speaker, CJI, eminent jurist 5 years/ 70 Like a Supreme Court judge Regulatory Bodies
Regulatory bodies in India Sector Functions Telecom Regulatory Authority of India – TRAI Telecommunication and Tariffs To make regulations to ease competition and enhance the efficiency in the operation of telecommunication services Competition Commission of India (CCI) Company affairs To protect the interest of consumers, prevent some practices having harmful effect on competition Securities and Exchange Board of India Securities (Stock) and Capital Market To safeguard the interests of investors and to regulate the securities market. Food Safety and Standards Authority of India (FSSAI) Food industry To ensure the food quality, to watch and regulate the processing, manufacture, distribution, sale and import of food. Medical Council of India Medical education To regulate and set up high and uniform standards of medical education Reserve Bank of India (RBI) Banking and Monetary regulations It executes multiple functions as a custodian to regulate all the banking and the monetary function in country Insurance Regulatory & Development Authority of India – IRDAI Insurance To regulate and enhance insurance business and reinsurance business in India. National Bank for Agriculture and Rural Development (NABARD) Financing Rural Development Functions as a supreme body for catering the credit needs of all types of rural development and agricultural
Central Board of Film Certification (CBFC) Certification and Censorship To regulate and monitor the public exhibition of movies. Pension Fund Regulatory and Development Authority Pension and welfare To regulate promote and develop the pension sector in the country. Quasi-judicial Bodies
A quasi-judicial body can be an individual or body with powers resembling a court of law.
- They can adjudicate and decide penalties on the guilty.
- They are different from judicial bodies in that their field is limited compared to a court.
- They can be formed on a matter pending in court, by court order if the court considers it necessary; the court reserves the right to appoint members of such a body.
- They can be tribunals for a specific domain, or like an arbitrator.
- Quasi-judicial bodies have adjudicating powers in such matters as:
- Breach of discipline
- Trust in money matters or otherwise
- Conduct rules
- Their authority is limited to specific areas like:
- Financial markets
- Land use and zoning
- Public standards
- Employment law
- Specific set of regulations of an agency
- Decisions of a quasi-judicial body are often legally enforceable under the laws of a jurisdiction.
List of Quasi-Judicial Bodies in India are:
- National Green Tribunal
- Central Information Commission
- National Human Rights Commission
- Tribunal
- SEBI
Difference between Judicial and Quasi-judicial Bodies
- Judicial decisions are bound by precedent in common law, whereas quasi-judicial decisions are generally not.
- Judicial decisions may create new laws, but quasi-judicial decisions are based on existing law.
- Quasi-judicial needn’t adhere to strict judicial rules (of procedure and evidence).
- Quasi-judicial bodies can hold formal hearings only if they are mandated to do so as per their governing laws.
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Dr. B.R. Ambedkar’s Vision Continues to Inspire Present Day Governance
Central idea
- The 132nd birth anniversary of B.R. Ambedkar is an occasion to recognize his ideas and actions which continue to inspire and guide the present and future generations.
B.R. Ambedkar’s Legacy
- R. Ambedkar was more than an individual, and his ideas and actions continue to illuminate the present and are a guiding light for the future.
- He epitomised the spirit of justice and stressed establishing institutions for a just society.
Ambedkar’s contribution to nation-building
- Multidimensional contribution: The centenary of Ambedkar’s work, The Problem of Rupee: Its Origin and its Solution, paved the foundation of the Reserve Bank of India in 1934. During that time, the country was trying to come out of the clutches of colonialism, and Ambedkar vigorously advocated for significant nation-building measures in a multidimensional manner.
- Tirelessly work to safeguarding the interests of the people: From his work on the Simon Commission to representing the Depressed Classes in the Round Table conferences and chairing the Constitution’s drafting committee, Ambedkar tirelessly worked towards safeguarding the interests of the people.
Quick knowledge box from civilsdaily: Dr. B.R. Ambedkar’s literary work
Literary Works
Description
Castes in India: Their Mechanism, Genesis and Development A paper presented by Ambedkar to an anthropology seminar at Columbia University, which discusses the caste system in India and its origins The Problem of the Rupee: Its Origin and Its Solution A work that proposed a solution to the problem of currency fluctuations in India and paved the way for the establishment of the Reserve Bank of India Annihilation of Caste A speech delivered by Ambedkar that strongly criticized the caste system in Hindu society and advocated for its annihilation What Congress and Gandhi Have Done to the Untouchables A book that criticized the Indian National Congress and Mahatma Gandhi for their treatment of the untouchables in India States and Minorities A book that analyzes the relationship between the majority and minority communities in India and argues for the protection of minority rights The Untouchables: Who Were They and Why They Became Untouchables? A book that traces the history of the untouchables in India and argues for their social and economic upliftment Buddha and His Dhamma A book that describes the life and teachings of the Buddha and how they can be applied to contemporary society Who Were the Shudras? A book that examines the origins and history of the Shudra caste in Hindu society Present government’s commitment to Ambedkar’s vision
- Ambedkar’s vision in planning and implementation: The present-day government led by PM Modi has been committed to adhering to Ambedkar’s vision from planning to implementation.
- People-centric policy measures: The government has taken steps towards the ease of life of citizens, such as the implementation of pro-poor and people-centric policy measures.
- For instance: Schemes such as Stand-Up India, Start-Up India, PM Awas Scheme, BHIM, Mudra, and JAM trinity, which show that the government is leaving no stone unturned to fulfill the assigned targets and ensure saturation-level implementation.
- Government’s efforts to preserve Ambedkar’s legacy: Government’s has adopted a sensitive approach towards preserving Ambedkar’s legacy. The National Research for Conservation of Cultural Property has preserved Ambedkar’s belongings for posterity, which will be showcased at the upcoming Dr B R Ambedkar Socio-Economic & Culture Centre. The Centre will serve as a sacred place highlighting glimpses of Ambedkar’s contribution to building the nation.
Ambedkar’s relevance to present-day India
- Panch Pran mantra: There are parallels between Ambedkar’s ideas and the Prime Minister’s Panch Pran mantra for making a developed India.
- Azadi Ka Amrit Mahotsav: Ambedkar believed that the constitutional ideals and social philosophy of liberty, equality, and fraternity have Indian cultural roots, and the government’s initiatives, such as Azadi Ka Amrit Mahotsav, reflect this belief.
Conclusion
- India’s commitment to Ambedkar’s vision would have resulted in greater public welfare if earlier governments had accepted him in this manner. On Ambedkar’s 132nd birth anniversary, it is essential to recognize his legacy and commitment to establishing institutions for a just society. The legacy of B.R. Ambedkar is a guiding light for India, and his ideas and actions continue to inspire and provide a moral force for justice.
Mains Question
Q. Discuss the relevance of B.R. Ambedkar’s ideas to present-day India. How has the present government committed to adhering to Ambedkar’s vision in planning and implementation of policies?
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Dabba Trading and its impact on the Economy
Central idea
- The National Stock Exchange (NSE) has issued a series of notices warning retail investors about entities involved in ‘dabba trading’.
- The NSE cautioned investors not to subscribe or invest using these products offering indicative, assured or guaranteed returns in the stock market as they are prohibited by law.
- The entities involved in dabba trading are not recognized as authorized members by the exchange.
What is Dabba Trading?
- Dabba (Box) trading refers to informal trading that takes place outside the purview of the stock exchanges.
- It involves betting on stock price movements without incurring a real transaction to take physical ownership of a particular stock as is done in an exchange.
- In simple words, it is gambling centred around stock price movements.
How does it work?
- In dabba trading, investors place bets on stock price movements at a certain price point.
- If the price point rises, they make a gain, and if it falls, they have to pay the difference to the dabba broker.
- The broker’s profit from the investor’s loss, and vice versa.
- Transactions are facilitated using cash and unrecognised software terminals or informal records, which helps traders stay outside the regulatory mechanism.
What are the problems with dabba trading?
- Since dabba traders do not maintain proper records of income or gain, they are able to escape taxation, which results in a loss to the government exchequer.
- The use of cash also means that they are outside the purview of the formal banking system.
- Investors in dabba trading do not have formal provisions for investor protection or grievance redressal mechanisms available within an exchange, which exposes them to the risk of broker defaults or insolvency.
- Dabba trading also perpetuates a parallel economy, potentially encouraging the growth of black money and criminal activities.
What is the current scenario?
- Industry observers have reported that dabba brokers harass clients for default payments and refuse payments upon profit.
- Potential investors are lured by aggressive marketing, ease of trading using apps with quality interfaces, and lack of identity verification.
- Brokers keep their fees and margins open to negotiation depending on an individual’s trading profile.
- The mechanism could potentially induce volatility and cause losses for the regulated bourse when dabba brokers look to hedge their exposures.
What are the legal implications?
- Dabba trading is recognised as an offence under Section 23(1) of the Securities Contracts (Regulation) Act (SCRA), 1956.
- Upon conviction, it can invite imprisonment for a term extending up to 10 years or a fine up to ₹25 crore, or both.
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What is MUDRA Scheme?
PM hit out at people ridiculing the Pradhan Mantri Mudra Yojana (PMMY) and said those who gave loans to big businessmen “over phone” never understood the power of microfinance.
MUDRA Scheme
- MUDRA (Micro Units Development and Refinance Agency) Scheme is a financial initiative launched by the Government of India in April 2015 to provide financial support to micro-enterprises in India.
- The scheme is designed to cater to the financial needs of the non-corporate, non-farm sector enterprises in the country.
- The objective of the scheme is to promote entrepreneurship, employment generation, and to provide access to finance to small and micro-businesses in India.
Range of loans
- The MUDRA scheme provides loans ranging from Rs. 50,000 to Rs. 10 lakhs to small and micro-businesses.
- These loans are provided through various financial institutions such as banks, microfinance institutions, and non-banking financial companies (NBFCs).
- The scheme also offers refinance support to these institutions.
Category Loan Amount Shishu Up to Rs. 50,000 Kishore Rs. 50,001 to Rs. 5 lakhs Tarun Rs. 5 lakhs to Rs. 10 lakhs Key features of the MUDRA scheme
- Refinance support: The scheme offers refinance support to various financial institutions, such as banks, microfinance institutions, and non-banking financial companies (NBFCs), to provide loans to small and micro-businesses.
- Employment generation: The scheme aims to promote entrepreneurship and employment generation in the country.
- Digitalization of financial transactions: The scheme has helped in promoting the digitalization of financial transactions.
- Focus on underprivileged and marginalized sections: The scheme aims to provide financial assistance to underprivileged and marginalized sections of the society, especially those belonging to the non-corporate, non-farm sector enterprises in the country.
- Simplified loan processing: The loan processing under the scheme is simplified and requires minimal documentation.
- No collateral requirement: The loans provided under the scheme do not require any collateral or security.
- Competitive Interest rate: The interest rate for the loans provided under the scheme is competitive and affordable.
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Uthirameur Inscription: Ancient Tamil proof of Democratic Provisions
PM Modi referred to an over 1,100-year-old inscription found in Uthirameur, Tamil Nadu, which talks about rules for a local body, including provisions for disqualifying a member.
What are Uthiramerur inscriptions?
- Uthiramerur inscriptions are a set of ancient Tamil inscriptions found in Uthiramerur, a town in the Kanchipuram district of Tamil Nadu.
- These inscriptions date back to the 10th century CE and were created during the reign of the Chola dynasty, which ruled over a large part of South India.
- It was crafted under the rule of Parantaka Chola I (907 – 956 AD.)
What does the inscription say?
The temple inscriptions of Uthiramerur provide historical descriptions of rural self-governance.
(1) Sabha and Ur
- Uthiramerur had two village assemblies: Gram Sabha and Ur.
- Sabha was exclusively a Brahmin assembly, while the Ur was made up of people belonging to all classes.
- Sabha managed land sales, endowment fund for dredging a tank, and assigned duties to the Ur for managing deserted land.
- Sabha assembled in the hall of the local temple and was summoned through beating of the drums.
- The inscriptions contained references to variyars, the executive officers subordinate to the Sabha.
(2) Administrative System
- The executive powers were given to committees called Variyams during the Chola king Parantaka I’s reign (907–955).
- Each variyam constituted 6 to 12 members, depending on the importance of its functions.
- The first inscription (dated 919 CE) described the rules for electing committee members.
- The second inscription (dated 921 CE) described some amendments to these rules to make them more practical.
(3) Committees and Qualifications
- The village had 30 kudumbus or wards, from which the members of various committees were selected annually.
- The inscription lays down the qualifications for a nominee, including ownership of tax-paying land, residence on self-owned land, age between 35 and 70 years, knowledge of mantras and the Brahmanas, and not being associated with certain offenses or activities.
- The candidates were selected via Kudavoloi (pot of palm leaf tickets) system.
- The tenure of a committee member was 360 days.
- Anyone found guilty of an offense was immediately removed from the office.
(4) Punishments
- The Uthiramerur inscriptions indicate that parading on a donkey was a punishment for offenses such as incest, adultery, theft, and forgery.
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India signs MoU with World Food Programme for sending wheat to Afghanistan
India signed an MoU with the World Food Programme (WFP) to send 10,000 metric tonnes of wheat to Afghanistan.
Reason: Utilizing WFP supply chain
- The MoU signed between India and the World Food Programme (WFP) paves the way for sending 10,000 metric tonnes of wheat for the people of Afghanistan.
- The WFP has a massive supply chain and logistics infrastructure in Afghanistan that could help in ensuring that the food supply reaches those who need it the most and no one is excluded.
- The MoU also ensures that the assistance is coordinated and delivered in an effective and efficient manner, and that it reaches the most vulnerable sections of the Afghan population.
What is World Food Programme (WFP)?
- The WFP is a humanitarian organization that is part of the United Nations system.
- It was established in 1961 and has its headquarters in Rome, Italy.
- The WFP is the world’s largest humanitarian agency focused on combating hunger and promoting food security.
Scope of Operations
- The WFP operates in more than 80 countries, delivering food assistance to people in need.
- WFP programs reach over 97 million people each year, including children, pregnant and nursing women, and people affected by emergencies, such as conflict or natural disasters.
- It provides a range of food assistance, including in-kind food assistance, cash and voucher-based transfers, and specialized nutritious foods.
Funding and Support
- The WFP is funded entirely by voluntary contributions from governments, companies, and individuals.
- The organization works closely with donors to ensure that funding is used effectively and efficiently, and to ensure that it is directed to the areas and programs where it is needed most.
Governance and Structure
- The WFP is governed by an Executive Board, which is composed of 36 member states that are elected to three-year terms.
- The Executive Board provides oversight and strategic direction to the organization, and approves the WFP’s programs and budgets.
- The WFP is headed by an Executive Director, who is appointed by the Secretary-General of the United Nations.
- The organization has more than 17,000 staff worldwide, including professionals in fields such as logistics, nutrition, and food security.
Impact and Achievements
- Over the years, the WFP has made significant contributions to addressing hunger and promoting food security worldwide.
- The organization has responded to numerous emergencies, providing food assistance to millions of people affected by conflict, natural disasters, and other crises.
- The WFP has also supported programs that help people access the food they need to lead healthy, active lives, and that promote sustainable agriculture and development.
- The WFP has been recognized for its efforts, receiving the Nobel Peace Prize in 2020 in recognition of its contributions to combatting hunger and promoting peace.
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Inflation in India is Driven by Food Prices
Central Idea
- The recent trajectory of inflation in India is attributed to the pricing power of five big corporates or ‘Big 5’ according to former Deputy Governor of Reserve Bank of India, Viral Acharya. However, the argument is flawed as the Indian inflation is different from the rest of the world, and it is driven by food price inflation. While corporate pricing power does exist, it is limited, and the extent to which it drives overall inflation is still debatable.
The factor of food price inflation
- Divergence between Indian and Western inflation rates is not new:
- Sudden surge of Inflation in India: After the global financial crisis of 2008, Indian inflation surged higher than the economies of the US and UK due to food price inflation caused by negative agricultural shocks and high procurement price hikes.
- Core inflation: Food-price inflation tends to feed into core inflation, so it would be hasty to conclude that Indian inflation is higher than the West today due to corporate pricing power.
- Food price inflation: Evidence suggests that in India, food price inflation affects core inflation, and food price inflation enters costs of the non-agricultural sector.
- Corporate pricing power in India:
- Corporate pricing power and overall inflation: Corporate pricing power exists in Indian industry, but the extent to which it drives overall inflation in India is debatable. The question is how much corporate power is driving inflation beyond its obvious role in elevating the price level.
- Prices of food: To measure inflation without considering the price of food is to exclude what matters most to the public, as opposed to central bankers.
- Inflation control strategy: India’s inflation control strategy needs to address the challenge of ensuring the production of food at affordable prices.
- Comparing WP inflation with CP inflation
- Comparing WP inflation with CP inflation is to acquiesce in a mismatch.
- The commodity basket corresponding to CP includes items that do not enter the wholesale price index, so we would be comparing apples with oranges.
The argument is based on a short time period
- WP inflation has eased considerably in the six months preceding March 2023, but CP inflation has not. However, a mismatch between WP and CP inflations is not new.
- So, the maintenance of high price increases by firms in the retail sector even after wholesale price inflation has declined in 2022-23 may just be a compensating mechanism, i.e., the rising input cost of the retail sector is being passed on with a lag.
Facts for prelims: WP inflation VS CP inflation
Aspect Wholesale Price (WP) Inflation Consumer Price (CP) Inflation Definition Measures the change in average price level of goods sold by producers at the wholesale level Measures the change in average price level of goods and services purchased by households Captures Changes in prices of goods before they reach the retail market Changes in prices of goods and services at the retail level Indicator of Early indicator of changes in overall price level of economy Inflation that households experience in their day-to-day lives Impact Affects production cost and supply chain Affects purchasing power of consumers Calculation Based on price changes of goods sold in bulk to retailers or other businesses Based on price changes of goods and services purchased by households Usage Used by policymakers to monitor changes in cost of production and production-level inflation Used by policymakers to monitor inflation and make decisions related to monetary policy Examples Wholesale prices of raw materials, oil, and other commodities Retail prices of food, clothing, transportation, and other consumer goods and services Rising food prices driving current inflation
- Over 75% of the direct contribution to inflation in the first three quarters of the financial year came from sectors in which the Big 5 are unlikely to be represented in a big way.
- The contribution of food products alone was close to 50% in most time periods.
- Rising food prices are driving current inflation in India.
The current inflation control strategy
- Considerable rise in food prices: In India, food prices have only risen, and in recent years their rate of inflation has been very high. For all the reforms since 1991, the real price of food, i.e., its price relative to the general price level, has risen considerably.
- What matters most to public must be considered: In the context, to measure inflation without considering the price of food is to exclude what matters most to the public, as opposed to central bankers.
- Current strategy restricted to using the interest rate to dampen aggregate demand: India’s inflation control strategy is currently restricted to using the interest rate to dampen aggregate demand. This strategy avoids addressing the challenge of ensuring the production of affordable food.
- Question mark on RBI’s ability to control inflation: The RBI has been unable to control even the core inflation which central banks are assumed to be able to control. A recent intervention explaining core inflation in India has highlighted the RBI’s inability to control inflation.
Conclusion
- Inflation is being discussed only in terms of core inflation, which excludes the inflation in food and fuel prices because these prices tend to fluctuate and even out the changes, so it is assumed that they do not require a policy response. However, this assumption is flawed in the context of India’s economy, as food and fuel prices have a significant impact on the economy and people’s livelihoods. Therefore, limiting the discussion to core inflation ignores the role of corporate pricing power and the impact of food and fuel prices on the economy.
Mains Question
Q. What is the factor that primarily drives inflation in India? Highlight the relationship between food price inflation and overall inflation in India?
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AI Regulation in India: Ensuring Responsible Development and Deployment
Central Idea
- As the deployment of Artificial intelligence (AI) based systems continues to grow, it is important for India to develop and implement regulations that promote responsible development and deployment, while also addressing concerns related to privacy, competition, and job losses.
The Potential of AI and its Risks
- Limitless potential: The potential of AI is vast and encompasses a wide range of applications across various fields. AI has the potential to improve productivity, increase efficiency, and provide personalized solutions in many areas such as healthcare, finance, education, manufacturing, transportation, defense, space technology, molecular biology, deep water mining, and exploration.
- Significant risks: While the potential of AI is immense, it also comes with significant risks that need to be addressed. Some of the risks associated with AI include biased algorithms, misdiagnosis or errors, loss of jobs for professionals, unintended harm or civilian casualties, and cybersecurity threats. It is important to ensure that AI development and deployment are carried out with caution and that potential risks are mitigated.
Takeaway keyword Box from civilsdaily: AI applications in various fields, advantages, challenges and associated risks.
Fields AI Applications Advantages Challenges Risks Healthcare Diagnosis and medical imaging, drug discovery, personalized medicine, virtual nursing assistants, remote monitoring of patients, health data analysis Improved accuracy and speed of diagnoses, personalized treatment plans, faster drug discovery, remote patient monitoring Integration with existing healthcare systems, ethical and regulatory concerns, data privacy and security Misdiagnosis or errors, biased algorithms, loss of jobs for healthcare professionals Finance Fraud detection, customer service chatbots, personalized financial advice, risk assessment and management, trading algorithms Improved fraud detection and prevention, personalized customer support, optimized risk management, faster trading decisions Integration with existing financial systems, ethical and regulatory concerns, data privacy and security Biased algorithms, systemic risks, cyber attacks Education Personalized learning, adaptive learning, intelligent tutoring systems, student engagement analytics, automated grading and feedback Improved student outcomes, personalized learning experiences, increased student engagement, reduced workload for educators Integration with existing education systems, ethical and regulatory concerns, data privacy and security Biased algorithms, loss of jobs for educators, lack of human interaction Manufacturing Quality control, predictive maintenance, supply chain optimization, collaborative robots, autonomous vehicles, visual inspection Increased efficiency and productivity, reduced downtime, optimized supply chains, improved worker safety Integration with existing manufacturing systems, ethical and regulatory concerns, data privacy and security Malfunctioning robots or machines, loss of jobs for workers, high implementation costs Transportation Autonomous vehicles, predictive maintenance, route optimization, intelligent traffic management, demand forecasting, ride-sharing and on-demand services Reduced accidents and fatalities, reduced congestion and emissions, optimized routing and scheduling, increased accessibility and convenience Integration with existing transportation systems, ethical and regulatory concerns, data privacy and security Malfunctioning autonomous vehicles, job displacement for drivers, cybersecurity threats Agriculture Precision agriculture, crop monitoring and analysis, yield optimization, automated irrigation and fertilization, pest management, livestock monitoring Increased crop yields, reduced waste and resource use, optimized crop health, improved livestock management Integration with existing agriculture systems, ethical and regulatory concerns, data privacy and security Malfunctioning drones or sensors, loss of jobs for farm workers, biased algorithms Defense Intelligent surveillance and threat detection, unmanned systems, autonomous weapons Improved situational awareness and response, reduced human risk in combat situations Ethical and legal concerns surrounding the use of autonomous weapons, risk of AI being hacked or malfunctioning in combat scenarios Unintended harm or civilian casualties, loss of jobs for military personnel Space technology Autonomous navigation, intelligent data analysis, robotics Increased efficiency and productivity in space exploration, improved accuracy in data analysis Risk of AI being hacked or malfunctioning in space missions, ethical and regulatory concerns surrounding the use of autonomous systems in space Damage to equipment or loss of mission due to malfunctioning AI Molecular biology Gene editing and analysis, drug discovery and development, personalized medicine Faster and more accurate analysis of genetic data, improved drug discovery and personalized treatment plans Ethical and regulatory concerns surrounding the use of AI in gene editing and personalized medicine Misuse of genetic data or personalized treatment plans, loss of jobs for medical professionals Deep water mining and exploration Autonomous underwater vehicles, intelligent data analysis Increased efficiency and productivity in deep sea exploration and mining, improved accuracy in data analysis High costs and technical challenges of developing and deploying AI systems in deep sea environments Malfunctioning AI systems, environmental damage or destruction due to deep sea mining activities The Need for Regulation
- Current regulatory system not well equipped: The current regulatory system may not be equipped to deal with the risks posed by AI, especially in areas such as privacy and competition.
- Develop regulations in collaboration: Governments need to work with tech companies to develop regulations that ensure the responsible development and deployment of AI systems.
- Balanced regulations: The regulation needs to be adaptive, flexible and balance between the benefits and risks of AI technology. This way, AI technology can be developed while taking into account societal concerns.
- Privacy Concerns and responsible usage: AI-based systems, such as facial recognition technology, raise concerns related to privacy and surveillance. Governments need to develop regulations that protect citizen privacy and ensure that data is collected and used in a responsible way.
- Risk assessment: Risk assessment could help in determining the risks of AI-based systems and developing regulations that address those risks.
- For instance: Europe’s risk assessment approach may serve as a useful model for India to develop such regulations.
Competition and Monopolization
- AI powered checks and balance: The dominance of Big Tech in the tech landscape raises concerns of monopolization and the potential for deepening their control over the market. However, the presence of multiple players in the AI field generates checks and balances of its own.
- Healthy market for AI technology: The development of new players and competitors can promote innovation and ensure a healthy market for AI technology.
Conclusion
- AI technology holds immense potential, but its risks need to be mitigated, and its development and deployment need to be carried out responsibly. Governments must work towards developing regulations that ensure that AI technology benefits society, while addressing concerns related to privacy, competition, and job losses. Responsible development and deployment of AI technology can lead to a brighter future for all.
Mains Question
Q. AI has limitless potential in various fields. In this light of this statement enumerate some of its key revolutionary applications in various fields and discuss challenges and associated risks of deploying AI in various fields.
