Authors: Dhruv Garg and Dedipyaman Shukla. This post was originally published on the Financial Express and can be accessed here.
The further development of generative Artificial Intelligence (AI) tools, such as OpenAI’s natural language processing model ‘ChatGPT’, will bring about the ‘destruction of our civilization…’, or so says Elon Musk, who believes that unregulated AI development may have disastrous consequences for humanity. Some leading academics had proposed a global moratorium on generative AI Development. Despite these calls, AI growth data paints a radically different picture with the generative AI market expanding at a CAGR of 42% according to recent Bloomberg Intelligence report.
