India: National Institution for Transforming India adopted report on leveraging AI for accelerated economic growth

On 8 September 2025, the National Institution for Transforming India (NITI Aayog) adopted the report on leveraging Artificial Intelligence (AI) for accelerated economic growth. The report highlights steps to support India's goal of 8% GDP growth by 2035 through AI adoption across sectors. It references the India AI Mission, approved by the Indian Cabinet in March 2024 and applies to India's AI ecosystem with an INR 10,000 crore budget over five years. The report recommends that Indian financial regulators could establish a new AI supervisory entity with oversight capabilities. The framework would apply to financial institutions using AI systems and impose obligations, including consumer protection measures such as disclosure requirements, grievance mechanisms and resilience requirements, including cybersecurity monitoring, system testing, and continuity planning. It also focuses on governance oversight, including risk assessments, model monitoring, AI inventories, audits, and accountability mechanisms, including incident reporting, sector-wide risk intelligence.