Wed Nov 20 16:33:33 UTC 2024: ## Overregulation Risks Stifling Innovation, USIBC Warns at Bengaluru Tech Summit
**Bengaluru, India (November 20, 2024)** – The U.S.-India Business Council (USIBC) cautioned against overregulation of technology, arguing it could stifle innovation. Speaking at the 27th Bengaluru Tech Summit, USIBC members emphasized the need for a balance between regulation and fostering growth in the rapidly evolving tech landscape. The council highlighted the transformative potential of AI across various sectors, including logistics, manufacturing, space, agriculture, and education, aligning with the summit’s “Unbound” theme.
USIBC members stressed the importance of creating trust and establishing appropriate governance frameworks, while avoiding excessive regulations that could impede innovation. Christopher Hodges, U.S. Consul General in Chennai, also addressed the summit, discussing the latest digital economy trends and opportunities, particularly focusing on AI’s impact and the role of supportive policies.
Rahul Sharma, USIBC India Managing Director, highlighted the significance of collaboration between the US and India’s tech sectors, stating that the council serves as a facilitator for dialogue that drives innovation and policy alignment. An Indo-US Tech Conclave held as part of the summit furthered discussions on key areas such as logistics policy, AI in agriculture, and advancements in electronics system design and manufacturing (ESDM). The USIBC reaffirmed its commitment to strengthening technology ties between the two nations.
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