New Delhi [India], May 11 (ANI): As India celebrates National Technology Day on Sunday, tech leaders are emphasising the urgent need for policy reforms, skill development, and responsible innovation to position the country as a global leader in artificial intelligence.

With Artificial Intelligence (AI) reshaping the technological landscape, the sector is poised to drive significant transformation and economic growth.

The celebration of National Technology Day was started by former Prime Minister Atal Bihari Vajpayee in 1999 to honour Indian scientists, engineers and technologists, who worked for India's scientific and technological advancement and ensured the successful conduct of Pokhran tests in May 1998.

Since then, National Technology Day is observed every year on May 11.

Over the years, National Technology Day has evolved into a flagship occasion for honouring scientific excellence, showcasing industrial innovations, and reinforcing the partnership between science, society, and industry. However, the challenges remains.

Pramod Kathuria, Founder and CEO of Easiloan, underscored the transformative potential of AI in fintech and the importance of a supportive ecosystem.

'To enhance India's competitiveness in the global AI race, we must prioritise the development of a robust regulatory framework that fosters innovation while ensuring ethical standards. This includes investing in research and development, promoting public-private partnerships, and creating an ecosystem that nurtures startups focused on AI solutions,' he said.

The industry leaders highlights the challenge such as lack of skilled talent, data privacy concerns, and the need for algorithmic transparency.

Players in the technology space expressed the need to adopt changes to ensure regulatory measures, allowing us to harness AI's full potential while safeguarding consumer interests.

Kunal Varma, Co-Founder and CEO of Freo, stressed the importance of building on India's digital infrastructure to propel the next wave of AI-led innovation.

'India has a real opportunity to lead the global AI race in fintech by combining strong policy support, focused talent development, and meaningful public-private partnerships. We already have a solid digital foundation with platforms like UPI and Account Aggregators - what's needed now is the responsible application of AI to drive the next wave of innovation,' Varma said.

'Technology today is not just about breakthroughs, it's about outcomes. As enterprises embrace the possibilities of AI, the focus must stay on delivering measurable value,' said Girish Hirde, Global Delivery Head at InfoVision.

Industry leaders agree that by addressing the challenges and embracing a collaborative, ethical approach, India's technological ecosystem can play a pivotal role in shaping the global future of AI.

When it comes to adoption of technology, India is undergoing a remarkable transformation in Artificial Intelligence.

The government is actively shaping an AI ecosystem where computing power, GPUs, and research opportunities are accessible at an affordable cost.

The government is also rapidly building an AI computing and semiconductor infrastructure to support its growing digital economy. With the approval of the IndiaAI Mission in 2024, the government allocated Rs 10,300 crore over five years to strengthen AI capabilities. (ANI)