The finance minister has emphasised that technological advancement must serve the public good and not be weaponized. Speaking at the Global Fintech Fest, Nirmala Sitharaman cautioned against the misuse of emerging technologies, stating that while no society can fully master technology, and those who hold influence over it must exercise restraint and responsibility.
“When we do things for the global good, the motive must be public benefit — never weaponization. Technology can never be fully mastered, but as societies that hold certain rights over it, we must refrain from using it for harm,” she said. “Unfortunately, we often see global technological advances being weaponized, undermining progress,” she added.
Her comments come amid increasing global scrutiny of AI misuse, including deepfakes and digital fraud, underscoring the need for a balanced and principled approach to innovation.
Sitharaman said fintech firms should focus on expanding financial inclusion, including credit access for micro, small and medium enterprises (MSMEs), support for women and gig workers, and the development of green finance products to support the low-carbon transition.
"AI itself demands significant energy, so we must ensure it runs on sustainable and green power. Together, we must build tools that power a secure, sustainable, and equitable future," she said.
Sitharaman said India contributes 16% of global AI talent and ranks among the top three talent markets in the world. By 2030, AI-enabled global capability centres (GCCs) are expected to contribute 30–35% of India’s AI services revenue.
She also warned about the risks associated with AI.
"I have seen deepfake videos of myself circulated online — a reminder of how AI can be weaponized for deception. Fraud is no longer about breaching firewalls; it’s about hacking trust.
Criminals now use AI to mimic voices, clone identities, and create lifelike videos," she said. Sitharaman said fintechs must also be responsible while trying to be disruptive. She said they fintech must balance innovation with fundamentals like revenue growth, profitability, risk management and compliance.
"As global fintech revenues are projected to reach $1.5 trillion by 2030, rapid growth must come with responsibility. In India, varied levels of literacy and digital familiarity mean cybersecurity, fraud, and unethical lending remain key risks. Speed and scale must walk with safety," she said.
She said mechanisms like the RBI’s regulatory sandbox and self-regulatory frameworks, have enabled responsible innovation with accountability. Fintechs should collaborate with regulators and share insights to strengthen the ecosystem.
Sitharaman said technology must serve “as a bridge, not a barrier. It must deepen trust, safeguard privacy, and uplift every citizen.” To tackle challenges from deepfakes to cybercrime, we need a whole-of-society approach — regulators, fintechs, startups, and citizens working together with shared purpose and trust. Our mission must be to create not only the most innovative and inclusive system in the world, but also the most trusted and resilient," she said.
“When we do things for the global good, the motive must be public benefit — never weaponization. Technology can never be fully mastered, but as societies that hold certain rights over it, we must refrain from using it for harm,” she said. “Unfortunately, we often see global technological advances being weaponized, undermining progress,” she added.
Her comments come amid increasing global scrutiny of AI misuse, including deepfakes and digital fraud, underscoring the need for a balanced and principled approach to innovation.
Sitharaman said fintech firms should focus on expanding financial inclusion, including credit access for micro, small and medium enterprises (MSMEs), support for women and gig workers, and the development of green finance products to support the low-carbon transition.
"AI itself demands significant energy, so we must ensure it runs on sustainable and green power. Together, we must build tools that power a secure, sustainable, and equitable future," she said.
Sitharaman said India contributes 16% of global AI talent and ranks among the top three talent markets in the world. By 2030, AI-enabled global capability centres (GCCs) are expected to contribute 30–35% of India’s AI services revenue.
She also warned about the risks associated with AI.
"I have seen deepfake videos of myself circulated online — a reminder of how AI can be weaponized for deception. Fraud is no longer about breaching firewalls; it’s about hacking trust.
Criminals now use AI to mimic voices, clone identities, and create lifelike videos," she said. Sitharaman said fintechs must also be responsible while trying to be disruptive. She said they fintech must balance innovation with fundamentals like revenue growth, profitability, risk management and compliance.
"As global fintech revenues are projected to reach $1.5 trillion by 2030, rapid growth must come with responsibility. In India, varied levels of literacy and digital familiarity mean cybersecurity, fraud, and unethical lending remain key risks. Speed and scale must walk with safety," she said.
She said mechanisms like the RBI’s regulatory sandbox and self-regulatory frameworks, have enabled responsible innovation with accountability. Fintechs should collaborate with regulators and share insights to strengthen the ecosystem.
Sitharaman said technology must serve “as a bridge, not a barrier. It must deepen trust, safeguard privacy, and uplift every citizen.” To tackle challenges from deepfakes to cybercrime, we need a whole-of-society approach — regulators, fintechs, startups, and citizens working together with shared purpose and trust. Our mission must be to create not only the most innovative and inclusive system in the world, but also the most trusted and resilient," she said.
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