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The Comptroller and Auditor General (CAG) of India on March 20 signed a Memorandum of Understanding (MoU) with Indian Institute of Technology (IIT) Delhi on Artificial Intelligence.
The MoU was signed and exchanged between Additional Deputy CAG A. M. Bajaj and IIT Delhi Director, Prof. Rangan Banerjee, in the presence of CAG Girish Chandra Murmu.
Speaking on the occasion, Mr. Murmu said the MoU marked a significant milestone in the journey towards leveraging AI and other emerging technologies for the advancement of audit practices, and beyond.
“It is noteworthy to mention that Government of India has made huge strides in adopting AI for governance and is on track to become the Global Hub for AI Innovation as the chair of Global Partnership on Artificial Intelligence (GPAI) in 2024,” said Mr. Murmu.
He said the tussle to assume leadership in the field of AI had seen many countries implementing orders and laws to promote adoption of responsible AI. “Notable among these are the US government’s Executive Order on Artificial Intelligence brought out last year, and the recently implemented law on Artificial Intelligence by the European Union,” he said.
The Government of India had unveiled the national strategy for AI in 2018. It aims to encourage innovation, skilling of the workforce, and promotion of responsible AI adoption.
“India AI Mission, a landmark initiative aimed at accelerating AI research, development, and adoption across various sectors was recently approved by the Cabinet. This mission marks a significant step towards bolstering India’s AI ecosystem and underscores the government’s commitment to harnessing the transformative potential of AI to address societal challenges, drive economic growth, and foster innovation,” Mr. Murmu added.
On the signing of the MoU, he said: “Today, we embark on a collaborative endeavour that recognises the transformative potential of these technologies and the importance of partnership in harnessing their full capabilitie… AI has emerged as a catalyst for change in the field of audit, offering a plethora of opportunities to enhance efficiency, effectiveness, and insight.”
“By harnessing AI-driven algorithms and predictive analytics, auditors can analyse vast volumes of data with unparalleled speed and precision, enabling them to uncover patterns, anomalies, and potential risks with greater accuracy. Moreover, AI-powered tools have the potential to automate routine tasks…,” he said, adding that IIT Delhi had been at the forefront of AI research and innovation.
As part of the MoU, the CAG will have access to cutting-edge AI expertise, capacity building for our workforce, and development of bespoke AI solutions tailored to specific audit needs.