Paytm founder Vijay Shekhar Sharma: India should not give in to sovereignty of AI to foreign world at all, we as a country are…

Paytm founder and CEO Vijay Shekhar Sharma has recently stated that India must maintain its sovereignty in artificial intelligence (AI) and not rely on foreign platforms. He also announced that Paytm is launching AI-focused offerings under a new brand identity. “For India, the sovereignty of AI is equal to virginity in a way. India should not give in to the sovereignty of AI to the foreign world at all. It is my belief that we as a country are capable and will build it,” Sharma said while speaking at the annual Global Fintech Fest. Sharma noted that he is "uncomforted" by the lack of work on AI in India, without specifying the exact services he plans to offer. He added that, since Paytm is a brand associated with payment technologies and financial services, he will adopt a new brand identity for the AI services.

Referring to India's reliance on American platforms throughout its technological evolution, Sharma noted that the country has depended on US-made operating systems for running computers, cloud networks, and mobile phones. He also admired China's approach and highlighted how the government has built its own. Sharma cited how a Chinese mobile phone company developed its own operating system when a US company restricted access to its software. When asked about his plans, Sharma tied his AI ambitions to what he believes should be the country's aspirations in the technology sector.

What Paytm founder Vijay Shekhar Sharma said about demonitisaiton and startup IPOs

At the event, Sharma also clarified that the fintech company had no role in inspiring the 2016 demonetisation move, adding that if it had such influence, it wouldn’t be facing the current challenges.

While tracing the company’s origins in the payments space and its growth over the years, Sharma referred to the government’s demonetisation decision when high-value currency notes were withdrawn overnight, accelerating the adoption of digital payments.




"In November 2016, when something happened (demonetization), people felt we inspired it. But, if we had such heft, then we wouldn't be suffering the way we are today," Sharma explained.

In recent years, Paytm has come under regulatory scrutiny, facing actions from both the Reserve Bank of India and the Securities and Exchange Board of India (Sebi) over various alleged compliance issues.

Earlier at the same event, Sharma also emphasised that startup founders should maintain control over the pricing of their initial public offerings and avoid relying on external parties for such decisions.