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As on : 18-Sep-2025

Economy - Reports
18-Sep-2025 11:49

Use AI to safeguard consumers, protect businesses, and strengthen trust in India's fast-growing digital economy: PHDCCI

The PHD Chamber of Commerce and Industry (PHDCCI) brought together government leaders, industry experts, and top executives for a high-level conference on 'Harnessing AI to Combat Frauds and Counterfeits in Retail & E-commerce.' The event focused on how Artificial Intelligence can be used to safeguard consumers, protect businesses, and strengthen trust in India's fast-growing digital economy. Setting the broader context, Mr. Hemant Jain, President, PHDCCI, spoke about the double-edged nature of AI. While India's digital revolution has unlocked huge opportunities, it has also increased risks such as fraud, counterfeiting, and even deepfakes. Citing the Reserve Bank of India's latest report, he noted that although the number of fraud cases fell, their total value jumped threefold to ₹36,000 crore in FY 2025. 'Artificial Intelligence is no longer optional- it's already part of our lives. The challenge now is to ensure it is applied responsibly, transparently, and in a spirit of collaboration. Only then can we turn digital speed into digital safety,' he said.

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