India, April 9 -- Amid an ongoing debate on why the country's deeptech ecosystem has fallen behind developed economies like the US and China, Gaurav Aggarwal, the VP and Chief AI Scientist at Reliance Jio, has said that India currently lacks the risk capital needed to support AI development.

Aggarwal was speaking at Inc42's GenAI Summit held in Bengaluru today. He was joined by Ashwin Raguraman, cofounder & partner at Bharat Innovation Fund; Roopan Aulakh, MD at pi Ventures; and Chinnu Senthilkumar, managing partner at Exfinity Venture Partners.

"We don't have the right policies in place to leapfrog in AI development. Extending the risk capital is the type of capital for the deeptech we need. If you look at the kind of capital that has ...