AI is becoming a new measure of global power, built on chips and the infrastructure that powers them. But while India has the talent and the data, it still lacks many of the critical building blocks to be a leader on frontier AI. In the first episode of Emerging, a monthly podcast series, host Menaka Doshi examines India’s AI trilemma: Can the world’s most populous country achieve AI sovereignty without controlling the technology’s most advanced layers? She’s joined by Srikanth Velamakanni, co-founder of Fractal Analytics, India’s first publicly listed pure-play AI company, and Ganesh Ramakrishnan, a professor at the Indian Institute of Technology-Bombay, to explore how India hopes to turn its talent, scale and innovation into a competitive edge. 00:00 Emerging: Can India catch up in the AI race? 02:00 What is AI sovereignty? 05:00 Data, quality and the sovereignty debate 08:30 AI power, geopolitics and global interdependence 15:00 The future: federation, partnerships and Project Tapestry 20:50 India’s AI report card across the stack 24:30 Can India catch up without chip fabs? 36:00 Education and entrepreneurship as India’s AI multipliers 37:30 SMEs, inequality and AI inclusion risks 39:50 The cost curve: will AI get cheaper or more expensive? 42:50 Why India still needs a frontier model Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Visit us: https://www.bloomberg.com/podcasts Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg For coverage on news, markets and more: http://www.bloomberg.com/video