At the recent AI Impact Summit held in New Delhi, Sam Altman, the CEO of OpenAI, proposed the formation of an international regulatory body akin to the International Atomic Energy Agency (IAEA), which would specifically focus on managing the risks linked to the fast-evolving artificial intelligence (AI) technology. Altman emphasized the necessity for urgent regulations and safety measures as AI technology becomes increasingly powerful and warned that concentrating this technology in the hands of a single company or nation could lead to catastrophic consequences for humanity. He argued that the democratization of AI is vital for ensuring human prosperity but also acknowledged that it is not an argument for avoiding regulation altogether.