The government announced plans to support homegrown large language models (LLMs) developed by Indian startups and companies, days after a Chinese company’s demonstration of cost-efficient AI capabilities led to a trillion-dollar market value drop for American tech giants. Union Minister Ashwini Vaishnaw. (PTI) Union IT minister Ashwini Vaishnaw said on Thursday that six Indian entities had already shown promise and could release their foundation models in the next ten months. “What the world has seen today is that algorithmic efficiency matters a lot. Algorithmic efficiency can deliver a model at a much lower cost and in a much lesser time than the world has seen. Many of our researchers have been working on similar concepts. We are confident that using those concepts, we will be able to have a world-class foundational model in the next few months,” Vaishnaw said. Foundation models, which form the basis of AI systems such as ChatGPT, are algorithms that train on vast amounts of data to develop broad capabilities in language understanding and generation. Unlike traditional AI programs designed for …