India is regulating Artificial Intelligence (AI) through existing laws like the IT Act, focusing on platform due diligence, financial sector rules, and data protection. While China has proposed rules targeting emotionally interactive services and excessive use, India's approach is less intrusive but also incomplete, lacking a specific consumer safety regime for AI's psychological harms. Regulators are addressing deepfakes and model risk, but India lags in developing its own frontier AI models, prompting caution against a 'regulate first, build later' approach.