Objectives: This article aims to examine the global efforts in regulating artificial intelligence (AI), highlighting the diverse approaches taken by different countries. It focuses on key regulatory parameters such as ethical concerns, privacy, security, and economic impact. Additionally, the study explores the legislative gap in India, where policy frameworks exist but no specific AI law has been enacted.   Methods: The research adopts a qualitative approach, utilizing comparative analysis to assess AI regulations across various countries. The study evaluates how the European Union, the United States, China, and India implement AI governance, with a particular focus on India's regulatory landscape and the need for a vigilant approach in an emerging economy.   Results: The findings reveal that while the EU has implemented comprehensive AI regulations, other nations, including the US, China, and India, rely on sector-specific and strategic frameworks. Most regulations primarily address commercial and human rights concerns. In India, although policy frameworks exist, the absence of a dedicated AI law creates a legislative gap, raising concerns about market disruptions and ethical oversight.   Conclusion: Regulating AI remains a global challenge, with different nations adopting varied approaches. For an emerging economy like India, balancing innovation with regulation is crucial to prevent market disruption. The study suggests that a well-structured AI regulatory framework is necessary to ensure ethical AI deployment while fostering economic growth and technological advancement.