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It is important to first understand what Artificial Intelligence (AI) actually is. According to the definition of AI in the Oxford dictionary, Artificial Intelligence is intelligence exhibited by machines. In computer science, an ideal "intelligent" machine is a flexible rational agent that perceives its environment and takes actions that maximize its chance of success at some goal. Thus, when a machine mimics a human-like behaviour e.g. learning, planning, reasoning, problem-solving, the perception of the environment, natural language processing, etc., then it falls under the category of Artificial Intelligence. Despite the fact that we are counting on Artificial Intelligence as the next tool to revolutionize the way we live, work and interact with each other -- which will be mostly enabled by machine-learning techniques – it remains unclear as to how these intelligent agents will help to solve more complex problems than the ones existing today (e.g. Poverty, Epidemics, climate changes) while keeping in mind that the state of the art in AI today is to intelligently recognize images and smartly playing games. Nevertheless, if it does improve, then it will be no less than a superhuman intelligence and the question arising is that if we do not have a legal framework to prevent malicious use of this intelligence, then it might put the entire humanity on the verge of devastation too. If we also look at the present situation and who is involved in riding the waves of progress in Artificial Intelligence, then one can easily find big enterprises like Google, Facebook, Microsoft, and IBM are the ones who are big players in the field. The progress in AI is also bringing steady consequences e.g. eradicating jobs by the means of work automation, one such scenario can be seen in the Industry 4.0 framework, which is nowadays in use in the automobile industry. Industry 4.0 creates what has been called a ‘smart factory’ wherein a large number of robots take forward the whole manufacturing process with the help of cyber-physical systems, IoT, and cloud computing.