The US-China AI race mirrors a nuclear arms race, necessitating urgent global regulation. Chinese open-source AI and US export curbs intensify competition. Reports of AI security breaches highlight the critical need for a “kill switch.” India, through its BRICS presidency, must initiate multilateral AI governance, possibly using the EU's AI Act. The article warns that without such a switch, “mutually assured destruction” could apply, emphasizing India's crucial role in fostering a regulated and safe AI future.