Indian Economy to Propel with the Power of Entrepreneurship: Rajeev Chandrasekhar, MoS

Rajeev Chandrasekhar, Minister of State, Ministry of Electronics & IT and Skill Development & Entrepreneurship, said: “The Indian economy will be propelled and accelerated by the power of millions of entrepreneurs…We are the fastest growing economy of the world, we are the fastest growing FDI destination and we are creating startups and unicorns at a rapid pace, a rate which is making the Silicon Valley, and other traditional ecosystem to wonder what they are doing wrong and we are doing right.”

Chandrasekhar launched a report -- “Creating 10 million Digitally Enabled Microentrepreneurs” by IAMAI-KPMG at the 16^th edition of India Digital Summit 2022, organised by IAMAI.

In addition, the new normal is blend of digital and skill, so we need to unlearn, upskill and relearn.

The report highlighted that the digital platforms have helped the micro entrepreneurs to significantly increase market access, bring standardization in their offering, improve access to formal credit, reduce cost and improve their competitiveness. Digital enablement of micro entrepreneurs is a key element to bring formalization in the sector and increase efficacy of their practices.

The report showed digital platforms help unlock up to 30% more value for micro entrepreneurs that are associated with them by helping overcome these challenges.

During his session, Dr Amar Patnaik, Member of Parliament (Rajya Sabha), who was also the member of the Joint Parliamentary Committee on PDP, said the reason why we shifted from Personal Data Protection Bill to Data Protection Bill is because we didn’t want a tough war to happen later between regulators operating independently.”

“By having both privacy laws following from the Puttaswamy judgement and having a harmonious data regulation by the Data Protection Authority, rules framed by the government, the data economy will get a boost and it would trigger economy activities to take place, including cross border data flows between data fiduciaries, countries, entities. The JPC has evaluated both these aspects and finally came out with its conclusion that will protect privacy as well as boost the digital economy.”

The JPC on PDP submitted its report to the Parliament on December 16, 2021. The draft that was put out in 2019 after widest possible consultations had changed fundamentally, including the title of the bill from Personal Data Protection Bill to Data Protection Bill.