We withdrew the Data Protection Bill 2021 because it had become too complex: Rajeev Chandrasekhar

Digital Personal Data Protection Bill which will be a contemporary modern global standard framework of laws to be introduced

India is creating one of the largest datasets programs where anonymized non-personal data will be available on a platform for the entire AI ecosystem. The use of these data sets will be allowed only to Indian startups and companies, said Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship, Government of India, speaking at the third edition of Global Fintech Fest (GFF) today in Mumbai. He was at a fireside chat with Kunal Shah, CEO, CRED.

“Some of this will be made available to foreign companies who want to come and create opportunities in India. We are also emphasizing creating joint partnerships between Indian and foreign companies, especially in the deep tech area. The govt will provide capital access including government contracts to these partnerships to bolster the entire Indian business sector. In the semi-conductor space, the govt will invest $200 million in design startups. We are also going to launch a digital university soon,” the minister added.

GFF 2022 is organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). Scheduled from September 20 ^to 22, 2022 at the Jio World Convention Centre in Mumbai, this is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in person and virtually.

Commenting on Data Protection Bill, Chandrasekhar added: ”We withdrew the Data Protection Bill 2021 because it had become too complex. As per the vision of Prime Minister Modi, consumer rights must be protected while also making things easy for startups and innovators. We will soon bring a Digital Personal Data Protection Bill which will be a contemporary modern global standard framework of laws. We will also bring in a Digital India Act that will replace the 22-year-old IT Act.”

GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).