Rajeev Chandrasekhar, minister of state for electronics and information technology announced on Wednesday that the nation is developing one of the largest datasets programs, where anonymized non-personal data will be accessible for the entire AI ecosystem to boost startup ecosystem.
Chandrasekhar stated during the Global Fintech Fest (GFF), “only Indian entrepreneurs and businesses would be permitted to use these data sets.”
The minister claimed that some of the statistics will be made available to foreign businesses who want to come to India and create chances during a fireside talk with Kunal Shah, CEO of CRED.
“We are also establishing collaborative ventures with foreign and Indian businesses, particularly in the DeepTech sector. To support the whole Indian business sector, the government will grant these partnerships access to cash as well as government contracts”, Chandrasekhar underlined.
He stated that the government will fund $200 million in design businesses related to semiconductors.
In response to a question about the Data Protection Bill, Chandrasekhar stated: “We withdrew the Data Protection Bill 2021 because it had grown to be too cumbersome. According to Prime Minister Narendra Modi’s vision, Consumer rights must be safeguarded while simultaneously making things simple for entrepreneurs and inventors.”
The country will soon have a Digital Personal Data Protection Bill, which will be a modern, universally accepted set of regulations, he continued.
The 22-year-old IT Act would be replaced with a new law called the Digital India Act, he added.