The proposed Data Protection bill, which is currently being debated in the Indian Parliament, is expected to enable easier cross-border data transfer and act as an enabler for startups.
The bill, which is based on the European Union’s General Data Protection Regulation (GDPR), would give individuals more control over their personal data and would require companies to be more transparent about how they collect and use data.
The bill also includes provisions for cross-border data transfer, which would allow companies to transfer data outside of India if they have adequate safeguards in place to protect the data.
“The proposed Data Protection bill is a significant step forward for India,” said Arvind Singhal, Managing Partner at law firm Shardul Amarchand Mangaldas. “The bill would provide much-needed clarity on data protection laws in India and would help to create a more predictable environment for businesses.”
“The bill would also make it easier for companies to transfer data outside of India, which would be a boon for startups,” said Singhal. “Many startups rely on cross-border data transfer to access global markets and to collaborate with partners.”
The bill is also expected to boost the startup ecosystem in India. “The proposed Data Protection bill would provide startups with the confidence to collect and use data,” said Prashant Mali, Partner at law firm Trilegal. “This would help startups to innovate and to grow.”
“The bill would also help startups to attract foreign investment,” said Mali. “Many foreign investors are hesitant to invest in startups in India because of the lack of data protection laws. The proposed Data Protection bill would address these concerns and would make India a more attractive destination for foreign investment.”
The proposed Data Protection bill is still under debate in the Indian Parliament, but it is expected to be passed into law in the near future. The bill would be a significant step forward for data protection in India and would act as an enabler for startups.