SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 22 Oct, 2018  

Data.Error.9.Thmb.jpg Data protection bill detrimental to economy, says advocacy group

Data.error.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 22 Oct, 2018
While the government is in the process of devising institutional measures to protect consumers' personal data, an advocacy group has written to Union Law Minister Ravi Shankar Prasad against the limited scope of the legislation in work, which, it said, will "harm the overall globalization of the economy" in the long run.

Consumer VOICE on Sunday said that though the move may seem right in the short run, it eventually will prove to be detrimental to the economy.

The government had earlier this year brought out the draft of data protection bill, an effort towards defining the legal boundaries of the use of personal data and bringing the matter under legislature.

"The bill in its current form will drastically hinder such progress and negatively impact consumer interests in garnering benefits of these global technological innovations, access to global best practices and options, economies of scale, knowledge base and opportunities," the advocacy group said in its letter to Prasad, who is also the Minister of Electronics and Information Technology.

The bill, if passed in its present form, may even cause to wipe out nearly one per cent of the Gross Domestic Production (GDP) of the country, the letter said.

"An international report has quantified harm to Indian economy and states that the potential impact on India's GDP may be -0.8 per cent, domestic investments -1.4 per cent and the loss per worker may be equivalent to 11 per cent of the average monthly salary," it read.

The letter said that restrictions on cross-border flow of data will have "far reaching negative consequences", as will the data localisation, which will deny the citizens the access of "innovative offerings".
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter