India’s Data Regime Won’t Grow Big Tech’s Burden, Minister Says

India’s Data Regime Won’t Grow Big Tech’s Burden, Minister Says

According to India’s technology minister, the new policy for handling data India’s Data Regime Won’t Grow Big Tech’s Burden, transfers outside is designed to support the India’s Data Regime Won’t Grow Big Tech’s Burden indigenous economy.

And shouldn’t place an additional burden on Big Tech firms operating in the country, including Google and Meta Platforms Inc.
According to Technology Minister Ashwini Vaishnaw on Bloomberg Television, the Digital Personal Data Protection Bill, 2023, seeks to establish long-term.
Regulations to safeguard consumers while directing the operations of both domestic and foreign multinational corporations.
Stock market updates: The Sensex and Nifty closed down, as the RBI, as expected, decided to keep the repo rate at 6.5%, but boosted the.

CPI inflation prediction for FY24 from 5.1% to 5.4%. The RBI keeps its 6.5% GDP growth forecast for FY23–24.

“The MPC has delivered in line with market expectations on rates, stance, and tone, with retention of rates and stance and the tone turning hawkish,” said.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.This indicates that the current policy rates will stay high for a while, hence a rate drop can only be anticipated in Q1 FY25.

According to several sources, the Mumbai

Bench of the National Company Law Tribunal or NCLT on Thursday.

Today is also the day that the eagerly awaited US inflation report will be released. Recently, Fed officials have emphasised numerous times.

That their impending interest rate decisions will be based on what the data shows them, specifically mentioning updates on inflation and the labour market.

Indian shares fell on Thursday, driven by the financial sector, after the RBI kept its key interest rates stable for the third time in a row as expected while increasing its inflation prediction.

Indices fell by about 0.5%; the RBI indicated hawkish tones despite maintaining the repo rate; and the Zee-Sony merger was authorised.

The RBI’s monetary policy committee decided to maintain the benchmark repo rate at 6.5%, but Shaktikanta Das, the governor of the central bank, warned that headline.

India’s Data Regime Won’t Grow Big Tech’s Burden

Inflation may spike significantly in the near future and that the outlook for domestic food prices is uncertain. The RBI also increased its prediction for retail inflation for the fiscal year 2024 from 5.2% to 5.4%.

Along with consumer durables, FMCG, and pharmaceuticals, sectors vulnerable to domestic interest rates like banking, finance, autos, and real estate also experienced declines.

As a result of the NCLT sanctioning the Zee-Sony merger, media increased by more than 3%. Zed increased by 16% on the news. The only other industry to end in green was metal.

Adani Enterprises, the company’s stock, topped the Nifty stock charts among equities. The Topix overall increased. India’s Data Regime Won’t Grow Big Tech’s Burden.

Thursday saw a general uptick in global benchmarks as investors prepared for the eagerly awaited US inflation report.

Strong corporate earnings offset worries ahead of U.S. consumer price inflation data, helping Japan’s Nikkei share average end higher after early losses. Nikkei index increased.

The easing of a pandemic-era ban on outbound group excursions boosted airline and travel-related companies and helped improve mood as.

India’s Data Regime Won’t Grow Big Tech’s Burden

China and Hong Kong markets closed higher, erasing losses in early trading. Both indices ended a streak of three straight losing sessions.

The Hang Seng Index in Hong Kong slowly increased after hitting a two-week low.

Following China’s move to loosen travel restrictions, European stocks continued to rise as the travel and luxury goods industries benefited.

On Thursday, UK equities edg up head of important U.S. Inflation data, but they fell short of a broader gain. In Europe as industry heavyweights like.

HSBC and Rio Tinto felt the pinch as their shares traded without the right to dividends.

on Thursday reveal that its standalone nett profit for the first quarter. Of the fiscal year that ended in June had decreased by 56.1% year over year to crore.

In the same period last year, the company had declared a profit of crore. Nett profit increased sequentially from crore in. Shares of Grasim Industries were trading around 1% down .

On August 7, India made a significant advancement in the process of establishing data compliance laws for Big Tech businesses.

After years of effort, the Indian government’s Digital Personal Data Protection Bill 2023 has undergone this unexpected change.

Global internet behemoths like Alphabet Google. Meta Platforms Inc., and Microsoft will benefit greatly from this action by the parliament because it will significantly.

Lessen the amount of compliance work required for them. To operate in India and access data sourced from India from outside.

The present draught shifts from a trusted jurisdiction, or country. Approach to a milder negative list for cross-border data transfers, which is unquestionably.

A pro-business move, according to Anisha Chand of the Indian legal firm Khaitan. India’s Data Regime Won’t Grow Big Tech’s Burden.

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