Data ‘a new form of money’, keep in mind the requirements of developing nations: India

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Data is a “new form of money” and it should be kept in mind the requirements of developing countries,

India had also said on Friday that President Donald Trump had opposed the Information localization and policies prohibiting digital business or trade.

American companies like Google, MasterCard, Visa and Amazon have lobbied against India’s data localization rules, including India.

Addressing a press conference after Narendra Modi meeting with Trump on the occasion of the G20 summit,

Foreign Secretary Vijay Gokhale said that India recognizes the importance of interfaces between business and the digital economy.

For Instance “We also confirm the role of data for development.

“From our point of view, data is a major issue, this is an issue we are seeing at home domestically,

where an international rule is being made,” he said.

Gokhale said that the approach of India and other BRICS countries should be discussed in the context of the World Trade Organization (WTO), and not in the context of the WTO.

Foreign Secretary said, “Information is also needed keeping in view the requirements of developing countries.”

Data: Is a new form of money

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“This is a new form of money,” he said. Trump said at the inauguration of the G20 Summit that the US opposes localization of data.

Above all “We must ensure the flexibility and security of our 5G network,

it is essential for our shared security and prosperity.

America opposes data localization and policies that are used to restrict the digital trade flow and violate privacy and intellectual property protection.

“He said,” he said.

America wants the future of digital business that empowers all our people. We look forward to working with other G20 members to pursue an open,

However fair and market-based digital economy which is free flow of Information And brings new prosperity. All our nations, “said the American president.

In April last year, the Reserve Bank of India issued a directive on ‘storing payment system data’

and advised all the system providers to ensure that all data related to the payment systems operated them

within a six-month period To be stored in System for effective monitoring only in India Similarly to 

Many US companies have expressed concerns over the issue of  in the other words Information localization and its impact on operating costs.

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