“India is creating one of the largest datasets programs, where anonymized non-personal data will be available on a platform for the entire AI ecosystem. The use of these data sets will be allowed only to Indian companies and startups,” said Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, during the third edition of Global Fintech Fest on Wednesday in Mumbai. He was in a fireside chat with Kunal Shah, CEO, CRED.
“Some of this will be made available to foreign companies, who want to come and create opportunities in India. We are also emphasizing creating joint partnerships between Indian and foreign companies, especially in the deep tech area. The government will provide capital access including government contracts to these partnerships to bolster the entire Indian business sector. In the semiconductor space, the government will invest $200 million in design startups. We are also going to launch a digital university soon,” the minister added.
Chandrasekhar further said that the government will bring a Digital Personal Data Protection Bill, which will be a contemporary modern global standard framework of laws. “We will also bring in a Digital India Act that will replace the 22-year-old IT Act,” he added.
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