financetom
Economy
financetom
/
Economy
/
Mukesh Ambani bats for data localisation, urges Narendra Modi to take necessary steps
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Mukesh Ambani bats for data localisation, urges Narendra Modi to take necessary steps
Jan 18, 2019 6:03 AM

Reliance Industries chairman Mukesh Ambani on Friday urged Prime Minister Narendra Modi to take steps to end increasing "data colonisation" and said Indians should own and control their own data.

"Data is the new oil (in the new world order). And data is the new wealth. India's data must be controlled and owned by Indian people - and not by corporates, especially global corporations," Ambani said at the 9th Vibrant Gujarat Summit.

Paying homage to Mahatma Gandhi in the year of his 150th birth anniversary, Ambani drew parallels to Gandhi's movement against political colonisation and said, "today, we have to collectively launch a new movement against data colonisation."

"For India to succeed in this data-driven revolution, we will have to migrate the control and ownership of Indian data back to India - in other words, Indian wealth back to every Indian," he said.

This is the second time within a month that Ambani has backed Indian authorities' efforts to get companies to store data locally.

The government wants companies doing business in India to store all customer data locally. The Reserve Bank of India (RBI) in April 2018 ordered companies to store the "the entire data relating to payment systems operated by them... In a system only in India" so as to ensure "unfettered supervisory access" for "better monitoring".

The government is considering a draft data security law that requires data centres for all companies be physically located within India. Also under consideration is an e-commerce policy that requires the storage of customer data in the country.

The draft data privacy bill recommends restrictions on the transfer and storage of information by global giants from Facebook to Google.

Ambani, who had himself supercharged internet adoption by helping crash data prices with the launch of his telecom venture Jio in 2016, had last month in Mumbai stated that "data colonisation is as bad as the previous forms of colonisation."

Without giving timelines, he said Jio and Reliance Retail, which has over 9,000 stores across 6,500-plus towns in the country, will launch "a unique new commerce platform to empower and enrich our 12 lakh small retailers and shopkeepers in Gujarat - which are part of over 3 crore community in India."

Ambani had previously spoken of leveraging the Jio network for launching some sort of an e-commerce venture.

With inputs from PTI.

Disclosure:

Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary

First Published:Jan 18, 2019 3:03 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Factbox-Most brokerages expect Fed to hold rates steady in January meeting
Factbox-Most brokerages expect Fed to hold rates steady in January meeting
Dec 30, 2024
(Reuters) -Major brokerages, including BofA and Goldman Sachs, expect the U.S. Federal Reserve to hold interest rates steady in the upcoming January meeting, after the central bank delivered a quarter-percentage-point cut in December. Fed Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation. His remarks indicated policymakers were starting to...
Dallas Fed December Manufacturing Index Indicates Expansion
Dallas Fed December Manufacturing Index Indicates Expansion
Dec 30, 2024
10:38 AM EST, 12/30/2024 (MT Newswires) -- The Dallas Fed's monthly manufacturing index rose to a reading of 3.4 in December from minus 2.7 in November, compared with expectations for a decrease to a reading of minus 3.0 in a survey compiled by Bloomberg as of 7:45 am ET. The index indicates expansion, which is in line with the Empire...
US Dollar Falls Early Monday, Focus on New Year's Holiday, Manufacturing Data
US Dollar Falls Early Monday, Focus on New Year's Holiday, Manufacturing Data
Dec 30, 2024
07:30 AM EST, 12/30/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Monday to start off another quiet week broken up by the New Year's Day holiday on Wednesday. Monday's calendar includes the Chicago PMI report for December at 9:45 am ET, followed by pending home sales data for November at 10:00 am ET and...
US pending home sales hit 21-month high in November
US pending home sales hit 21-month high in November
Dec 30, 2024
(Reuters) - Contracts to buy U.S. previously owned homes rose more than expected in November, notching a fourth straight month of gains as buyers focused on taking advantage of improved inventory despite stubbornly high mortgage rates. The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, rose 2.2% last month to 79.0...
Copyright 2023-2025 - www.financetom.com All Rights Reserved