11 Oct 2019 15:29 IST

IIM-B, FICCI conference explores design of a new data economy for India

Speakers discussed legal framework of data protection and data monetisation models

Indian Institute of Management Bangalore (IIM-B), in association with the Federation of Indian Chambers of Commerce and Industry (FICCI), hosted a one-day conference on ‘Digital data privacy, protection and monetisation models’ at IIM-B on October 10.

Prof A Damodaran, Economics and Social Sciences, IIM-B said: “The conference aims to propose policy guidelines on data flows and explore the design of a new data economy for India. It delves into the requirements for a digital and IPR infrastructure for India that can lead to the emergence of a robust data economy in the country.”

Industry leaders and policymakers addressed issues such as the legal framework of data protection, data/cyber security and privacy, design of data protection ecosystems, network technologies and IPRs, and data monetisation models.

Growth in Indian market

Ullas Kamath, Chairman, FICCI KSC and Joint Managing Director, Jyothy Laboratories Limited, said: “Data is becoming crucial to public and government. India must play a pivotal role in the deliberations on a secure India and a responsive governance structure. The focus of today’s conference is on the possible trade-offs amongst aspects like data protection, privacy and rapidly growing digitally-driven economic systems that have been key priorities for India in the preceding three years. We hope this conference provides us answers to questions in and around the subjects in the light of the privacy laws envisaged.”

Ram Sevak Sharma, Chairman, TRAI, said: “I have spent over four decades in the government sector and I have witnessed a vast change in this system. We need to thank Nandan Nilekani for introducing Aadhaar, which has brought in a modern data privacy regime in India. Earlier, there was no urge for data protection and privacy amongst the masses but with the introduction of Aadhaar, the need is being felt amongst the public. Unfortunately, the law hasn’t been introduced yet and we still need an overall privacy law in our country. The Aadhaar Bill limits the usage of data and it can be shared only with consent.”

Prof G Raghuram, Director, IIM-B, said: “The Indian market has tremendous growth potential in the data market. We are swiftly evolving from a knowledge economy to a data-driven economy. In less than a decade, technology has disrupted the landscape in healthcare, transportation and banking. India has data, huge market opportunities and immense talent and it is up to us to decide out what we want to do with it. In the long run we need to come up with a strict privacy law.”