India moving on fast lane of $1 trillion digital economy but data security important, says Ravi Shankar Prasad

By: |
New Delhi | September 19, 2019 5:34 PM

Google for India event was held in New Delhi for the fifth time on September 19

Google For India event was held in New Delhi on Thursday where a horde of announcements were made for Indian consumers. Speaking at the event, Ravi Shankar Prasad, union minister for communications, information technology, electronics, and law & justice, emphasised Prime Minister Narendra Modi’s dream of making India a $5 trillion economy that Google will help build. He also said that the government hopes to achieve the mark of $1 trillion for India as a digital economy, powered by digital payments, AI, and other advanced computing technologies.

Prasad said that India is moving on a “fast lane of digital economy” as the millions of Indians are now online, accessing services and making payments, which strengthens the overall economy of the country. But at the same time, he stressed user privacy of users in India be safeguarded by the companies, irrespective of the implementation. “Today, I wish to compliment Google for so many products that they have launched with due regard to safety and security,” said Prasad

Indian government has been urging foreign tech companies, including Google, to start storing the data of Indian consumers locally, and not on the servers in the US and elsewhere. However, the tech companies have shown concern over the demands as they point out the complexity and uneasiness in the process of data migration to the country.

“We are working with the government over its demands for data localisation. But at this point in time, we are storing data of our users at multiple locations, the process for which is managed by algorithms,” Google told FE Tech.

Google India has announced a bunch of new features and services, including a new Google Pay Business app, for Google Pay, which reached a total value of $110 billion in annual transaction for the year 2019 with 67 million monthly active users. The UPI transactions saw a manifold growth, jumping to 918 million transactions in August 2019 since the launch of Google Pay in August 2017.

The company also announced addition of more Indic languages to Google Assistant, Google Lens, and many other apps.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Cairn sets eyes on piercing Air India; begins process to seize Indian overseas assets to recover tax award
2Airtel rolls out Covid support initiatives for customers on its digital platform
3It’s ‘learn from home’ after WFH amid COVID pandemic; Edtech helps in upskilling, reskilling of employees