India's Budget 2025-26 cOVEAGE
Presented by:
spot_img

The Data Protection Law to Safeguard Privacy and Promote Inclusive Growth

Date:

Trending

The data privacy code of practice is finally making headway in India. Globally, 107 countries have introduced some form of legislation for data privacy and security. 

- Advertisement -

The implementation rate in Europe is high, but a majority of APAC economies are catching up on formulating local regulatory frameworks for protecting data privacy and security.

India is one of the newest participants in the data protection ring, with the Personal Data Protection (PDP) Bill already approved by the cabinet of the Government of India, and it is in the final stage to become a legal act soon. Personal data protection law to administer the accumulation, storage, and processing of data by public and private entities is anticipated next in India’s data privacy chronicle.

- Advertisement -

The PDP Bill was designed to craft the foremost cross-sectoral legal framework for data protection in the country. A data privacy law is essentially an umbrella, in all jurisdictions, it applies to private companies, government entities, and individuals that process private data, regardless of sector or industry. 

In retrospection, these regulatory developments are necessary considering the rising digital footprint of consumers and the patchy track of sensitive data they leave behind, namely — on the web, mobile, storage media, and other IoT devices where data might get processed or stored without intent or approval.

Data today is at perpetual risk of a breach, leak, and abuse, with major repercussions in the form of identity theft, financial fraud, coercion and harassment, brand damage, customer loss, and even lawsuits. 59% of senior Gen-yers (age 29-39) surveyed by FIS for the PACE Pulse survey indicated concerns around safety and security about their data while using contactless payments which is becoming the new normal. 

The data privacy system intends to safeguard the consumers’ fundamental right to privacy from the risks of undesirable exposure of sensitive information in this digital age. Data protection laws have compelled organizations to articulate rigorous measures for shielding user data from any kind of peril – be it cybersecurity breach, residual data leakage, etc. 

The target is to secure digital citizens, including businesses from a data breach, and hence, the facility of penal action in various data protection statutes. Globally, data protection and privacy laws strive to control how companies source, store, manage, and distribute private data. 

The crucial benchmark is to be within the range of most laws is where the data are collected, processed, and stored. Financial institutions are major consumers and distributors of data but, with increasing digitization, data is a major driver of business success across all sectors. The main legislative aspect of these constitutional laws is based on controlling how companies handle user data in its entire lifespan – from the accumulation and storing to archival and discarding. Failing to obey these data protection guidelines puts companies at risk of huge fines and even lawsuits.

Generally, organizations must specify and document why they are storing private data. They must contemplate judiciously about what they anticipate to use the data for before obtaining approval. Besides, data privacy legislation also has insinuations for data archiving, in the case that data subjects wish to be overlooked. All organizations that gather and process personal data must have a genuine interest in doing so and some statutory programs reckon specific principles for processing.

Data protection laws require organizations to act, to ensure compliance and there are major penalties for failing to do so. A big debate is going on which all countries are looking ahead for this law in compliance with General Data Protection Regulation (GDPR), India being one of them. 

Though the Indian government has not very clearly mentioned whether it will comply with all the GDPR laws, it is being taken as a reference. The Ministry of Electronics and Information Technology is trying to find the right balance to take advantage of a data-driven ecosystem, but with all reasonable restrictions – which are very much in line with the GDPR.

While the transition to a digital economy in India is ongoing, the handling of personal data has already become ubiquitous. There are various aspects of the PDP Bill that will require organizations to change their business models, practices, and principles. Several others will increase operational costs and complexity. 

These matters serve as a textbook for what businesses need to remember about India’s new regulation and the upsurge in data protection regulation worldwide. Understanding these concerns will help digital corporations plan into the future, face future regulations, and make informed decisions whether to enter or exit specific markets.

Data is the new currency to succeed in the digital economy, many Indian businesses are quickly converted into data-driven businesses. Especially, financial service providers with access to data could extend to an underserved client with an offer of credit. In such a case, the payback of having a purpose limitation would have to be considered against the costs of the unescapable prospects – augmented access to credit.

In India, this has significant insinuations for meeting national economic objectives like financial inclusion. Forward-looking companies will implement end-to-end data protection solutions that moderate costs, simplify compliance, and upturn automation.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Bharat Panchal
Bharat Panchal
Bharat Panchal is working as a Chief Risk Officer for India, Middle East & Africa for FIS Global.

More Latest Stories

More Articles

Preparing Your Staff To Host A Successful Business Event In Another City

A business event, a convention, and exhibition, a trade show - all of these alternatives, similar as they are, can be truly significant for...

TradeFT Review: Comprehensive Platform Overview 2025

The financial markets are abuzz with some pretty exciting developments as 2025 gets underway, particularly in the world of cryptocurrencies. Not long ago, Bitcoin broke through the $100,000 barrier prelude to a new beginning of growth and possibility for investors. In this exciting environment,...

Income Tax Slabs Revised in Budget 2025-26: Experts Applaud Relief for Salaried Class, VDA Taxation Still a Concern

With income tax exemption raised to ₹12.75 lakh and revisions in tax slabs, the...

Union Budget 2025-26: MSME Leaders Back Investment Limit Hike, Call E-Shram Expansion Crucial

The MSME sector has responded positively to the Union Budget 2025-26, with experts highlighting...

Union Budget 2025-26 Reactions: Education Sector Applauds AI, Skilling Initiatives but Flags Funding Gaps

India’s education sector leaders have responded to the Union Budget 2025-26 with optimism and...

Union Budget 2025: India’s AI Budget Allocation Stirs Mixed Reactions

India’s Finance Minister Nirmala Sitharaman's announcement of a ₹500 crore fund for a Centre...

Union Budget 2025: Medical Education Seats Increased by 130% in 10 Years; 10,000 More to Be Added

Education sector Budget LIVE: Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced...

Union Budget 2025: Kisan Credit Card Loan Limit Increased to ₹5 Lakh Under Modified Interest Subvention Scheme

Finance Minister Nirmala Sitharaman, in her Union Budget 2025-26 speech, announced an increase in...

From GCC & AI to DeepTech Investments: How Tech Experts React to the Union Budget 2025

Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 has drawn mixed reactions from technology industry leaders, particularly on the government’s push for deep tech and...

Union Budget 2025: IIT Student Strength Doubles, ₹500 Crore AI Education Center Announced

Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025-26 in Parliament today, outlined...

Union Budget 2025 LIVE: FM Sitharaman Announces Reforms in Finance Sector; Increases FDI Limit to 100%

Finance Minister Nirmala Sitharaman, while presenting the Union Budget for 2025-26 in Parliament today,...

Budget 2025 Expectations: Education Sector Call for Investment in Education Infrastructure and Support for Skill Training

With the Union Budget 2025 on the horizon, the education and skill development sector...

AI in Skill Development: What Budget 2025 Should Do to Close the Workforce Skills Gap

India, with its vast pool of young talent, faces a significant challenge: a widening...

Union Budget 2025 Expectations: Hospitality Sector Urges Budget Support for Tourism Growth and Workforce Development

With the Union Budget 2025 on the horizon, hospitality sector leaders are calling for stronger government support to fuel tourism growth. Industry voices highlight...

Cash out Tether USDT to Renminbi in Guangzhou

If you need to quickly and safely Cash out Tether USDT to Renminbi in Guangzhou, then it is best to use the services of electronic exchangers. They provide more convenient, more profitable and safer ways of exchange than alternative methods such as transfers through...

Union Budget 2025 Expectations: Insurance Sector Eyes Tax Incentives, Sops to Expand Health Insurance Reach

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025 on February...

Union Budget 2025: Farming, Agriculture Sector Pushes for Greater Subsidies, Policy Support

With Union Budget 2025 just days away, the agriculture sector is vouching for a...

Gaming Industry Eyes Budget 2025 for Relief on GST and Boosted AVGC Support

With the Union Budget just days away, the gaming sector is growing hopeful that...

Budget 2025: Tax Reforms, Infrastructure Financing, and NBFC Support Top Budget Wishlist

As Budget 2025 approaches, experts from the NBFC, finance, and business sectors are voicing...

Adoption of Low Code Platforms by MSMEs for Operational Efficiency of Their Supply Chains

Micro, small, and medium enterprises are the backbone of the world and account for...

Krikya Bangladesh Casino App Review

The Krikya app delivers a seamless and engaging mobile gambling experience for users of...

Union Budget 2025 Expectations: Housing, Real Estate Sector Call for Middle-Class Relief and Affordable Housing Revival

With just days to go before the Union Budget 2025, leaders from the real...

Luck vs. Strategy: Spinstralia’s Guide to Smarter Gaming for Australians

Online betting has always been a thrilling activity for Australians, a pastime that blends...

EV Sector Call for 5% GST, ITC Reforms, and Enhanced PLI in Budget 2025

As the date for the Union Budget 2025 draws near, the electric vehicle (EV)...

Budget 2025 Expectations: Education Sector Call for Investment in Education Infrastructure and Support for Skill Training

With the Union Budget 2025 on the horizon, the education and skill development sector...

Budget 2025: Pre-Owned Car Market Requests Financing Reforms, Auto Industry Looks for GST Clarity

With the Union Budget just days away, the auto sector is hoping for game-changing...

Budget 2025 Expectations: Semiconductor Industry Looks for Support to Boost Domestic Manufacturing, Incentives, and Innovation Investment

As India's Union Budget 2025 approaches, the semiconductor manufacturing sector is seeking measures to...

BUDGET 2025: Sustainability Sector Hopes for Strong Budget Support to Drive Clean Energy and Circular Economy

As the Union Budget 2025 draws near, expectations are building in the sustainable and...

Solar, Renewable Sector Expects Tax Breaks, Subsidies for BESS & Solar Financing Reform From Budget 2025

As Union Budget 2025 approaches, renewable energy leaders are urging Finance Minister Nirmala Sitharaman...

AI in Skill Development: What Budget 2025 Should Do to Close the Workforce Skills Gap

India, with its vast pool of young talent, faces a significant challenge: a widening...

Luck vs. Strategy: Spinstralia’s Guide to Smarter Gaming for Australians

Online betting has always been a thrilling activity for Australians, a pastime that blends...

REVIEW: PokieSurf Casino Mobile Gaming Experience

If you’re chasing the thrill of online casino no deposit bonus free spins Australia,...

EV Sector Call for 5% GST, ITC Reforms, and Enhanced PLI in Budget 2025

As the date for the Union Budget 2025 draws near, the electric vehicle (EV)...