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Home Gadgets Nothing stops companies from processing data in India itself: Paytm CEO

Nothing stops companies from processing data in India itself: Paytm CEO


Expressing assist for data localisation, Paytm founder Vijay Shekhar Sharma on Tuesday mentioned knowledge generated in India ought to be processed throughout the nation. Talking on the fifteenth India Digital Summit, Sharma mentioned there may be nothing that stops corporations from processing knowledge in India itself.

He added that corporations want to have a look at India past as only a market, given the large alternative it presents.

“India is an open market, we welcome overseas corporations, we have to put them to the identical legal guidelines and orders… Past that, could one of the best product win.

“I am not saying a product, simply because it’s made in India, will likely be superior. In the end the superior product wins,” he mentioned.

He added that whereas many tech merchandise have been constructed within the US beforehand, these are actually being developed in India — a pattern that may speed up additional within the subsequent 5 years.

“I believe India will make the world’s most superior merchandise, and that’s the reason we’ll win,” he mentioned.

Prior to now too, Sharma had endorsed knowledge localisation.

Information sovereignty is a matter that the Indian authorities is addressing via its knowledge safety legislation to make sure privateness, security and safety of consumer knowledge. These embrace provisions across the dealing with of knowledge of adults and minors, storage throughout the Indian borders and penalties for non-compliance.

Sharma additionally dismissed any issues round job losses from transitioning to an ‘Aatmanirbhar’ digital financial system.

Sharma mentioned a number of thousand jobs that overseas funding generates will likely be far outweighed by the long-term advantages of homegrown digital enterprises.

To a query on the affect of Chinese language traders on Paytm, Sharma mentioned the corporate operates independently.

“On our board and operations, I can say that we run all our software program expertise platform by ourselves. No shareholder has a say on what we must always do. Successfully, all shareholders are handled as business shareholders. The board seats and the board management is in India’s hand,” he mentioned.

He added that the corporate has shareholders not solely from China, but in addition Japan and the US, and that “each certainly one of them is a really influential company governance-led shareholder.”

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