The Reserve Bank of India (RBI) reportedly appointed executive director P Vasudevan as the new head of the fintech department earlier this month. With this, Vasudevan has become the second top official of the department since its formation in early 2022. 

Sources told The Economic Times that Vasudevan has taken over the reins from the incumbent chief and RBI executive director Ajay Kumar Choudhary, who is said to have retired. As per the report, Choudhary has now been appointed to the board of the Reserve Bank Innovation Hub.

“He has immense experience handling the payment ecosystem in the country, which will help him while dealing with the growing fintech ecosystem in the country,” a senior fintech executive reportedly said. 

The RBI hived off a separate fintech department in 2022 to foster innovation and provide impetus to the burgeoning Indian fintech industry. It is this department that industry stakeholders have to coordinate with for regulatory push and policymaking. 

Industry executives told the publication that Vasudevan will likely focus on streamlining coordination between various supervisory departments and ironing out policy bottlenecks. 

The fintech department will be an additional charge for Vasudevan who already oversees currency management, the corporate strategy and budget department at the central bank. 

This comes barely three months after Vasudevan was appointed as the executive director of the central bank in July this year. The RBI executive previously served as the chief general manager in charge of the department of payment and settlement systems before the elevation. 

The new appointment comes as the central bank has issued a slew of diktats and directives to streamline the entire fintech ecosystem. Just this month, the RBI issued rules to directly regulate entities facilitating cross-border payments. 

It has also been tightening its grip around fintech players, especially payment aggregators, and mandating greater compliance with rules and regulations. In September, RBI deputy governor T. Rabi Sankar also pitched for the creation of self-regulatory organisations (SROs) in the fintech sector to tackle key issues such as market integrity, data privacy, and cybersecurity.

A flurry of diktats from the RBI in the past one year also forced companies to pivot while the business models of many other players have also been rendered useless. 

As the fintech space grows in prominence, it remains to be seen how the space evolves. With a new official at the helm of affairs, all eyes are now on Vasudevan as to how he walks the tightrope between regulation and innovation.

The post P Vasudevan Takes Over The Reins Of RBI’s Fintech Department appeared first on Inc42 Media.

In an attempt to replace the existing Cable Television Networks (Regulation) Act, the Ministry of Information and Broadcasting (MIB) has floated the much-anticipated draft Broadcasting Services (Regulation) Bill, 2023, for public consultation.

This move is expected to be a game changer for over-the-top (OTT) platforms in India as this bill seeks to take all such platforms under its purview. Notably, OTT platforms are currently regulated under the IT Act, 2000.

“The bill streamlines regulatory processes, extends its purview to cover the OTT content and digital news, and introduces contemporary definitions and provisions for emerging technologies,” the ministry said in a statement.

MIB added that it addresses a long-standing need to consolidate and update the regulatory provisions for various broadcasting services under a single legislative framework. This move streamlines the regulatory process, making it more efficient and contemporary, it added.

How Does The Broadcasting Bill Define OTT?

As per the draft Bill, “OTT broadcasting service” refers to a broadcasting service that provides on-demand or live content to subscribers in India through the internet or a computer resource. This includes a curated catalogue of programmes that are either owned, licensed, or contracted for transmission, excluding closed networks.

The definition also extends to cases where accessing content on non-smart televisions or viewing devices requires additional hardware or software, or a combination thereof, such as a set-top-box, dongle, or software keys.

OTT broadcasting shall not include social media intermediaries and their users, as defined by rules under the Information Technology Act, 2000, or any other entities notified by the government, the bill added.

Moreover, for OTT broadcasting services, compliance responsibility with all requirements under this bill lies with the operator providing the programme or content, not with the network operator or internet service provider.

Key Details On The Regulation

While the majority of broadcasting network operators must obtain a licence from the Centre, streaming platforms are only required to “intimate” the government if they surpass a specified subscriber or viewer threshold. To prevent “genuine hardship” for OTT broadcasters, the central government holds the authority to grant exemptions from the Act’s provisions through guidelines.

“Any person providing an OTT broadcasting service in India, with such number of Indian subscribers or viewers as may be prescribed, shall, within one month from the notification of this act or its meeting the prescribed threshold, provide an intimation to the central government of its operations,” the draft said.

Furthermore, the bill introduces a differentiated approach for programme and advertisement codes, tailored to different services. It mandates self-classification by broadcasters and enforces robust access control measures for restricted content.

In case of any violation of the programme or advertising code, OTT platforms will also be required to pay a penalty. The penalty for the initial violation is a fine of up to INR 20,000, while subsequent contraventions may incur a penalty of up to INR 1 Lakh.

The Indian OTT market is a bustling segment, including domestic players like Zee5, SonyLIV, and JioCinema alongside international majors such as Disney+ Hotstar, Amazon, and Netflix.

Revenue of the Indian video over-the-top (OTT) market is set to double from $1.8 Bn in 2022 to $3.5 Bn by 2027, according to PwC’s latest report. Further, the Indian OTT market is expected to grow at a CAGR of 14.32% over the next five years against the global OTT segment’s rate of 8.4%.

The post New Broadcasting Bill Taking OTTs Under Its Ambit Extended For Public Consultation appeared first on Inc42 Media.

The Supreme Court has quashed a petition, which sought the apex court’s intervention directing the centre to formulate guidelines regulating trading of cryptocurrencies.

A bench comprising Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra disposed of the petition saying that the directives sought were ‘more in the nature of a legislative direction.’

The bench further observed that the plea pertained to Article 32 of the Constitution which did not fall under the Court’s jurisdiction. Article 32 relates to constitutional remedies and one of the provisions of the article empowers a citizen to move the Apex Court for enforcement of rights. 

One of the reliefs sought by the petitioner related to directions for the prosecution of cases involving digital assets or cryptocurrencies. On this, the Court noted that it was evident that the ‘real purpose is to seek bail in proceedings which are pending against the petitioner.’

“Though the petition is under Article 32 of the Constitution, it is evident that the real purpose is to seek bail in proceedings which are pending against the petitioner. We are unable to subscribe to this course of action…. We accordingly dispose of the Petition granting liberty to the petitioner to pursue his remedies in accordance with law,” added the bench. 

The SC also added that the petitioner is free to move the ‘appropriate court’ for the grant of regular bail, and refused to entertain the petition. 

The petition filed by Uttar Pradesh resident Manu Prashant Wig had invoked Article 32 while seeking directions to the union government for framing rules for the regulation of trading and mining of cryptos, besides prosecution of cases involving cryptos.

With this, the Court has more or less ruled that it is the prerogative of the legislature to make laws encompassing the space. The ruling is expected to give more heft to the centre’s position which more or less revolves around complete regulation of the ecosystem. 

While the union government has been a little measured in airing its views on regulating cryptocurrencies, the top brass of the Reserve Bank of India (RBI) has called for a complete ban on such virtual digital assets. Earlier this year, Prime Minister Narendra Modi pitched a global framework to regulate cryptocurrencies. 

On the other hand, RBI Governor Shaktikanta Das, in the past, has flagged the ‘dangers’ of cryptocurrencies and has even gone on to compare virtual assets with gambling. He also said that digital currencies could potentially undermine financial stability and could pave the way for the next financial crisis.

Das reiterated that there has been no change in RBI’s stance ever since. 

While a global consensus on crypto regulation was the centrepiece of India’s pitch during the G20 presidency, the centre has opted for a heavy taxation stance on cryptos to likely dissuade users from trading in crypto. 

In the past, the centre has introduced a 30% tax on gains from crypto transactions and a separate tax deducted at source (TDS) on crypto transactions of above INR 10,000. This has hit the user volume as excessive taxes have taken the sheen off the asset class. Adding fuel to the fire has been the collapse of giants such as FTX has further steered users away from cryptos.

The post SC Puts The Onus Of Regulating Cryptocurrencies On Parliament appeared first on Inc42 Media.

The Ministry of Information & Broadcasting (MIB) has approved a new digital advertising policy, under which websites with a minimum of 2.5 lakh unique users per month, along with other digital platforms like OTT and podcasts, can now be enlisted for publicity campaigns.

In a statement, the MIB said that the new policy will help the Central Bureau of Communication (CBC) reach a wider audience by leveraging the increasing digital media consumption in the country.

Besides rationalising the process of empanelling websites, the CBC now for the first time will also be able to channelise its public service campaign messages through mobile applications, the statement said.

With this, the government is looking to tap into the growing base of mobile users in the country. As per a report, in 2022, Indian users downloaded over 28 Bn apps on their phones, accounting for 5% of the 625 Bn global downloads, according to a report by analytics firm Data.ai, formerly known as App Annie.

The CBC operates under the MIB and is responsible for creating awareness and disseminating information about various programmes, schemes, and policies of the Government of India.

The ‘Digital Advertisement Policy, 2023’ also has a competitive bidding mechanism for rate discovery to enhance transparency and efficiency. Rates determined through this process will remain valid for three years and will be applicable to all eligible agencies.

The huge subscriber base in the digital universe, coupled with technology enabled messaging options through digital advertisements, will facilitate effective delivery of citizen centric messages in a targeted manner, resulting in cost efficiencies in public oriented campaigns, the statement added.

In recent years, the way audiences consume media has witnessed a significant shift towards the digital space, the MIB said. The Centre’s ‘Digital India’ programme has led to a huge growth in the number of people in the country who are now connected to the internet, social and digital media platforms.

The new policy was formulated after discussions with multiple stakeholders, the government said.

With the rise in internet penetration and improving accessibility of smartphones, digital consumption in the country has gone through the roof. India currently has 759 Mn internet users and this number is expected to rise to 900 Mn by 2025. As per a report, Indians spend 194 minutes on social media, 44 minutes on OTT, and 46 minutes online gaming daily.

The government is targeting to reach this increasing internet-savvy population with the new advertising policy.

The post Government Unveils Digital Advertisement Policy To Reach Wider Audience appeared first on Inc42 Media.

Ride-hailing giant Uber India has written to Delhi’s transport commissioner to reconsider the state government’s move to ban entry of cabs registered outside Delhi amid the rise in air pollution.

“We would like to bring to your attention that every single one of the 70,000 cars on the Uber platform across Delhi NCR runs on clean fuel – CNG or electric, as opposed to private vehicles which run on petrol or diesel which are the more polluting fuels,” wrote Uber in a letter dated November 9. 

The letter from Uber comes as the Delhi government has banned the entry of app-based cabs registered outside Delhi. The state government’s move came after the Supreme Court on Tuesday (November 7) remarked that many app-based cabs plying in Delhi NCR are registered outside Delhi NCR.

“There is a large number of app-based taxis in Delhi which have registrations in different states. If we look at the roads, each one is carrying only one passenger,” the court said. “We would like to know whether there is any way of monitoring, especially during this period of time, that only the taxis registered in Delhi are permitted to ply on roads, as an additional measure to control the pollution,” the apex court added.

According to Uber, only a shift from private vehicles to CNG or electric cabs would abate pollution. “An indiscriminate restriction on CNG vehicles which run on clean fuel will force people to move to petrol or diesel vehicles,” it added.

Uber also cited a report by the Delhi Technological University (DTU), which stated that four-wheelers only contributed to around 2% of the total pollution in Delhi NCR, “implying that there is a need to concentrate on other polluting factors which have a significant impact on emissions.” 

The letter from Uber against the cabs ban comes amid the rise in air pollution levels in Delhi and surrounding regions, like every year, with the beginning of the winter season. The increase in pollution has resulted in the Delhi government also bringing back the odd-even system for vehicles from November 13 to 20.

The post Uber Urges Delhi Govt To Not Ban Entry Of Cabs Registered Outside The State appeared first on Inc42 Media.

The Madras High Court, on Thursday (November 09), overturned the Tamil Nadu government’s ban on online rummy and poker. The court said that while the ban can be applied for games of chance, it should not apply to rummy and poker, which are considered games of skill.

The verdict came in response to a legal challenge brought by numerous gaming companies before the Madras High Court (HC), contesting the Tamil Nadu Prohibition of Online Gaming and Regulation of Online Games Act, 2022.

The All India Gaming Federation (AIGF), Gameskraft, Games24x7, Junglee Rummy, and A23 were among the petitioners. They cited a Supreme Court judgement that recognises rummy as a game of skill to validate their appeal.

The HC ruled in favour of gaming companies, saying that while the state has the authority to oversee online games, it cannot enforce a complete prohibition.

The Tamil Nadu Prohibition of Online Gaming and Regulation of Online Games Act, 2022, which was notified in April last year, categorised engaging in or providing games such as poker or rummy for real money as prosecutable offences. In response, gaming companies contended that the Tamil Nadu government should only have the authority to regulate online games, rather than impose an outright ban.

Commenting on the court verdict, AIGF CEO Roland Landers said, “By reiterating that online rummy and online poker are games of skill, this decision by the Madras High Court is yet another validation of what the online skill gaming industry has always maintained in relation to online skill games being a legitimate business activity protected under the Constitution of India. This also adds to a long line of judgments from the Supreme Court, Karnataka, Kerala and Madras High Courts upholding the legitimacy of such games.”

The Tamil Nadu government had earlier told the Madras HC that addiction to online gaming was affecting the families and it was necessary to ban all forms of online games.

Online rummy and poker companies have immediately resumed offering services in Tamil Nadu, as per sources.

While the full copy of the judgement is awaited, the order is a reiteration of the well-established principle and several recent judgement by various HCs which said that games of skill, whether played online or offline and with stakes or otherwise, cannot be banned by states.

The Tamil Nadu government has the option to file an appeal in the Supreme Court against the HC’s judgement.

The post Madras High Court Overrules Tamil Nadu’s Ban On Online Rummy, Poker appeared first on Inc42 Media.

The Centre will soon launch the India AI programme to encourage use of artificial intelligence by Indian startups to solve problems, union minister of state for electronics and information technology Rajeev Chandrasekhar said.

Speaking at the Nasscom Future Forge event, Chandrasekhar said, “The India AI programme will be a very well-funded, conceived and architected programme. It will take the focus of our startup ecosystem on real-life use cases in agriculture, security and governance.”

Quoting sources, Business Standard reported that the programme will be launched on December 11. India is set to host a three-day AI summit from December 12 to 14 in New Delhi.

Chandrasekhar also emphasised the importance of deeptech in driving the next phase of growth in India’s startup ecosystem and innovation. He said the digital economy’s contribution to the GDP has grown from 4.5%-5% in 2014 to 11.5% today, with a projected increase to 20% by 2026.

Earlier this month, while speaking at the AI Safety Summit 2023, Chandrasekhar said that a consensus on the do’s and don’ts of AI among democratic nations must be reached to ensure that the countries are not left playing catch-up in a rapidly evolving world of innovation.

In July this year, India AI, an independent business unit (IBU) under the Digital India Corporation, signed a Memorandum of Understanding (MoU) with social media giant Meta to foster collaboration in the fields of artificial intelligence (AI) and other emerging technologies. 

In October, MeitY signed three MoUs with tech giant IBM to accelerate innovation in areas such as artificial intelligence (AI), semiconductor, and quantum technology. 

According to NITI Aayog, AI has the potential to contribute $1 trillion to India’s economy by 2035, while also creating future job opportunities. 

Meanwhile, Indian startups have also jumped on the AI bandwagon to leverage the technology to improve user experience and offer new services and features. Flipkart, Swiggy, and ixigo are among the Indian startups that have started using AI.

The post Centre To Launch India AI Programme Soon, Says MoS Rajeev Chandrasekhar appeared first on Inc42 Media.

On November 7, 2023, the Centre issued an advisory to the significant social media intermediaries to ensure that due diligence is exercised and reasonable efforts are made to identify misinformation and deepfakes.

“In particular, information that violates the provisions of rules and regulations and/or user agreements and Such cases are expeditiously actioned against, well within the timeframes stipulated under the IT Rules 2021,” the advisory mentioned.

The social media intermediaries are further mandated to remove such content within 36 hours of receiving a report from either a user or government authority.

The advisory was floated after a fake video of actor Rashmika Mandanna went viral and many Bollywood celebrities including Amitabh Bachchan sought legal action against those responsible for the criminal act.

Deep fakes are forged or fake videos created via deep learning, a form of artificial intelligence, where a person’s likeness, including their face and voice, are realistically swapped with someone else’s.

Given the significant challenges posed by misinformation and deepfakes, the Ministry of Electronics and Information Technology (MeitY) has issued a second advisory within the last six months, calling upon online platforms to take decisive actions against the spread of deepfakes.

In February 2023, the government asked social media companies such as Facebook, Instagram, WhatsApp, YouTube and Twitter to take ‘reasonable and practicable measures’ to remove or disable access to ‘deep fake imagery’ as per the IT Rules, 2021 and remove such imagery within 24 hours of getting a complaint from an individual.

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Shri Rajeev Chandrasekhar emphasised that deepfakes are a major violation and harm women in particular.

The intermediaries were reminded that any failure to act as per the relevant provisions of the IT Act and Rules would attract Rule 7 of the IT Rules, 2021 and could render the organisation liable to losing the protection available under Section 79(1) of the Information Technology Act, 2000.

“Safety and trust of our Digital Nagriks is our unwavering commitment and top priority for the Narendra Modi Government. For those who find themselves impacted by deepfakes, I strongly encourage you to file First Information Reports (FIRs) at your nearest police station and avail the remedies provided under the Information Technology (IT) rules, 2021,” the Minister added.

Social media platforms with more than 5 Mn registered users are classified as ‘significant’ social media intermediaries’ in India under the IT Rules, 2021.

The government has been coming out with amendments to the IT Rules from time to time to make the internet ‘safe, trusted and accountable’.

The post Rashmika Mandanna’s Fake Video: Govt Asks Social Media Companies To Root Out Deepfakes Within 36 Hours appeared first on Inc42 Media.

Cross-border payments startup PayGlocal has received in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator (PA) licence. 

The startup will now have to go through the next round of checks and clearances from the central bank, which will enable it to onboard merchants on its platform.

Founded in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal is a technology-led platform that enables cross-border payments. It allows merchants to accept and collect payments from customers outside India in their local currency. The platform also claims to take care of processing requirements and transaction risk management.

The startup has raised more than $17 Mn in funding so far from investors, including the likes of Tiger Global and Peak XV Partners. PayGlocal’s last funding round came in June 2022, when it raised $12 Mn in its Series B funding round.

“Driven by our growing GDP, global commerce from India will continue to grow and we remain focused on providing the right payment solutions to enable this growth. The RBI’s support in providing this in-principle licence will help us create more innovative solutions as we continue to work towards getting full authorisation,” said Dharani, who is also the CEO of the startup.

Dharani added, “…RBI’s new guidelines on PA CB (Payment Aggregator Cross Border) are a huge step in the right direction from a regulatory framework standpoint, in taking the cross-border payment agenda of the country forward.”

The companies operating in the cross-border segment have recently received separate RBI guidelines for payment aggregator licence. Companies that have received an in-principle nod from the regulator will also need to get explicit permission from the central bank to offer cross-border payment services.

The post PayGlocal Gets In-Principle Approval From RBI For Payment Aggregator Licence appeared first on Inc42 Media.

In a significant move, the Ministry of Electronics and Information Technology (MeitY) has clamped down on 22 illegal betting apps and websites, including the widely-known Mahadev Book app.

The enforcement actions were initiated on November 5 following a directive from the Enforcement Directorate.

The government’s action comes after intensive investigations conducted by the Enforcement Directorate into an illegal betting app ring. Searches at Mahadev Book’s Chhattisgarh operations unveiled its unlawful activities, leading MeitY to intervene.

The Mahadev betting app, allegedly overseen by individuals based in Dubai, Sourabh Chandrakar and Ravi Uppal, is suspected of facilitating unlawful bets on a wide range of online games. The ongoing investigation is particularly focused on the app’s involvement in potential money laundering activities.

According to the Enforcement Directorate, the Mahadev betting app acted as an ‘umbrella syndicate,’ allowing users to place bets on various games, including card games, chance-based games, tennis, football, and cricket. The company allegedly enticed users to join its platform by creating new IDs and subsequently laundered the funds of these onboarded users through a complex network of Benami bank accounts. Reportedly, the platform has amassed proceeds amounting to INR 5,000 Cr through its operations.

In the wake of the Mahadev online betting app scandal, several film stars and government officials have come under scrutiny, including celebrities such as Ranbir Kapoor, Kapil Sharma, Shraddha Kapoor, Huma Qureshi, and Hina Khan.

Serious allegations have also surfaced against Chhattisgarh Chief Minister Bhupesh Baghel in the case. Minister of State for Electronics and Information Technology Rajeev Chandrasekhar also said in the PIB release, “Chhattisgarh Government had all the power to recommend shutting down of website/app under Sec 69A IT Act. However, they did not do so and no such request was made by the State Government while they have been investigating it for the last 1.5 years.”

The Enforcement Directorate’s chargesheet names 14 individuals, including alleged app promoters Saurabh Chandrakar and Ravi Uppal, as well as other accused individuals such as Vikas Chhapariya, Chandrabhushan Verma, Satish Chandrakar, Anil Dammani, Sunil Dammani, Vishal Ahuja, and Dheeraj Ahuja. The prosecution complaint also includes Srijan Associates through Punaram Verma, Shiv Kumar Verma, Yashoda Verma, and Pawan Nathani.

Despite the accusations, the two app promoters have staunchly rejected any misconduct. In a statement to Inc42, they alleged that the ED’s investigation seems more intent on scapegoating them rather than uncovering the truth.

The post MeitY Blocks Mahadev Book App & 21 Other Illegal’ Betting Apps & Websites  appeared first on Inc42 Media.

The Karnataka government is likely to soon unveil a preferential public procurement policy with a focus on buying products and services from startups to boost the startup ecosystem in the state. 

Speaking at the Big Tech Show, organised by the Karnataka government in Mysuru, the state’s IT-BT minister Priyank Kharge said that besides the sector-specific ease of doing business initiatives, the government is now working on the development of a preferential public procurement policy.

“This policy will ensure government support for startups with unique intellectual property registered through our startup cell and actively involved in ‘Beyond Bengaluru’ initiatives,” a Moneycontrol report quoted Kharge as saying.

Kharge said that the state government itself can become the first customer under the policy, facilitating procurement of products and services from startups with unique intellectual property

The event was organised by the Karnataka Digital Economy Mission (KDEM) at the Infosys campus in Mysuru, as the city is being positioned as one of the emerging global hubs for the cybersecurity and semiconductor sectors, including Electronics System Design and Manufacturing (ESDM).

According to Kharge, Karnataka being home to one-third of India’s tech talent, the government is committed to support the ecosystem. Currently, the state has over 25,000 startups, of which 15,000 startups are receiving government support. 

“For the first time in the country, we have established a Skill Advisory Council for emerging technologies to provide the skills that our nation needs,” he said. 

Commenting on the government’s commitment to nurture the tech ecosystem of the state, Kharge highlighted that the state has dedicated Centers of Excellence in IoT, cybersecurity, data science, AI, semiconductor fab, aerospace, robotics, and animation. 

Further, by the end of the year, the state is poised to have more such centres of excellence to boost the fintech, manufacturing, wireless products, gaming, health science sector among others. The centres will be led by industry experts and help accelerate inventions and innovations.

Additionally, the Karnataka government is planning to partner with nearly 50 countries by 2024 for the development of a Global Innovation Alliance. This initiative is aimed at enabling the startups in the state to get access to the global market and collaborate with companies in other countries. With this partnership, the government also wants to open new economic corridors for the state’s startups including the cybersecurity corridor and the marine biotech corridor.

The measures are part of the Karnataka government’s efforts to nurture more startups in the state, particularly beyond Bengaluru. Last month, Kharge said the government has a sector-based strategy to develop the startup ecosystem in other cities and regions of the state.

In September, while addressing the Global Fintech Fest 2023, Kharge said that the state is working on a fintech programme to unite the government, venture capital and banking sector. Under this, the government will set up centres of excellence to focus on nurturing talent, leadership, entrepreneurship and fostering innovation. 

The post Karnataka To Launch Preferential Public Procurement Policy To Help Startups appeared first on Inc42 Media.

In a meeting, Rajeev Chandrasekhar, Minister of State for Electronics and IT, and his Dutch counterpart Alexandra van Huffelen, State Secretary for Kingdom Relations and Digitalisation of the Netherlands, deliberated on approaches to stay ahead in a swiftly innovating global landscape.

In a statement, Chandrasekhar said, “We must come to a consensus on the do’s and don’ts of AI among democratic nations to ensure that we are not left playing catch-up in a rapidly evolving world of innovation. We need to establish an institutional framework between countries that will define the guardrails for platforms, further enhancing accountability.” 

Chandrasekhar, who is representing India at AI Safety Summit 2023 in the UK further emphasised the importance of guiding Artificial Intelligence (AI) with principles focusing on safety, user trust, and platform accountability in an official statement on November 2.

The minister has also extended invitations to all nations for the upcoming Global Partnership on Artificial Intelligence (GPAI) and India AI summits scheduled for December 2023.

Chandrasekhar highlighted India’s leadership role as the chair of the Global Partnership on Artificial Intelligence (GPAI).

“We have maintained that AI should be guided by principles of safety & trust for users, and accountability for platforms,” Chandrasekhar said at the summit.

Chandrasekhar reiterated the vision of Prime Minister Narendra Modi, highlighting the imperative use of AI to positively transform people’s lives while ensuring safety, trust, and accountability to mitigate potential harm to users.

During the summit on November 1, all participating nations reached a consensus and endorsed The Bletchley Declaration. This document places a significant emphasis on the alignment of AI systems with human intentions and advocates for a comprehensive exploration of AI’s full potential.

The minister engaged in bilateral meetings with counterparts from the UK, Australia, the Netherlands, and Ireland.

During his discussions with Viscount Camrose, the UK’s Minister of State for AI and Intellectual Property, they extensively addressed potential risks associated with AI-related user harm and committed to ongoing collaborative efforts to make substantial advancements in this sector in the coming months, as outlined in the official statement.

This comes after Prime Minister Narendra Modi called for building a global framework on the ethical usage of AI while addressing the B20 Summit India 2023. 

The summit aims to bring together international governments, leading AI companies, civil society groups and experts in research to consider the risks of AI, especially at the frontier of development.

Amid the global AI boom, India has emerged as one of the fastest-growing AI talent hubs worldwide. A recent report from LinkedIn confirms the country’s rise in AI expertise.

“Singapore, Finland, Ireland, India, and Canada are experiencing the fastest rate of AI skills diffusion,” said LinkedIn’s ‘Future of Work Report – AI at Work’, adding that the number of  AI-skilled members was 9X higher globally in June 2023 compared to January 2016.

Additionally, according to a recent study conducted by ServiceNow and Pearson, AI and automation will necessitate reskilling and upskilling 16.2 Mn workers in India by 2027, while creating 4.7 Mn new tech jobs in the same period.

As AI continues to thrive, startups are racing to keep pace. Infibeam Avenues, a fintech startup, has accelerated its plans to establish an in-house ecosystem to support its AI ambitions.

Joining this AI wave are prominent Indian organisations like Tech Mahindra, Infosys, Zomato, and Flipkart. According to Inc42, India is home to over 70 generative AI startups, which have collectively secured funding exceeding $440 Mn since 2019.

The post MoS Rajeev Chandrasekhar Advocates For Unified AI Guidelines Among Democratic Nations appeared first on Inc42 Media.

The union government has reportedly approved 110 applications so far seeking authorisation to import laptops, computers and other IT hardware products. 

As per news agency PTI, the Centre has so far received 111 such requests, including from hardware giants such as Dell, Apple, HP, Lenovo, IBM, Asus, Samsung, Xiaomi, Cisco Commerce India, Siemens, and Bosch. 

“Around 110 import authorisations have been issued till date. All major IT hardware companies have already availed authorisations. All applications received are being disposed of within the time stipulated. There is no pendency as on date,” a government official told the news agency.

This comes a month after the union government rescinded plans to impose a licensing regime on import of IT hardware products, including laptops and computers. Rather than opting for licensing mandates, the Centre then said that authorities would regulate the inbound shipments of such products through an ‘import management system’, which came into effect on November 1.

The new import management system will enable the companies to bring shipments into the country through mere authorisation by detailing quantity and value. The new platform has reportedly been envisaged to monitor shipments of IT hardware products without opting for a licensing regime or disrupting the market supply chain. 

The crux of the matter pertains to a diktat issued by the Directorate General of Foreign Trade (DGFT) in August this year that imposed strict restrictions on the import of certain categories of laptops, tablets, and personal computers.

The move was largely guided by the Centre’s plans to ensure these key hardware products come from trusted sources and do not contain any malware or spyware. Alongside, the restrictions were also imposed to boost local manufacturing. 

The union government even launched a $2 Bn production-linked incentive (PLI) scheme to attract global players and rolled out a red carpet for them. Earlier, it was reported that 38 companies had applied for manufacturing IT hardware locally under the PLI scheme.

However, the move triggered a panic among global players operating in India as they scrambled for licences and mulled moving some production to India. The restriction also invited terse criticism from the industry. Eventually, after much back and forth, the proposal was shelved and the Centre decided to revoke all restrictions on the imports of laptops last month. 

Since then, the government has been mulling a key proposal which would mandate IT hardware importers to ensure they have international certification in order to sell their products and establish a trusted supply chain in India.

India still largely depends on foreign imports for computers and laptops, and has been witnessing a steady inflow of such products into the country. As per a report by Canalys, vendors shipped more than 3.9 Mn desktops, notebooks and tablets to India between April and June 2023, down 15% year-on-year.

The post India Allows Apple, Samsung, Dell, 107 Others To Import Laptops, Tablets appeared first on Inc42 Media.

Digital payments in the country continued their growth momentum in the month of October, with the Unified Payments Interface (UPI) transactions crossing the 1,100 Cr mark for the first time.

UPI recorded over 1,141 Cr transactions in October, with transaction value of INR 17.16 Lakh Cr, according to data from the National Payments Corporation of India (NPCI).

On a month-on-month basis, transactions rose 8% from 1,056 Cr in September, while value of the transactions grew 8.6% from INR 15.8 Lakh Cr.

On a year-on-year basis, UPI achieved 55% increase in transaction volume and a 42% growth in transaction value.

“Over 11 Bn UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with UPI,” Ministry of Electronics and Information Technology (MeitY) said on X (formerly Twitter).

UPI reached the 1,000 Cr transactions milestone for the first time in August and maintained the momentum in September.

In September this year, PhonePe maintained its leading position in the UPI market with 497.2 Cr transactions valued at INR 7.7 Lakh Cr. Google Pay, Paytm, and CRED were behind PhonePe in terms of monthly UPI transactions, highlighting the competitive landscape in the Indian digital payments sector.

In an effort to further increase the adoption of UPI both in India and on a global scale, the Indian government has been working on expanding the functionalities of the payments interface. A significant development in this regard was the Reserve Bank of India’s (RBI) decision to allow scheduled commercial banks to extend credit lines to their customers through UPI.

The NPCI has set its sights on achieving 100 Bn monthly transactions in the near future, underlining its ambitious growth plans. As part of this, it recently unveiled diverse UPI innovations at the Global Fintech Fest 2023, including credit line access, NFC-based offline payment options UPI LITE X and Tap & Pay, and conversational payment solutions Hello! UPI and BillPay Connect.

UPI has also gone global, extending its reach to countries like France, Bhutan, Nepal, the UAE, and Canada. India is also in discussions with New Zealand and various South American and African nations to introduce the UPI payment interface in those regions, indicating its growing international influence in the digital payments space.

However, there have been some concerns about the UPI. Despite UPI’s remarkable growth, it has not proven to be a lucrative revenue source for fintech companies. The cost of UPI transactions is shared by acquirer apps and banks, adding to the financial burden for payments apps.

Recently, Mastercard chief financial officer Sachin Mehra called UPI an ‘incredibly painful experience’ for ecosystem participants and raised questions over its commercial viability.

The post UPI Transactions Continue To Rise, Cross 11 Bn Mark In October appeared first on Inc42 Media.

Indian government-backed Open Network for Digital Commerce (ONDC) has launched the ONDC Official Guide App to help and support the user community like sellers, buyers, logistics providers and the network participants.

The app is available on Google Play Store with language support in English, Hindi and 10 other Indian languages.

Commenting on the initiative, ONDC’s MD and CEO T Koshy said, “It is an extension of our continued dedication to transparency and accessibility for all. We look forward to the app’s pickup on the Google Play Store and remain dedicated to continuously enhancing its functionality to provide ongoing value to our ecosystem.”

Before the launch, the Guide App has gone through rigorous testing to ensure functionality and compliance with Google Play Store policies and guidelines, ONDC said in a statement. 

The app has been developed to help the user base participate in the ONDC ecosystem effectively. Designed as a go-to resource, its key features include:

The app provides verified ONDC information and ecosystem insights. It also includes updates and interactive elements such as videos and FAQs.

Launched in 2021, ONDC is a network of sellers which has been created to make ecommerce accessible in every corner of India. It aims to develop open standards for all facets of digital commerce, enabling buyers and sellers to transact using any compatible app or service.

Recently, ONDC has forayed into skill-based services including appliance repair and teaching assistance, extending its current scope of offerings across food, grocery delivery, and mobility services.

It is also reportedly planning for the full launch of its cab services programme in Kolkata in partnership with the West Bengal government’s Yatri Sathi app. The pilot which launched in July is averaging over 5,000 rides per day, with over 3,65,000 registered users and 18,600 registered driver partners. 

In July, ONDC reported that daily retail orders, including food and grocery, on the network crossed the 35,000 mark, with Delhi NCR and  Bengaluru contributing more than 11,000 and 7,000 orders, respectively.

The post ONDC Launches Guide App To Help Network Participants Navigate Seamlessly appeared first on Inc42 Media.

The Internet and Mobile Association of India (IAMAI) has announced a change in leadership for its Public Policy Committee. Vineeta Dixit, who serves as the regional director for the Asia-Pacific region at Spotify, has been appointed as the new chairperson of the committee.

Joining her in leadership roles are Sandeep Aggarwal, founder and CEO of Droom Technology, and Senthil Kumar, Public Policy and Government Relations at Ninjacart, as co-chairs of the Public Policy Committee.

This new leadership team takes over from the previous committee members, which included Amit Mathur from Reliance Jio, Udai Mehta from Amazon, Urvashi Sahay from Paytm, and Aprameya Radhakrishna from Koo. These appointments came after elections were held to determine the new leadership for the Public Policy Committee.

“IAMAI is a powerful advocate for the digital industry in India, and I hope that through our efforts, the government will continue to view IAMAI as a significant partner in the journey to make India a trillion-dollar digital economy. I eagerly anticipate collaborating with our members to represent our priorities and concerns to the government, thus facilitating the continued development of technology in India through mutual cooperation,” Dixit said.

The Public Policy Committee is a crucial component of IAMAI’s involvement in shaping policies and regulations related to the digital economy, IAMAI said in a statement. It actively engages in the formulation of recommendations to the government on various industry issues, which encompass topics like data governance, safe harbor, equitable access, safe internet practices, and consumer protection.

Earlier in May, Harsh Jain, founder and CEO of Dream11, was elected as the new Chairperson of the Internet and Mobile Association of India (IAMAI) in the past. This decision followed a recent election for the 24-member governing council of IAMAI which did not include any representation from major tech firms in the past.

This move came amid a growing push by Indian startups to address concerns related to the influence of big tech companies within the industry body. Earlier this year, tension had erupted between IAMAI and the Indian startup ecosystem over the former’s stance on the Committee on Digital Competition Law (CDCL).

iAMAI had expressed opposition to any proposed new anti-competitive laws aimed at curbing the alleged dominance of foreign players. This dispute reflected a significant disagreement within the industry regarding the regulation of dominant foreign players in the Indian market.

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The Indian government is considering the establishment of a Group of Ministers (GoM) to develop and oversee a comprehensive regulatory framework for the online gaming industry. This move also aims to address various issues impacting the sector.

The proposed GoMs is expected to comprise prominent members of the government, including home minister Amit Shah, finance minister Nirmala Sitharaman, IT minister Ashwini Vaishnaw, and information and broadcasting minister Anurag Thakur, ET reported.

A senior government official said that efforts are currently underway to establish a self-regulatory organisation (SRO). “We are talking to the industry but the overall consensus is to form a GoM to look into all the aspects of the online gaming sector,” he added.

As the nodal ministry for online gaming, the Ministry of Electronics and Information Technology (MeitY) will continue to have the principal oversight role. The proposed GoM is expected to collaborate with high-ranking officials from multiple key government departments, including but not limited to the Department of Revenue, Income Tax, and the Department for Promotion of Industry and Internal Trade (DPIIT).

Various stakeholders in the online gaming industry, including organisations like the All India Gaming Federation (AIGF), Esports Players Welfare Association (EPWA), All India Gaming Regulator (AIGR) Foundation, and a consortium of the E-Gaming Federation (EGF) and the Federation of Indian Fantasy Sports (FIFS), have submitted draft proposals for the establishment of a Self-Regulatory Organization (SRO).

While the SRO is yet to be officially formed, these industry players have put forward recommendations aimed at responsible and well-regulated online gaming. The suggestions from the industry include implementing automatic blocking of gaming accounts upon reaching certain thresholds, measures to prevent violations of the Foreign Exchange Management Act (FEMA), and stringent reporting requirements for users, including maintaining a comprehensive database of players and monitoring illegal betting sites.

The industry is also committed to involving civil society in the yet-to-be-formed SRO to address the possible negative impact of online gaming, especially on school-aged children.

The online gaming industry in India is currently facing a multitude of challenges. In addition to ongoing concerns related to the Goods and Services Tax (GST) in the real money gaming sector, online gaming companies have reportedly received show-cause notices for suspected tax evasion amounting to a significant sum of INR 1 Lakh Cr.

In its effort to enforce tax compliance, the government introduced amendments to the GST law, which now requires overseas online gaming companies to mandatorily register in India beginning from October 1.

In light of the evolving tax and regulatory environment, several online gaming platforms have taken the step to temporarily suspend their operations. Platforms such as Quizzy, OWN, and Fantok have opted to halt their operations in response to these changing dynamics.

Additionally, Bengaluru-based Gameskraft made a similar strategic decision by shelving its fantasy gaming offering, Gamezy Fantasy, in September.

The post Government Likely To Form Group Of Ministers To Oversee Online Gaming Regulation appeared first on Inc42 Media.

With cross-border payments on the rise, the Reserve Bank of India (RBI) has now issued rules to directly regulate entities facilitating such transactions.

In a notification issued on Tuesday (October 31), the central bank said that all entities processing cross-border transactions for the import and export of goods and services in online mode will come under its direct regulation and will be clubbed under ‘Payment Aggregator-Cross Border’ (PAs-CB) class. 

“Keeping in view the developments that have taken place in the area of cross-border payments, it has been decided to bring all entities facilitating cross-border payment transactions for import and export of goods and services under direct regulation of the RBI. Such entities shall be treated as PA-CB…”, said RBI in a circular. 

The RBI also directed all relevant stakeholders involved in the settlement and processing of cross-border transactions for the import and export of goods and services, including authorised dealer (AD) banks, PAs and PAs-CB, to comply with certain rules and regulations. 

The order was issued relevant sections of the Payment and Settlement Systems Act, 2007 and the Foreign Exchange Management Act (FEMA), 1999.

RBI’s Long List Of Compliance 

In the circular, the central bank directed all ‘non-banks’ to apply for authorisation from RBI by April 30, 2024. The licences will allow stakeholders such as cross-border payment startups to offer services and will span three categories – import only, export only, and both import as well as export. 

In the meanwhile, startups will be allowed to offer such services till further communication from RBI on their pending applications. 

The central bank has also set a host of requirements for applicants seeking cross-border payment licences. As a prerequisite, startups and other non-banks already offering such services, at the time of the circular, will be mandated to register themselves with the Financial Intelligence Unit-India (FIU-IND). Besides, the RBI has also set a minimum net-worth threshold of INR 15 Cr at the time of submitting the application. 

By March 2026, RBI mandates that these platforms have to have a minimum net worth of INR 25 Cr for authorisation to offer such services.

“As part of application, non-bank PA-CBs (existing on the date of this circular) shall submit a certificate from their statutory auditor (format as prescribed in the circular dated March 17, 2020), along with audited statement(s) of financial accounts (latest), to evidence the networth,” added the RBI. 

The circular further mentions that in the case of imports only PA-CBs, if per unit goods/services imported is more than ₹2,50,000, then the concerned PA-CB shall undertake due diligence of buyer too. Also, payments for imports can be carried out using any payment instrument provided by authorised payment systems in India, except small PPIs.

For export-only PA-CBs, the settlement in non-INR currencies shall be permitted only for those merchants which have been directly onboarded by the PA-CB.

The central bank also warned platforms that those not complying with the net-worth rules will have to cease offering cross-border payment services by July 31, 2024. 

RBI’s Tussle With Payment Aggregators

The payment aggregator framework was unveiled by the RBI in March 2020, and mandates all payments gateway operators to have a licence in order to acquire merchants and deploy digital payments solutions.

PAs enable merchants and ecommerce platforms to accept payments by deploying their technology infrastructure and streamlining online monetary transactions. However, since the regime was envisaged three years back, the process of acquiring a licence has become a difficult and cumbersome process for payment solutions providers.

Due to stringent rules set by the central bank, many PA applications still linger in limbo. Even names such as Paytm, LivQuik, among others, are yet to receive their licences while many others such as MobiKwik’s Zaakpay received it after filing multiple applications. 

Meanwhile, a slew of new players have emerged that are trying to solve the pain points in the traditional cross-border payments ecosystem. This has spawned the rise of Indian startups such as XFlow, Hectar Global, LeRemitt, among others that cater to various segments within the space. 

Meanwhile, global cross-border payment transaction flows continue to see heavy traction and saw a remarkable 13% increase from 2022, as per the Global Payments Report. The driving force behind this surge has largely been global interoperability and initiatives such as immediate cross-border payments (IXB), and unified payments interface (UPI).

As per a report, the global cross-border payments market is projected to grow to a market size of $238.9 Bn by 2027. 

The post RBI Issues Norms To Regulate Cross-Border Payments Platforms appeared first on Inc42 Media.

India has urged members of the World Trade Organization (WTO) to work on establishing a precise definition for ecommerce trade in goods and services.

This would offer the developing nations the latitude to formulate policies in the fast-growing ecommerce industry, an official told PTI.

Currently, a disparity in interpretations of this topic exists between developed and developing member countries within the WTO.

This matter was a topic of discussion during a gathering of WTO senior officials in Geneva, which took place last week.

“India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services. The Western world wants no customs duties, and on the other hand, developing countries want that policy space to impose the duties,” the official told PTI.

Despite ongoing discussions among specific WTO members regarding ecommerce since 1998, a precise definition of this subject remains elusive. Notably, a coalition of 80 nations is engaged in negotiations to establish an agreement related to ecommerce, although India is not a part of this group.

Additionally, the US has recently chosen to withdraw from these talks aimed at formulating global regulations for ecommerce within the WTO.

WTO member countries have maintained a consensus since 1998 to abstain from imposing customs duties on electronic transmissions. This moratorium has been consistently renewed during successive ministerial conferences, which serve as the supreme decision-making authority for the WTO’s 164-member assembly.

“There is no clarity on ecommerce trade in services. So, because of the lack of clarity, there is an apprehension…To provide a level playing field, you need to impose customs duties,” the official added.

The official further added that India plans to once again contest the extension of the moratorium on customs duties in the realm of ecommerce trade at the upcoming 13th ministerial conference of the WTO, scheduled to take place in Abu Dhabi in February 2024.

Meanwhile, the Indian government is working on a national ecommerce policy which is expected to be introduced soon. Earlier in August, it was reported that the proposed national ecommerce policy is now in its concluding stages, and there are no plans to release any further draft policies to gather input from stakeholders. This forthcoming ecommerce policy is under development by the commerce ministry.

The government issued a draft ecommerce policy in 2019 to tackle a few critical facets of the ecommerce landscape. It proposed measures regarding data, including regulating cross-border data flow and ensuring the collection and processing of sensitive data within India. Infrastructure development in the ecommerce sector was another focus.

The draft also considered regulating ecommerce marketplaces and addressing regulatory issues like controlling the sale of counterfeit products and prohibited items.

Additionally, it sought to stimulate the domestic digital economy, potentially by supporting local ecommerce enterprises and promoting exports through ecommerce. The draft also suggested reviewing the practice of not imposing customs duties on electronic transmissions, given the changing digital economy.

As the Department for Promotion of Industry and Internal Trade (DPIIT) nears the completion of the ecommerce policy, the Consumer Affairs Department is concurrently engaged in crafting ecommerce regulations within the framework of the Consumer Protection Act.

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Amid the efforts by telecom service providers to expand their 5G networks in the country, Prime Minister Narendra Modi said that India is also working to become a global leader in the 6G technology. 

The prime minister inaugurated 100 ‘5G use case labs’ across India on Friday (October 27) during the seventh edition of the India Mobile Congress. “When I was going through the stalls at the exhibition, I saw a glimpse of our future in terms of 6G, cybersecurity, drone, space sector, green tech and so on,” Modi said.

The ‘100 5G labs initiative’ is aimed at realising the opportunities associated with 5G technology by encouraging the development of 5G applications which cater to the unique needs of India as well as the world. 

Talking about the expanding 5G network in the country, the prime minister said that India has 4 Lakh 5G base stations covering more than 97% of the cities and 80% of the population. This has also resulted in an increase in internet speeds in the county.

Modi said the rollout of 5G has increased the internet speed in India by 3 times, taking the country to the 43rd position in terms of broadband speed from 118th position earlier.

He also said that 2 Lakh gram panchayats in the country have been connected with broadband through the BharatNet project, a rural broadband connectivity programme using optical fibre. 

Meanwhile, Reliance Jio Infocomm chairman Akash Ambani said that the company has installed over 10 Lakh 5G cells across all 22 circuits of India. 

During the event, the Mukesh Ambani-led company also launched JioSpaceFibre, India’s first satellite-based giga-fibre service JioSpaceFibre

Speaking about Airtel’s 5G rollout, Bharti Enterprises’ chairman Sunil Bharti Mittal said the company’s 5G services are now available across 5,000 towns and 20,000 villages. Airtel is aiming to roll out 5G services across the country by March 2024. 

This is not the first time when PM Modi has spoken about the importance of 6G technology. Earlier, during his Independence Day speech, he said India has been the fastest in the world to roll out a countrywide 5G network and aims to be a global leader in the 6G technology as well. 

In March, the government launched the country’s first 6G test bed and unveiled the ‘Bharat 6G Mission’ document. The purpose of the document is to provide a roadmap for the rollout of 6G services in India in the next few years. 

The post After Successful 5G Rollout, India Aims To Be A Leader In 6G: PM Modi appeared first on Inc42 Media.

To combat the increasing prevalence of online betting advertisements, the Indian government is set to introduce new regulations under the Information Technology Rules. These new guidelines will require publishers to comply with a Code of Advertisements.

The new mandate is expected to be incorporated into the “Digital Media Ethics Code Rules,” a segment within the IT Rules that primarily applies to publishers of news, current affairs content, and online curated material, as per a Moneycontrol report.

“The new norms under the digital media guidelines will mandate that advertisements should not go against the advertising code. We are going to soon release it,” a senior government official informed the publication.

The government has consistently emphasised adherence to the Code of Advertisement through a series of advisories sent to betting platforms.

Earlier this year, the Ministry of Information and Broadcasting (MIB) issued an advisory to curb outdoor advertisements of betting and gambling platforms.

MIB secretary Apurva Chandra has written a letter to chief secretaries of all states and UTs to curb outdoor ads. In the letter, he noted that betting and gambling is illegal in most parts of the country as they pose financial and social economic risk for consumers, especially youth and children.

Previously, MIB had advised media entities, platforms, and online advertising intermediaries to avoid hosting advertisements or promotional content related to betting platforms. Last October, the ministry had issued advisories directing online ad intermediaries not to target material related to online betting toward an Indian audience. The ministry warned of penalties for TV channels and OTT platforms in case of violations, although the amount of the penalty was not specified.

In February, the government banned 138 Chinese betting apps for violating Section 69 of the IT Act. Additionally, the Centre directed tech giants like Google to cease marketing ads for overseas online betting platforms such as Betway and 1xBet in India last year.

The Mahadev betting scam has recently come into the national spotlight, as the Enforcement Directorate (ED) has filed charges against its promoters and 12 others, with celebrities also under scrutiny.

The post Indian Govt To Introduce Stricter Ad Rules For Online Betting appeared first on Inc42 Media.

The Asia Internet Coalition, a group with members like Meta, Google, Amazon, and other US tech companies, has asked for a time of up to 12-18 months to put into action different provisions of the Digital Personal Data Protection Act.

In a letter to Union and state electronics and information technology minister Ashwini Vaishnaw and Rajeev Chandrasekhar, the industry association explained that putting the DPDP Act’s rules into action will demand structural alterations in organisations and businesses, as per reports. They anticipate encountering various difficulties during these changes.

Big tech companies, in order to adhere to provisions like securing consent from Indian users for personal data processing and crafting a consent management READ framework, would need to make structural alterations to their organisations and operations, as per the industry group’s letter.

AIC stated that this process will be quite new for both local and global businesses, as other data laws like GDPR lack similar provisions. Consequently, businesses will need to make fundamental alterations to their platform’s technology architecture.

“Consent notices would be required to be stored in an accessible manner for Data Fiduciaries to modify or erase Data Principal’s personal data,” the group said.

AIC pointed out that certain sections of the DPDP Act introduce a new idea called “Consent Managers.” The group emphasised that this model hasn’t been tried and tested under Indian law.

Creating, testing, and eventually implementing the Consent Manager framework within the ecosystem would be necessary. Additionally, integration with the Data Fiduciary’s consent structure would also be required.

Last month, MoS Chandrasekhar said that some government entities like those at the panchayat level, micro, small, and medium enterprises (MSMEs), and early stage startups may be granted exemption and will not come under the purview of the DPDP Act immediately.

The ministry may also come up with necessary rules under the Act within this period, he added. While all rules under the data protection code will not be immediately notified, essential ones will be prioritised for initial implementation.

The DPDP Act became law after being passed in the Lok Sabha on August 7 and in the Rajya Sabha two days later. President Droupadi Murmu gave her consent to the Bill on August 11.

The DPDP Bill directs setting up a Data Protection Board of India to ensure its implementation. In case of any personal data breach, the board will be responsible for looking into the matter, inquiring into the breach, and imposing penalties.

It was reported last month that the Data Protection Board, to be set up under the new Digital Personal Data Protection (DPDP) Act, 2023, would be in place within 30 days. However, there is no update yet on the formation of the board.

The law also applies to data processing activities outside India if they relate to offering goods or services to residents in India. It defines key terms, including ‘personal data’ and ‘processing.’ Under the DPDP Act, ‘personal data’ refers to any information that could identify an individual, either directly or in relation to the data.

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The Industries Department of the Delhi government has recently finalised a draft of its startup policy with the goal of encouraging and supporting 15,000 startups by 2030. 

The policy includes collateral-free loans, guidance from experts, and support for college students, according to a TOI report.

By 2030, the Delhi Startup Policy seeks to establish the city as a global innovation hub and the preferred location for startups.

The idea is to establish a supportive ecosystem for innovation-driven economic growth and nurture entrepreneurship through robust support mechanisms. Additionally, Delhi Chief Minister Arvind Kejriwal underscored that the Delhi Startup Policy not only offers financial assistance but also provides a comprehensive range of support to entrepreneurs.

The research team at The Dialogue and Development Commission (DDC) of Delhi began its in-depth, in-person, one-on-one meetings with startup founders in the NCR region to better understand the challenges faced by them in their journey so far, the potential role of policy interventions in promoting entrepreneurship in the region and existing advantages that Delhi offers to startups.

The department has also filed an action-taken report and is also in the process of finalising a proposal for the Dilli Bazar portal, a digital platform designed to connect with customers both nationally and globally. It plans to develop Shahdara under the ‘One District One Product – District as Export Hubs’ scheme. In its initial phase, the portal will feature 10,000 vendors.

The Delhi government aims to onboard more than 100,000 city shops to the Dilli Bazaar portal within six months, thereby offering a round-the-clock digital storefront. The government intends to offer a unique virtual experience that allows users to explore markets in Delhi.

In 2022, Arvind Kejriwal, the Chief Minister, NCT of Delhi, unveiled the Delhi Startup Policy on X. The policy encompasses a series of initiatives designed to streamline entrepreneurship in the nation’s capital and to position Delhi as India’s premier hub for startups.

At the time, Kejriwal said, “We have implemented numerous measures to cultivate a business-friendly environment in Delhi NCR. We have introduced several provisions to foster entrepreneurship in the capital.”

The post Delhi Govt Aims to Back 15,000 Startups By 2030 appeared first on Inc42 Media.

Kerala has created a vibrant startup ecosystem over the years, with the state now boasting more than 4,000 startups. These startups have flourished in the state as educational institutions, government initiatives like the Kerala Startup Mission (KSUM), and startups have worked together to drive innovation and entrepreneurship. 

The increase in the number of startups in the state has also grabbed investors’ attention, with Kerala-based startups attracting $551 Mn in venture capital through 110 funding deals between 2016 to 2022. 

Now, in order to further bolster the state’s startup ecosystem, the KSUM, which is backed by the Kerala government, is hosting the fifth edition of its beach startup festival, Huddle Global, from November 16-18, 2023 in Thiruvananthapuram.

The event will bring together industry leaders, high-net-worth individuals (HNIs), government officials and innovative startup founders under one roof for networking, collaborations, pitching sessions to raise funding amid the ongoing funding winter, among others.

The KSUM is the Kerala government’s nodal agency for promoting entrepreneurship and incubation activities and intends to create opportunities for startups to secure financial and technical support.  

Commenting on the event, Anoop Ambika, CEO of KSUM, said, “Huddle Global 2023 will facilitate entrepreneurship and explore avenues for startups to achieve unprecedented growth and speed.”

About 15,000 attendees, including 5,000 startup founders, 400 HNIs, 300 mentors, 200 corporates and 150 speakers, are expected to attend the event, which will promote collaborations and partnerships in areas like augmented reality (AR), virtual reality (VR), fintech, life sciences, spacetech, healthtech, blockchain, Internet of Things (IoT), egovernance, artificial intelligence (AI), machine learning (ML), among others.

The event’s programme includes a startup expo for founders to showcase their products and services, corporate and investor-led masterclasses and workshops, a coding programme, pitching sessions, roundtable discussions, investor meetups, and opportunities to get mentored by industry leaders.

Industry leaders and government dignitaries like PA Mohammed Riyas, minister for public works department and tourism, Kerala; Shashi Tharoor, MP; Rathan U Kelkar, secretary, electronics and IT, Kerala;  Federico Salas Lotfe, ambassador of Mexico to India; Achim Burkart, consul general, consulate general of the Federal Republic of Germany in Bengaluru; Hans-Joerg Hoertnagl, commercial counsellor and trade commissioner, Advantage Austria; Ajai Chowdhry, cofounder of HCL; Lal Chand Bisu, cofounder and CEO of Kuku FM; Sneha Rachel Mathew, strategy and operations at Google, among others, will be present during the event. 

Kerala CM Pinarayi Vijayan will also be attending the event, as per information available on Huddle Global’s website. 

The leaders will give keynote sessions, hold leadership talks and discuss technology. Bringing in a global perspective will be international embassies who will hold conversations with industry experts, investors, venture capitalists and corporate leaders. 

These industry leaders will delve deep into understanding products, services, design, marketing strategies, capital structuring, fundraising and business development and decode the learning to the budding startup founders. 

Additionally, startup founders will get an opportunity to pitch their ideas to investors and coders from Kerala will get to showcase their coding skills that could hold the potential to solve tech challenges.

Huddle Global 2023 is supported by Startup India, Headstart, TiE Kerala, GTech, Startup Middle East, Habitat for Humanity and Technopark Today.

The fourth edition of the event, held in 2022, witnessed the participation of 3,000 startups, 200 mentors, 100 corporates, 80 speakers, 70 investors and 50 exhibitions. Industry leaders and government dignitaries like Mohit Gupta, cofounder of Spinny; K M Abraham, chief principal secretary to the chief minister of Kerala; Prateek Maheshwari, cofounder of PhysicsWallah; Sairee Chahal, CEO & founder of SHEROES and Mahila Money participated in the event.

Now, let’s take a look at the key highlights of Huddle Global 2023.

• Marketing Insights, a session on marketing, will decode the cost-effective marketing tools and techniques to early stage startup founders to help them boost the market presence and brand recognition of their startups.
• Founders Meet will unite successful startup founders and entrepreneurs for collaborative discussion and to create a community of entrepreneurs.
• Kerala Top 100 Coders will throw a spotlight on top coders in the state, facilitating connections with startups and industry leaders to bring Kerala’s tech talent to the global forefront.
• ‘Impact 50’, a startup showcase, will give them an opportunity to present their products and services to potential investors.
• Pitch It Right will equip startups with essential knowledge of investor expectations for pitches, covering topics like team dynamics, problem statements, product development, market strategy, financials, revenue models, target audience and pricing.
• Tigers’ Claw will provide a platform for investors to evaluate startup pitches with a benchmark scorecard.
• Close the Deal will facilitate connections between startups and corporate entities/governments for potential funding opportunities. 

Events like Global Huddle have been instrumental in making Kerala a thriving startup landscape. In 2023, 652 new startups were registered in the state, with Ernakulam leading with 180 new startups, followed by Thiruvananthapuram with 71. Going ahead, this growth, with support from initiatives like KSUM, will contribute significantly to driving India’s economic growth.

The post KSUM’s Huddle Global 2023 To Bring Together Founders, Investors To Boost Local Startup Ecosystem appeared first on Inc42 Media.