NEW DELHI: US legislators grilled Facebook, Google, Amazon and Apple CEOs on Wednesday for six hours, renewing the issue of fairness and transparency of practices followed by these Indian companies. If tech giants are suspected of squashing the competition and laziness of privacy and data protection in the US, they may do so in India. India is the fastest growing market for some businesses. Investors and entrepreneurs also agree that while India needs to attract more foreign investment, it needs to build a clearer regulatory system to protect its national interests. The system balances between nurturing local businesses and the need to make India attractive to foreign investors. India needs to build the ability to identify businesses that violate customer privacy, are not registered to do business in India and are not paying taxes. Infosys co-founder and chairman of the CIIs startup council, Kris Gopalakrishnan, said clear regulation is needed and action needs to be taken. A committee he leads on non-personal data governance said in mid-July: Allowing data monopoly potential in large consumer markets such as India could create imbalances in bargaining power. There are, on the one hand, a small number of companies that have access to large datasets accumulated in an almost unregulated environment, and on the other hand Indian companies, including Indian citizens, start-ups, MSMEs and even governments. I will. Some technology entrepreneurs feel that global giants are beginning to be disregarded. Governments need to wake up to the amount they are offering free to technology giants. When we run the company, we have an engineering team here, the products are developed here and the servers are hosted in India. They have Indian heads that can be replaced without interrupting operations. The resources on which most of these companies depend, such as product decisions and development, are located outside India, with Aprameya, co-founder of the now-acquired Taxi-ForSure, which runs social media platforms Vokal and Koo. Radhakrishna says. He adds that these companies also base their market assessment on the future growth potential of India. Companies investing in Indian start-ups have sought better oversight of anti-competitive practices to ensure the chances of domestic ventures succeeding. The Indian Competition Commission needs a panel on anti-competitive practices in the digital world. Anand Lunia, co-founder of India Quotient, an investment firm that finances startups, said the pricing algorithms used by companies should be subject to scrutiny. He added that if these companies were simply importing their products into India, they would have to pay higher taxes, just as they would if they were ordering something manufactured overseas. Foreign investors say governments should follow a balanced approach to strengthen accountability and ensure privacy and transparency. Policy development always lags behind technological innovation. Governments must take an approach that protects the interests of citizens, investors and technology companies. Mukesh Aghi, president and chief executive officer of USISPF, said he is working on strengthening strategic partnerships between the United States and India on behalf of US companies. India must attract at least $100 billion ($49 billion today) of FDI each year to grow steadily over the next 20 years. Conference room decision makers such as predictability, transparency and fair and fast dispute resolution. They like a level playing field and access to markets. As long-term investors are considering 20 to 30 years of investment, guarantees about government changes will not affect policies implemented by the previous government, Aghi said.
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