Minister of State for Electronics and Information Technology (IT) Rajeev Chandrasekhar said on September 21 that the Government of India is planning to make provisions for creating joint IPs between foreign companies and Indian start-ups.
The ministry said it is also working towards creating a space for AI and deep-tech start-ups not just through policies, but also by providing them capital support, market access, and preferential access to government contracts that would allow them to grow both financially and business-wise.
Speaking at the Global Fintech Fest (GFF) 2022, Chandrasekhar said, “Everything the government is doing today will create a space for start-ups to be involved and inclusive… This is a model that will not be exclusionary to anyone.”
“We are also creating a space for Indian innovators in the AI and deep-tech segments, not only by means of policy, but all kinds of support, be it capital or market access,” he added.
Special access to datasets
Chandrasekar said that the government is in the middle of creating one of the largest data set programmes which will enable access to anonymised and non-personal data on the platform for the entire AI ecosystem.
“We are seeing many opportunities that are based on our domestic capabilities and capacities and which will be limited to Indian innovations. For example, we are in the midst of creating one of the largest data set programmes—anonymised and non-personal data that will be available on the platform for the entire AI ecosystem. We will clearly only allow access to that data set to Indian start-ups and companies,” he said while speaking to Cred founder and CEO Kunal Shah.
“Parts of our policy-making and schemes will be tailored for Indian start-ups and Indian companies—many parts of those will be opened up to foreign companies wanting to create opportunities in India,” he added.
Data Protection Bill
Speaking about the Data Protection Bill, the IT Minister said: “We withdrew the Data Protection Bill 2021 because it had become too complex. As per the vision of Prime Minister Narendra Modi, consumer rights must be protected while also making things easy for start-ups and innovators. We will soon bring a Digital Personal Data Protection Bill that will be of contemporary, modern, global standard. We will also bring in a Digital India Act that will replace the 22-year-old IT Act.”
Notably, GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).
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