Published Aug 7, 2023

Equity Monday: Have we reached peak smartphone?

Explore the dynamic shifts in global stock and crypto markets, Apple's response to waning smartphone sales, and Triller's IPO plans, while delving into the controversy surrounding India's new data privacy law and its echo of China's regulatory approach.
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Episode Highlights

  • Legislation

    India's revised data privacy law has been greenlit by the lower house of parliament, sparking significant debate. The Digital Personal Data Protection Bill mandates explicit user consent for data processing and allows the government to waive compliance for certain startups. However, critics argue it grants too much power to the government, potentially compromising individual privacy rights 1.

    The bill fails to include several of the meaningful recommendations that were made during the consultation process of its last draft and did not, quote, sufficiently safeguard the right to privacy of individuals in the country.

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    The bill also empowers the government to establish a data protection board and appoint all its members, raising concerns about impartiality and oversight 1.

       

    Comparisons

    Comparisons have been drawn between India's new data privacy law and China's stringent internet regulations. The Indian government now has the authority to decide which countries can receive personal data from its users, a move reminiscent of China's draconian internet policies 1.

    We've all seen what happened with China's draconian Internet and information access rules that are proved, I would say, to be onerous and exclusive.

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    Critics fear that India's approach could lead to similar restrictions on internet freedom and privacy 1.

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