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“We cannot rule our cyber world by private company guidelines,” said Vijay Shekhar Sharma, founder of Paytm, in an interview with Anant Goenka, Executive Director of the Indian Express Group. The two interacted at the India Digital Summit 2021, organized by the IAMAI (Internet and Mobile Association of India). Sharma also spoke about the importance of privacy policies and how they affect users in the country. Check out the full video below.
When talking about an Indian alternative to popular services like Google and Facebook, Sharma also stated that just because a product is made in India doesn’t guarantee its supremacy, and ultimately stressed that the superior product has the edge. He suggested that the focus should be on creating a superior product rather than an Indian product.
“I think India will make the most superior products in the world and that is why we will win,” he added.
Sharma also shared his views on an all-Indian app store that is controlled rather than a non-Indian trading company. “An app store that is controlled by the laws of this country, regardless of who runs it,” he said during the conversation.
Regulations always come after innovation, says Sharma
When asked if a privacy law is too late to be considered, Sharma said that innovation always comes first and regulators step in later. “Government regulators are inherently supporters,” said Sharma, adding, “They cannot set a rule for a technology that is still in beta.”
Sharma also suggested that the government will step into the tech space, just as it has enforced rules and regulations in other areas. “Governments not just in India but around the world are much more active in this business model,” he added.
Data should be protected within the country
Sharma drew a parallel with Indian citizens and resources being protected from outside interference by the borders, adding that the data generated in India should be protected in a similar way within the country’s borders as well. “This data can be misused by commercial companies and you would underestimate how,” Sharma said.
He insisted that nothing prevents “data that needs to be processed first” from being processed in India itself. He added that both government and corporations should view India not just as a market but as a rich source of data as well.