Will Srikrishna Panel Boost the Indian IT Companies?

Hit Brother

6 years ago

Implementing Srikrishna Panel recommendations will boost Indian IT companies: T V Mohandas Pai

Srikrishna Panel recommendations will boost Indian IT companies, if implemented, will give a big boost to Indian IT services NSE -0.06 % companies as their global clients’ concerns about giving data access would “diminish”, said by T V Mohandas Pai

“The report has one big benefit. Our globally competitive and dominant IT services companies will get a big boost.

For many years, there was concern among their global clients about giving access to their data as India did not have a data privacy law. With a new law this concern will diminish,” he told PTI.

Pai said all three big issues – data ownership and use, data privacy and data residency – have been addressed in the recommendations.

He also said the big issue concerning mandatory storing of data in India as suggested by Srikrishna Panel, is enforcement and regulation through a Data Protection Authority.

“The report suggests data residency of all private sensitive data to be located in India, a person’s data will be his or her personal property and cannot be used by anybody without prior explicit permission.

'); var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'https://ad.admitad.com/shuffle/289c251618/'+subid_block+'?inject_to='+injectTo; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x); })();

The big issue is enforcement and regulation for which a data protection authority is suggested with powers to penalise and prosecute,” he said.

Pai lauded the panel for recommending amendments to the Aadhaar Act to make it more stringent, which gives teeth to protect privacy and power to prosecute.

“Overall a good report which address all concerns yet creates the flexibility for innovation and growth of the digital economy ,” he added.

The high-level panel on data protection framework submitted its report to the government on Friday, suggesting steps for safeguarding personal information, defining obligations of data processors as also rights of individuals, and mooting penalties for violation.