Digital Data Security

It is widely debated now that data is the new oil or currency of the 21st century. Highlight the issues emerging out of digitalisation and what steps a country like India must take to cope up with them.?

Challenges of Digitisation and Way Forward

Why economics must go digital to remain relevant”

Data being the new oil and currency in the world having no or minimul revenue generation but data is being traded at high value. 

few market companies as Google, Facebook and Amazon dominates Search, social media and Retail in turns imbalance the market for new market player called survilience capitalism.

It hurts both consumer and producer and creates problem of Data Privacy and Net nutrality (Service provider should give access to whole network and no site blocked)

How data privacy and net neutrality are opposed to principles of free and fair trade(market economy)?

1. Big Data to churn, record and predicts the behaviour of user.
2. lack of government policy creates problem of digital market oligarchy 
3. problem for competition policy which is vital for any economy to grow.

How to fix this digital market imbalance in India?

1. India must protect its startups from becoming proprietary of foreign brands. eg Flipkart by Walmart
2. Data must be monitized.
3. Govt to lay down policy. eg. Draft E-commerce policy - https://www.drishtiias.com/daily-updates/daily-news-analysis/draft-e-commerce-policy
4. Law to stop sharing data with data analytics etc. Inspiration can be taken from General data protection Regulation - EU. 
5. law must also lay down norms of accountability on part of digital tech giants. eg 50 mn FB user data was compromised by cambridge analytica.

Way Ahead - In the digital era, data privacy, open and equitable access to the internet is like clean air or safe drinking water. It has become a central pillar of socio-economic and political dynamics of society, It is a public good that we need to safeguard as a collective right through laws that make controllers of data accountable.