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Business Economy


Commerce Ministry, MeitY, RBI to realise full use of digitisation in trade: Piyush

Commerce Ministry, MeitY, RBI to realise full use of digitisation in trade: Piyush

New Delhi, Jun 18 (UNI) Commerce and Industry Minister Piyush Goyal has said his Ministry, MeitY and the RBI will work in synergy towards realising the full use of digital technology together with trade and investment and also be mindful of the national needs priorities and sensitivities.

Mr Goyal said the MeitY and National Association of Software and Services Companies (NASSCOM) may deal with the concerns of companies who build products in India and store their data in the country and the Bill must reflect this.

He said this in a meeting with tech industry and e-commerce companies on Monday.

The meeting was held by Mr Goyal in order to understand their concerns and take their suggestions towards building a robust data protection framework that will achieve the dual purpose of privacy and innovation and strengthen India’s position as a global tech leader with focus on trust and innovation.

All the companies who were represented in this meeting put forth their concerns related to RBI data storage requirements and processing related guidelines issued by the RBI. Deputy Governor of RBI, B P Kanunago, assured the industry representatives that the central bank will look into this.

E-Commerce and tech companies also informed Mr Goyal that the data free flow discussed in the recent G20 Ministerial Meeting on Trade and Digital Economy was a positive development for India in principle and India must participate in the discussions on digital trade but issues of concern for the country must be taken up as and when they arise during the G20 discussions.

UNI SW SHK1834

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