Tech Firms Grapples To Avoid Regulatory Backlash


Tech Firms Grapples To Avoid Regulatory Backlash

The power passages in Lutyens’ Delhi are witnessing an elevated stress of a fresh species. This species is nothing but technology lobbyists equipped with fact sheets and presentations since the government summaries landmark rules around privacy, net neutrality, crypto currency, data ownership, and digital payments.

Reinforcing communication channels with the government has turned out to be predictable for technology firms to proactively deal with concerns around disruptive and new techs. This is done to avoid regulatory repercussion, which can be crippling to a company as some have discovered.

“Technology frequently outpaces rules. We recognize that governments are struggling with the requirement to control new players and completely new models of business. And simultaneously it is trying to encourage innovation,” claimed a spokesperson for Uber, the ride-hailing platform. Uber has had to deal with regulatory challenges in various states of India. “We are pledged to obeying with the government shareholders to convey in rules that are good for drivers, riders, and cities.”

Lobbying has obtained some big wins for Internet and technology firms in India; for instance, when the government permitted 100{9c13ba893f3703c58d1bbcbff2f97ff18cf629c78a707ad6d26f50de14f9545a} FDI (foreign direct investment) in online retail of services as well as goods under the supposed marketplace model and in fintech companies. Facebook, on the other hand, lost a movement for its contentious Free Basics item that wanted to permit users authorization to select websites and its social media platform without being billed for data. The telecom watchdog selected to back net neutrality by banning unfair costing of data offerings. A Facebook spokesperson claimed that the policy team of the company was aimed on assisting government officials know its programs, policies, and products.

Ecommerce majors of India comprising Ola as well as Flipkart lately created to symbolize the interests of domestic Internet ventures. Whereas Coinsecure, Zebpay, and Unocoin have formed the DABFI (Digital Assets and Blockchain Foundation of India).