Big Tech is powerful and its profits are growing - by 105% over the last year. It dominates economies. This raises concerns about data protection and privacy, anti-trust, fintech and the specific role of intermediaries. India is leading the way on fintech, but is behind several countries and institutions on digital rules. It is important to establish laws and rules to govern technology – whether domestic or through multilateral bodies – with the aim to strike the right balance between innovation and regulation.
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The India-EU summit held May 8, was more ambitious than previous ones. Now the summit’s words must turn into action, an effort that will require continuous discussion, patient negotiation and uninterrupted dialogue between Delhi and Brussels. Will the two capitals be willing to compromise and find common ground that they have not managed to demonstrate before?
This India-EU summit was different from the ones past, and India is a significant gainer. A trade agreement and connectivity partnership aside, the EU has stepped up to help India during this emergency, viewing it not as a weak state but as a partner in distress. The geopolitical indicators for an enhanced engagement are now also in place.
Digital Manufacturing in India can bring in a new age globalisation of manufacturing, and developing resilient, transparent and trusted supply chains. With the help of MNCs, start-ups and government in accelerating digital adoption, and India must become part of the emerging global trading system, using the COVID-19 pandemic to accelerate digitisation.
The EU’s Indo-Pacific strategy comes better late than never. But it has to step gingerly. It cannot antagonize China, wants to build on the legacy of its members’ colonial past, give the region the infrastructure it needs, and make the trade agreements that it wants. Is it achievable?
The 50-year-old Siemens facility in Kalwa adopted the Internet of Things, cloud and digital twin technologies to transform itself digitally and optimise manufacturing processes. It led to a 20% increase in productivity, and has made its product competitive with its German counterpart.
Individuals now generate copious amounts of personal data everyday – both online and offline. Devices and infrastructure extract data, which can be shared instantly across borders with diverse entities - without consent. It is imperative that countries come together to create regulations to protect individuals who are unable to control how their data is shared and processed. A model already exists in the Paris Climate Agreement.
Now that the India-U.S. 2+2 meeting has ended, Indian officials are preparing for a hectic season of summiteering in November, from the SCO to the BRICS and the G20. All will give India global attention, and help the country prepare its positioning at home and abroad.
The Space20 is the newest sub-forum of the G20 initiated by Saudi Arabia, with the support of the United Nations Office of Outer Space Affairs. India, on its way to the G20 presidency in 2022, should set a comprehensive Space20 agenda for the democratization of outer space, whereby it can share its space growth story with the developing world and achieve its goal to become a global knowledge epicenter.
The UN turned 75 this year but instead of grand celebrations, the world witnessed an empty UNGA with world leaders addressing it via video screening because of the pandemic. The UN is under unprecedented stress and being shown up for its inability to tackle the challenges of today like the pandemics, climate change, terrorism or global peace and security. The institution's key governing structures, especially the UN Security Council, are inadequate and demand reform. India must now use gritty resolve to ensure its place in these governing structures.