‘Firms had ample time to follow DPDP rules’

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Mint reported that DPDP rules are slated to be rolled out in a “graded" manner, wherein large, global firms will get six months to become compliant with the new data regulation in India. Smaller companies are likely to be offered more time to comply with the rules. Companies have started working on it too—on 28 September, Nick Clegg, Meta’s president of global affairs, told Mint in an interview that the company is already working to comply with India’s data regulations.

He also added that there are certain sections of the rules, which would be more challenging than others to comply with. Speaking about India’s local manufacturing efforts, Vaishnaw said that the “real" value addition comes from creating intellectual property (IT) around own designs of various electronics and hardware categories. “India’s own design IP rights can add 40-50% of value to our local manufacturing efforts—this is the real value addition to our efforts across sectors.

If you look at sectors like networking hardware, companies are also already increasing component sourcing locally. The value addition and component sourcing will increase as volume in local manufacturing grows further," the minister said. One key area, Vaishnaw added, is in semiconductor design.

“A recent study, conducted by ISM, shows that we have some of the most complex chips being designed in India. In the semiconductor ecosystem, our earlier estimate was that we have 50,000 chip design engineers—our new survey says it is 1.2 lakh. Our design efforts are already growing—in fact, seven companies have already been approved under the semiconductor DLI scheme," he said."Exciting news! Mint is now on WhatsApp Channels