logo
India has not compromised on data sharing under FTA with UK: Sunil Mittal

India has not compromised on data sharing under FTA with UK: Sunil Mittal

Time of India5 days ago
London:
Bharti Enterprises
Chairman Sunil Bharti Mittal on Tuesday reassured that the India-UK FTA does not compromise data protections, asserting that India has a "clear position" on securing its data provisions in every way.
Bharti Enterprises Chairman said that the country is uniquely positioned to ensure secure data exchanges only with trusted partners.
In an exclusive interview with ANI, Bharti Enterprises Chairman said, "In today's world, data movement is one of the most important issues in the trade, and services. And given India's advantage in digital connectivity now, which is not only at par with the world but perhaps in certain cases ahead of the world in its availability of data, the pricing, and the consumption patterns that you see, India has a very, very clear position."
"India has a very, very clear position. It wants to exchange data only with trusted partners, trusted countries. And these kinds of FTAs help in establishing those relationships," he added.
India's data localisation requirements, including the Digital Personal
Data Protection
(DPDP) Act, 2023, will ensure robust security for Indian data, Mittal said.
Discussing Starlink's partnership with his company, Mittal addressed potential concerns about satellite internet in crisis scenarios, such as internet shutdowns in conflict zones like Manipur.
He clarified that, should such disruptions occur, the Indian government would have the authority to order the shutdown of services from licensed operators.
"They (Indian Government) will have to immediately make a request to the people who have been licensed (with Starlink) in India and they'll be duty bound to follow the law of the land, absolutely. I mean tomorrow, if we are operating
OneWeb
in India and if there are directions for us to shut the services, we will have no other recourse but to do that. I mean, you are operating under the license GMPCS (Global Mobile Personal Communications by Satellite) given by the DOT. So you have to stay within those norms," Mittal stated.
The much-awaited landmark
India-UK Free Trade Agreement
was signed on Thursday, in the presence of Prime Ministers Narendra Modi and Keir Starmer, providing greater access to goods and services between the two countries.
On May 6, Prime Minister Modi and his UK counterpart, Keir Starmer, announced the successful conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA).
The idea behind the trade deal is to eliminate or reduce tariffs on imports and exports between the two nations. This should make Indian products competitive in the UK and vice versa.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Reliance remains highest-ranked Indian firm on Fortune Global 500 list
Reliance remains highest-ranked Indian firm on Fortune Global 500 list

Business Standard

time27 minutes ago

  • Business Standard

Reliance remains highest-ranked Indian firm on Fortune Global 500 list

Billionaire Mukesh Ambani's Reliance Industries has retained its position as the highest-ranked Indian company on the 2025 Fortune Global 500 list, according to the latest rankings released by the publication. The oil-to-telecom-and-retail conglomerate has been ranked at No.88 on the latest list, down from 86th position in 2024. However, the company has gained a whopping 67 places in the last four years, from No.155 in 2021. US retail giant Walmart continues to be the top-ranked company in the world, followed by Amazon. The top 10 has three Chinese companies - state-owned electric utility State Grid at No.3, China National Petrol at No.5 and oil and gas giant Sinopec Group at No.6. World's largest oil exporter Saudi Aramco is ranked at No.4 and Apple at No.8. India has 9 companies in the Fortune's Global 500 list this year - 5 of them from the public sector and 4 from the private sector. Life Insurance Corporation of India (LIC) is ranked at No.95, unchanged from last year. Indian Oil Corporation (IOC) slipped 11 slots to be ranked No.127 in the 2025 ranking. Country's largest lender State Bank of India (SBI) gained 15 slots to be ranked at 163, while HDFC Bank soared 48 places to come in at No.258. Oil and Natural Gas Corporation (ONGC) lost one place to be ranked at 181. Other Indian firms on the list included Tata Motors at No.283 (down 12 positions from 2024), Bharat Petroleum Corporation Ltd (BPCL) at No.285 (down 27 position) and ICICI Bank at No.464 (unchanged). It is now the 22nd year of Reliance being a part of the Fortune Global 500 list - much longer than any other private sector company in India. The Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2025. The Indian rupee's depreciation against the USD from 83.35 in March 2024 to 85.45 in March 2025 had a negative impact on Reliance's revenues when converted to USD. Reliance closed FY25 with record high consolidated gross revenues of Rs 1,071,174 crore, up 7.1 per cent year-on-year, and EBITDA of Rs 183,422 crore, up 2.9 per cent, with each of the oil-to-chemical (O2C), oil and gas, retail and digital services businesses posting healthy growth.

Qualcomm India eyes vehicle-linked smart glasses in under 3 yrs: President
Qualcomm India eyes vehicle-linked smart glasses in under 3 yrs: President

Business Standard

time27 minutes ago

  • Business Standard

Qualcomm India eyes vehicle-linked smart glasses in under 3 yrs: President

Chipmaker in talks with Indian automakers to co-develop AI-powered glasses for two- and four-wheeler riders premium Deepak Patel New Delhi Listen to This Article US-based Qualcomm, a fabless semiconductor company, is currently in discussions with Indian two-wheeler as well as four-wheeler automakers to develop AI-powered smart glasses that are integrated with their vehicles and can assist their riders, and these products should be in the market in not more than three years, Savi Soin, president, Qualcomm India, told Business Standard in an interview on Wednesday. 'We can see these smart glasses, which are integrated with four-wheelers and two-wheelers, in the market in less than three years,' Soin said.

New EU sanctions threaten Indian refiners' $14 billion export market: ICRA
New EU sanctions threaten Indian refiners' $14 billion export market: ICRA

Time of India

time27 minutes ago

  • Time of India

New EU sanctions threaten Indian refiners' $14 billion export market: ICRA

Exports by Indian oil refiners are likely to face major disruption following the implementation of the EU's 18th sanctions package against Russia, according to a report by ICRA. The report highlights the potential impact on Indian refiners, who collectively exported approximately $14.3 billion worth of petroleum products to the EU in fiscal year 2024-2025. The new EU sanctions, enacted on July 18, include a crucial import ban on all refined products made from Russian crude oil originating from third countries. Notable exceptions to this ban are Canada, Norway, the US, the UK, and Switzerland. This measure directly targets nations like India, Turkey, and the UAE, which have become major processors of discounted Russian crude and significant suppliers of refined products to Europe in recent years, ICRA further said. Price caps introduced India has emerged as a key refiner of Russian crude, capitalising on previously steep discounts that ranged from $10-16 per barrel. While these discounts have recently narrowed to $2.5-4 per barrel, ICRA suggests that the newly introduced price cap and other measures could potentially widen them once more. Over the past three years, India's exports of petroleum products to the EU have surged, reaching an annual average of $14-15 billion. This increase was largely driven by reduced Russian supplies to European markets, creating a substantial opportunity for Indian refiners. Beyond the import ban, the EU has also lowered the crude oil price cap from $60 per barrel to $47.6 per barrel, aligning it with current global oil prices. A dynamic mechanism for future price cap reviews has also been introduced. These price caps are designed to prevent EU operators from providing transport or insurance services for Russian oil traded above the stipulated limit. Furthermore, the sanctions have expanded the list of sanctioned vessels by 105, bringing the total to 444. These vessels are now subject to port access and maritime transport service refiners have already taken steps to cease business dealings with sanctioned entities and traders. Despite these significant measures, crude oil prices have remained largely stable, indicating that the market anticipates minimal disruption to global supplies, even though Russian oil exports account for roughly 7 per cent of global liquid consumption, the report stated.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store