VINOD BHAT
Singapore, Nov 20:
Union Minister Shri Ashwini Vaishnaw, representing the Government of India at the Bloomberg New Economy Forum in Singapore, articulated India’s vision for a stable, responsible, and innovation-driven digital and economic future.
Highlighting India’s strong economic fundamentals, he said, “With high growth and moderate inflation, India will continue to offer a stable policy regime, sustained simplification, good growth and very moderate inflation in the coming years — a situation every investor looks forward to.” He extended an invitation to global investors to join the New Economy Forum in New Delhi next year, underscoring India’s readiness to be a key driver of the global economic transformation.
Addressing the challenges posed by emerging digital realities, the Minister expressed deep concern over the erosion of trust between citizens and institutions due to the unchecked influence of social media, including deepfakes, synthetic content and rapidly amplified rumours. He emphasised that platforms must take responsibility for the content they host and disseminate, ensuring it does not harm individuals, communities, or the broader societal fabric.
He explained India’s “techno-legal” approach to digital governance, noting that the Data Protection Act is principles-based, designed to evolve with rapidly changing technologies without stifling innovation. “We believe in a balanced combination of innovation and regulation, where innovation is encouraged while potential harm is effectively mitigated,” he said, adding that the government is working closely with industry and civil society to maintain this equilibrium.
The Minister reiterated that companies operating in India must respect the Constitution, the legal framework and the country’s social and cultural diversity. “Platforms must understand and respond responsibly to the societal context, diversity and sensitivities of the country in which they operate,” he affirmed.
