The world’s second most populated country is reportedly looking to approach the EU to seek adequacy status in regards to the General Data Protection Regulation (GDPR).
The news comes as India is putting the final touches on its own Personal Data Protection bill.
According to sources speaking with The Economic Times, India is going to approach the EU to get adequacy status, meaning the country and the trade block would recognize each others’ rules regarding personal data.
The reason why India is seeking adequacy status despite not being a EU country is reportedly to reduce the compliance burden for trading with the European nations. It is also aiming to make it easier to outsource technological services to India.
Japan signed a similar deal with the European Commission in January. The deal meant data could flow freely between the two economies without the fear of it risking failure to live up to the compliance rules.
At the time Věra Jourová, commissioner for justice, consumers and gender equality at the EU said, “This adequacy decision creates the world’s largest area of safe data flows. Europeans’ data will benefit from high privacy standards when their data is transferred to Japan. Our companies will also benefit from a privileged access to a 127 million consumers’ market. Investing in privacy pays off; this arrangement will serve as an example for future partnerships in this key area and help setting global standards.”
GDPR has been good for the RegTech sector. As RegTech Analyst reported recently, it as well as the introduction of other pieces of regulations have contributed to the number of investment deals into the sector rising over the past five years.
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