Rajeev Chandrasekhar on data protection; Streamlining exports for SMEs

Hello,

A new milestone for ONDC.

The government-backed ecommerce protocol now has 50,000 restaurants across 172 cities live for online ordering on its network, an exponential growth from just 500 in February. Open Network For Digital Commerce (ONDC), which recorded its first order last September, now aims to double the number of restaurants by the end of this year.

In other news, Tiger Global bid farewell to Zomato. The New York-based investment firm sold its remaining 1.44% stake—12.35 crore shares—in the foodtech company on Monday for about Rs 1,124 crore. This block deal also saw Zomato’s shares gain in the stock market, closing the day 1.48% higher.

Oh, Mensa Brands is spreading its wings to the UAE, introducing multiple brands on Amazon and Saudi ecommerce platform noon. It also launched MyFitness peanut butter on quick commerce platforms Talabat and noon Minutes.

ICYMI: Japanese startup Alt Inc is developing technology for digital doubles—animated images that could look and talk just like their owner. 

Imagine having a digital clone that could sit on all your Zoom meetings.

A tempting thought, indeed!

In today’s newsletter, we will talk about 

• Rajeev Chandrasekhar on data protection
• Streamlining exports for SMEs
• RIL looks at next generation of Ambanis

Here’s your trivia for today: Which soft drink was originally invented as a mixer for alcohol?

Policy

Rajeev Chandrasekhar on data protection

The Digital Personal Data Protection (DPDP) Act 2023 protects the personal data of individuals and prevents its misuse through regulation, enforcement, and penalties. Minister of State for Electronics and IT, Skill Development and Entrepreneurship played a pivotal role in upholding the right to privacy

"I believe that the DPDP Act helps set a global standard for data protection and data privacy. It is a benchmark for data privacy,” Chandrasekhar tells YourStory Founder and CEO Shradha Sharma.

Protecting privacy:

• The Act's three objectives include protecting citizens' rights, ensuring growth with minimal compliance for startups and innovation-led companies, and offering data access to the government during emergency situations.
• Chandrasekhar says the DPDP Act doesn’t create a compliance burden for startups. Early-stage startups will also be given certain exemptions so that they can conduct their daily operations without glitches.
• The minister says the DPDP Act and Digital India Bill will guide the “techade” or the next decade of technology opportunities. 

Technology

Streamlining exports for SMEs

SMEs often find it difficult to navigate through the challenges when it comes to managing cross-border payments. Bengaluru-based Skydo is addressing this problem of Indian SME exporters with instant and low-cost cross-border payments similar to UPI. 

Tech solution:

• Skydo automatically tracks and communicates payment status, credits the India bank account with the payment, and sends the payment advice and compliance details.
• The company already has 500 exporters onboard, and with its scale of operations, the founders say the platform is able to get forex conversion at much lower rates than individual exporters.
• Skydo is collaborating with various SME associations and bodies to spread awareness of export payments and the Skydo platform. 

Corporate

RIL looks at next generation of Ambanis

The next generation of the Mukesh Ambani family will step into key roles at Reliance Industries as Isha, Akash and Anant Ambani have been inducted as non-executive directors into the board of the company. Nita Ambani will be stepping down from the board to focus on Reliance Foundation as its Founder-Chairperson.

Key takeaways:

• Jio Financial Services looks to enter into the insurance segment while also leveraging blockchain-based platforms and central bank digital currency.
• Reliance Jio, with an overall subscriber base of 450 million, will be launching JioAirFiber to provide last-mile fibre connectivity.
• OTT streaming service JioCinema now has 45 crore viewers. It will introduce more features like multi-video picture-in-picture and multi-lingual support for Indian languages.

News & updates

• Delays: Log 9 Materials, India's first lithium-ion battery manufacturer, warned production at its facility in Bengaluru could take a hit from the late arrival of Chinese experts as the New Delhi government delayed the approval of visa applications.
• Banned: Paris will become one of the only cities in Europe with an outright ban on rented e-scooters even as operators plan to ramp up their e-bike fleets ahead of the 2024 Olympics. A referendum in April gave Parisians two choices regarding rental scooters, which resulted in 90% against.
• Smash hit: The New York Times may have a new hit game on its hands as a new puzzle called Connections joins the newspaper’s portfolio this week. It became the Times’ second-most played game behind Wordle despite minimal promotion during its summer testing phase.

What you should watch out for

• Union Minister Nitin Gadkari to introduce the world's first vehicle with an electric flex-fuel vehicle certificate. 
• Two asteroids heading towards Earth expected to make their closest approach today.
• National Sports Day of India.

Which soft drink was originally invented as a mixer for alcohol?

Answer: Mountain Dew

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