Interpreting India debuts August 15. For the inaugural episode, Srinath Raghavan talks to Nandan Nilekani about the economy, data privacy, and India's role in an increasingly globalized world.
Interpreting India debuts August 15. For the inaugural episode, Srinath Raghavan talks to Nandan Nilekani about the economy, data privacy, and India's role in an increasingly globalized world.
"India is now on the cutting edge with the data empowerment architecture. What has happened is that in the West people were economically rich before they became data rich. Therefore, the business models that emerged were largely around advertising and other things, where you could use your data to target you to show an ad to you, and that's how some of these companies have built their business model. In China it's also been for the state law and order, and so on.
In India, because of the data empowerment architecture which is unique to India, we actually have a way now of individuals and small businesses using their own data to get some benefit. So I can use my own data to get me a loan, I can use my own data to get me better healthcare, and so on. This is what we call as data empowerment, where instead of data being used by corporations and countries, it will be used by individuals and small businesses. This concept of data empowerment is absolutely unique. India is really leading the thinking on this, and I am confident that this idea has global applicability."