• Rajeev Chandrasekhar, Indian IT Minister, pledges support for crypto and web3.
• He highlighted the primary objective of the Digital India Act (DIA) to provide a secure and reliable online environment.
• He also mentioned that startups will be granted exemptions and extended compliance periods to foster their growth.

Indian IT Minister’s Support for Crypto and Web 3

Rajeev Chandrasekhar, Indian IT minister, reaffirmed his government’s commitment towards creating a safe internet experience with the introduction of the Digital India Act (DIA). The DIA is formulated to provide a secure and reliable online environment for all digital projects as India’s internet user base is set to reach 1.3 billion.

Creating Safeguards Against Online Harm

The minister acknowledged the importance of addressing online harm in order to create a thriving digital ecosystem. During an event titled “Digital India Dialogues on the Principles of the DIA” held at Taj Lands Ends in Mumbai on May 22, 2023 he shed light on some of its key aspects and emphasized how it would enable sectoral regulators like RBI, SEBI, and other ministries to establish supplementary measures for enhanced safeguards.

Data Protection Bill Provisions

The minister also highlighted the upcoming Digital Personal Data Protection Bill which aims at safeguarding personal data in the digital realm. It will introduce provisions that grant exemptions and extended compliance periods to startups while recognizing their unique challenges in navigating regulatory frameworks.

Fostering Innovation Through Startups

The Indian government has placed high importance on supporting startups due their crucial role in driving innovation by providing them with necessary resources such as capital investments, mentorship opportunities etc., therefore encouraging more people to take up entrepreneurship as a viable career option.

Conclusion

In conclusion, minister Chandrasekhar’s address provided insight into how serious his government is about creating a robust digital infrastructure that prioritizes safety while fostering innovation through various initiatives such as those mentioned above.