BENGALURU: BJP MP and Chairperson of Standing Committee on Finance Jayant Sinha on Friday said that the difficulty in assessing and dealing with rising technology platforms is posing a new challenge for national security. Speaking at a conclave organised by Synergia Foundation, Sinha pointed out that India is changing its bilateral approach to adapt to the changing geopolitical and economic scenario. Pointing out to the global financial crisis in 2009, Sinha said it had redefined the trading world as we know it, ushering in a new era with new challenges.
“The rise of technology platforms like Google, Flipkart, Amazon, Ali Baba and Tik Tok are creating new national security challenges. Cyber experts are finding it difficult to assess and deal with things like encryption on WhatsApp or Telegram. When and how much should be intercepted, should it be intercepted at all? Even if you break it with quantum computing what does it mean for these businesses? We don’t have a clear understanding in terms of regulation or privacy. Tech platform businesses pose a serious challenge to us,” Sinha said, pointing out that in India the issue of data collection, storage and use is a concern.
Sinha insisted that India acknowledged the new world trade order that has moved from unipolar to multi-polar and is devising policies and trade treaties accordingly. “Four or five forces are working on global trade putting us in a situation where we don’t know what to expect. Amidst global terrorism, the collapse of countries, US-China trade war, India is focused on three initiatives,” Sinha said.
He said that India has recognised that this is a multi-polar world in terms of trade order and is working towards customised agreements with all international players. “Trade agreements and diplomatic activity show we are working with all including China, ASEAN and the US. We are trying to figure out how India should choose bilateral investment treaties. Customised agreements with trading partners,” Sinha said.
Secondly, approaching existing multilateral institutions to reshape it to the new world order is also an initiative. By reforming existing institutions, Sinha said, India hopes to fashion more equitable agreements. “Thirdly we are forging new institutions so we can establish a balanced and rule-based multilateral agreement,” Sinha added.