Despite teething problems, Data Protection Bill will be instrumental for small businesses in long term

Ease of Doing Business for MSMEs: Mukesh Ambani, Chairman of Reliance Industries, once said, “Data is the new natural resource. We are at the beginning of an era where data is the new oil.” The message elucidates the importance of data security in today’s time. Nations across the globe are taking steps for its privacy and India has also geared up for a strict data protection law. Working in the direction the much-awaited Personal Data Protection Bill, which covers the mechanisms for the protection of personal data, recently saw the light of the day in the Lok Sabha. With this, India joins the queue of countries that has systematic data protection legislation regulation. Europe has stricter and more precise data protection legislation regulation than the U.S, according to the Clemons & Banattar 2018, report.