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Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system. Speaking at the 18th Global Forum Plenary meeting, Sitharaman said technological tools like artificial intelligence, along with judgement, should be used to ensure that tax information exchanged among jurisdictions leads to measurable outcomes. The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange. Stating that confidentiality and cybersecurity must be maintained with great care, the minister called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, emergence o
Swift expansion of India's digital economy has cemented the country's status as a "powerhouse", Google India's Country Manager and Vice President Preeti Lobana has said, emphasising that a razor sharp focus on trust and security are key to sustaining the momentum in the AI era. In an interview to PTI, the newly appointed top executive of Google India asserted that the US tech firm is "deeply committed to having rich, thriving digital ecosystem when it comes to Android or Play Store". According to her, Google sees "competition" as means of making the "digital ecosystem richer". Lobana declined to comment on the specifics of the search giant's antitrust cases in the country (bundling of the Play Store with Android TV OS, a case that Google settled by paying Rs 20 crore or the Play Store policies case) but said the company complies with the local laws in any country it operates in. "So we will work with the government and any of the regulatory bodies to make sure we are complying," sh
The cloud market and global capability centres (GCC) are among the fast-growing segments of India's digital economy which is expected to drive a fifth of national GDP by 2030, a report by MEITy has said. The report, prepared by the Indian Council for Research on International Economic Relations (ICRIER) and the Ministry of Electronics and Information Technology (MEITy), said India's digital economy was equivalent to Rs 31.64 lakh crore in GDP in 2022-23. While the traditional ICT (Information and Communications Technology) sector remains the largest component of the digital economy, digital platforms and the digitalisation of brick-and-mortar sectors are growing rapidly, the report pointed out. The country's cloud market, which accounted for 1.1-1.2 per cent of the global market in 2020-23, and GCCs (global capability centres) were named some of the fastest-growing segments of the digital economy. "India's digital economy is expected to grow almost twice as fast as the overall ...