- India lawmakers are looking for ways to curb the power of U.S. tech giants with draft rules calling for companies to store local user data in India with the info accessible to the government.
- The rules would hit Amazon (AMZN +0.9%), Apple (AAPL +0.9%), Google (GOOG +0.1%)(GOOGL), and Facebook (FB +0.2%), to name a few.
- The WSJ viewed a draft of a new e-commerce policy calling for a “level playing field” with rules for “encouraging domestic innovation and boosting the domestic digital economy to find its rightful place with dominant and potentially non-competitive global players.”
- India has 390M internet users, second only to China, according to Bain data. Research firm eMarketer says the e-commerce market could reach $33B this year.
- Amazon previously committed to spending $5B to boost its Indian operations.
- Previously: Bloomberg: Apple loses key execs in India struggles (July 16)
- Now read: Apple: Omnipotent And Undervalued
Original article