It is estimated that approximately 90% of data in the world today was created in the last two years. Data has the power to solve some of the most pressing challenges facing society. However, most of the data remain siloed, fragmented, and unavailable for deriving social and economic value. This inhibits government in formulating essential policies, business leaders in an optimal allocation of resources, and citizens making informed decisions. Data exchanges can unlock innovation in key sectors, such as agriculture, smart cities, and logistics. It provides a platform for various stakeholders – government, industry, start ups, research institutions and academia to collaborate and leverage the power of data to unlock the trillion-dollar digital opportunity in India.
With this background, NITI Aayog and the Centre for the Fourth Industrial Revolution India have developed a framework in consultation with a multi-stakeholder community to promote data exchanges with open, scalable architectures and transparent and equitable governance models supported by sound incentivization principles.
Related links:
Data-driven Economies: Foundations for Our Common Future
Developing a Responsible and Well-designed Governance Structure for Data Marketplaces