Regulation

While Press Note 3 of 2016, was supposed to liberalise FDI in e-commerce in India, it is filled with contradictory provisions and unclear definitions - particularly regarding the inclusion of service and digital product sales in e-commerce. It is, in fact, a step back and is reflective of the fact that the government’s understanding of technology and its impact is inadequate. Effective regulation in the Network Age requires precise, flexible legislation, understanding network patterns, and a non-linear approach to policy formulation.

The Internet and modern technologies have reduced information asymmetry in markets. With the abundance of data available today, can technology can replace regulations, ensuring data symmetry and achieving “minimum governance?”