Data "new form of wealth", to take into account the needs of developing countries: India

Data is a "new form of wealth" and needs to be taken into account by developing countries, India said on Friday, even when President Donald Trump opposed the identification of data and policies restricting digital commerce.

US businesses such as Google, Mastercard, Visa and Amazon have put pressure on data tracing rules around the world, including India.

Addressing a press conference following Prime Minister Narendra Modi's meeting with Trump on the sidelines of the G20 summit, Foreign Minister Vijay Gokhale said India recognizes the importance of linking trade and the digital economy.

"We also reaffirm the role of data for development.

"From our point of view, the data is an important issue, it is an issue that we are also addressing domestically where the conduct of international rules is being conducted," he said.

The view of India and the view of other BRICS countries is that data should be discussed within the World Trade Organization (WTO) and not outside the WTO framework, Gokhale said.

"The data should also take into account the requirements of developing countries," the Foreign Minister said.

"It's a new form of wealth," he said.

Trump, at the inauguration of the G20 Summit, said the US is opposed to tracking data.

"We need to ensure the resilience and security of our 5G networks, it is essential for our common security and prosperity." The US is opposed to identifying the data and policies used to limit the flow of digital commerce and violation privacy and intellectual property protection, "he said.

"The US is pursuing a digital commerce future that empowers all of our people We look forward to working with other G20 members to promote an open, fair and market-based digital economy that provides for free flow of data and brings new nations all the nations us, "the US President added.

Last April, the Central Bank of India issued a directive on the storage of payment system data and informed all system providers to ensure that within six months all data on their payment systems are stored in a single one in India for effective monitoring.

Many US companies have expressed concern about the issue of data tracking and their impact on their operating costs.