There is not a single country in the world where largest bank is not a bank based in that country. Like money, data is something sovereign nations want to control.

EU, China and India all have areas where they want US based firms to store data in a specific way. This isn't changing anytime soon.

BCR and BRD, the largest Romanian banks, are owned by Austria and France.

I'd be shocked if most big banks in Eastern Europe are owned locally.

The opposite of what you're saying is true for almost every average or small country, economically.

There is a huge difference to your other examples. The US does not actually have a good track record with protecting their customers with proper privacy laws.

I'm not sure what that has to do with this. There could be laws requiring that the data be kept secure and private without specifying that it has to be kept in a certain location.

Besides which, India doesn't have a good track record of protecting privacy either.

True, but if it's not hosted under your own control it basically is fully out of your control. Doesn't the US gov / the 3 letter agencies basically have access to everything hosted within the US?

Sure there are other ways, but India seems to like to go for the most radical solutions at times

They also seem to have access to everything that goes through the submarine cables near their shores.

So data is spied on just by being routed near them, it is not needed for them to be the destination.

US having access to indian date has limited impact on india while Indian govt having same data have major impact on india

I don't disagree. It is dystopian, but so is a single country having access to the majority of the world's transactions.

> is it not also fair and reasonable that goods sold in India should be made in India, that movies that show in India should be made in India, that all news consumed in India should be written in India?

Of course, thats what every country wants, and they develop policies that give tax breaks or concessions to local businesses. That's why tariffs were enacted.

I'm sorry, I don't really get your point, maybe you can restate it?

It was a question as evidenced by the question marks.

Your answer, as far as I can discern, is that it "Of course" it is "fair and reasonable that goods sold in India should be made in India, that movies that show in India should be made in India, that all news consumed in India should be written in India."

That's all there is to it, question asked, and answered.