> I wonder if anyone in the Indian government is alarmed that U.S. megacorps hold IMO much more precious keys to the financial security of their 1.4B population?

Nobody was alarmed at Chinese corps holding so much data. The indian govt cannot face china on the battlefield (close ties, less tech and military capabilities) so had to resort to shitty things like banning Tiktok and PUBG. The media praised the move as brilliant, when it was the worst possible thing. Instead of implementing privacy laws, they are banning apps.