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It is very likely that the Indian government will announce significant regulations on big internet related technology companies. It is worth thinking about how the global and local contexts will interact to determine the politics of regulation. Globally, countries from Australia to America are trying to come to terms with the power of big tech. To simplify, the world was presented with two visions of the internet technology space: California Libertarianism and Chinese Authoritarianism. Chinese Authoritarianism is going strong. The California Libertarian model had astonishing success. But it is now coming under pressure because of its internal contradictions.
There are several issues. First, many of the big tech companies were not, as they claimed, mere platforms, but began to curate and generate their own content, creating possible conflicts of interest. Second, there is a suspicion that big tech companies were acquiring more monopoly power; this was not a world of free competition. There is a curious conjunction of technology and finance here. The more companies were valued, the more they needed monopoly rent extraction to be able to justify those valuations. Hence the business model and the need to drive valuations came into direct conflict with the culture they professed.