In this context, let me mention one point. India does not yet have a data privacy law (it relies on some interpretations of the IT Act). So people's data may be better protected by laws in other countries that have such laws (regardless of how comprehensive they are) than if the data were to reside in India.
The co-founder of Paytm (the CEO's brother) has been caught on video saying that it can provide all its customers' information in exchange for money. Oyo Rooms decided to funnel all hotel guest information to local police directly regardless of whether there was a crime or not and if the police requested for some data or not. There are many such instances where data privacy is not valued at all.