Data is the new oil and a driver of growth and change. Indeed, India is a supposed to become data rich before becoming economically rich. This digital growth is being pushed by large foreign digital companies. Important sectors such as e-commerce, social media, digital entertainment, online communication, and information and communication technology (ICT) hardware in India are predominantly served by foreign companies, or domestic companies funded by foreign capital. These foreign service providers are free to process the personal data of millions of Indians within their own shores. The advancement of digital tools and technology in areas such as artificial intelligence (AI), has enabled them to monitor and profile user behaviour, preferences and even daily routines, granting them the potential power to influence their decisions through targeted communications. Recognising the gravity of the issue, the Srikrishna committee in its draft data protection bill has rightly observed that the freedom to share personal data in the digital economy works selectively in the interests of certain countries that have been early movers. However, it remains to be seen whether the bill will backfire with respect to the potential threat of data colonialism.