Letting government step into this space creates an alternative form of censorship. I would rather ask all content platforms for transparent open-sourced moderation rules.
At the meantime, TikTok has a remarkable traction that put in a row of the greatest product of the decade. Previously ByteDance tried to move HQ away from China, but I now I guess they might even consider selling their product.
I guess it is more political decision rather than Indian government really cares about data security. Seems that US and specifically Facebook become the absolute winner in India.