In an era where data is the new oil, nations across the world are rigorously enacting regulations to ensure the privacy and protection of their citizen's data. India, a burgeoning digital economy, has recently taken its most significant step in this direction with the passage of the Personal Data Protection Bill (PDPB). As a legal scholar specializing in data governance, I find the nuances of this legislation both commendable and debatable.

Historical Context:
Understanding the PDPB requires a brief journey into its origins. Following the landmark Justice K.S. Puttaswamy vs Union of India case in 2017, where the Supreme Court declared the right to privacy as a fundamental right, there was an imperative need for comprehensive data protection legislation. The PDPB is India's response to this constitutional directive, as well as the global trend exemplified by the EU's General Data Protection Regulation (GDPR).

Key Provisions of the PDPB:

• At its core, the PDPB classifies data into personal data, sensitive personal data, and critical personal data. Each category has distinct protections, with 'sensitive' and 'critical' data subject to more stringent processing conditions.

Data Localization:

• A provision that has received global attention is the bill's data localization requirements. While personal data can be transferred outside India, a serving copy must remain within the country. Sensitive data can be processed outside India under specific conditions, but critical data must only be processed within the country.

Consent Framework:

• The PDPB emphasizes explicit, free, and informed consent. It mandates entities to obtain clear consent before collecting data, ensuring users understand how their data will be used.

Rights of the Data Principal:

• Inspired by GDPR, the bill gives several rights to individuals (or 'data principals'). These include the right to access and correct their data, the right to data portability, and the right to be forgotten.

Data Protection Authority (DPA):

• The bill envisions an autonomous body, the DPA, to oversee and enforce data protection rules.

Critical Appraisal:

While the PDPB is a milestone, a few aspects demand critical attention:

• Exemptions to the Government:
  The bill provides broad exemptions to the government in the interest of the sovereignty and integrity of India, public order, and friendly relations with foreign states. Such sweeping exceptions may give the state unrestrained access to personal data, potentially diluting the very purpose of the bill.
   
• DPA's Composition:
  The DPA's members are appointed by the government, raising concerns about its autonomy. For an authority vested with the immense responsibility of ensuring data protection, independence is paramount.
   
• Potential Implications for Businesses:
  The stringent data localization requirements could impact businesses, especially multinational companies and startups. It may increase their operational costs and affect India's IT ecosystem.

Global Parallels and Implications:
When we juxtapose PDPB with GDPR, there's a clear resonance in terms of user rights and principles. However, GDPR adopts a more stringent penalty mechanism, and its broad territorial scope encompasses any entity processing EU citizens' data. In contrast, the PDPB's primary concern is data localization, reflecting India's attempt to assert digital sovereignty.

The PDPB is set to impact India's diplomatic and trade relations. Global entities operating in India will have to align their data practices, and this might become a focal point in trade negotiations.

Conclusion:
India's PDPB is undeniably a step forward in institutionalizing the right to privacy. It embodies the nation's ambitions of being a global digital power while safeguarding its citizens' data rights. However, the real test lies in its implementation.

The PDPB serves as a testament to the global trend of recognizing personal data's sanctity. However, as we embrace this new regulatory framework, continuous deliberations, refinements, and stakeholder feedback will be crucial to ensure that India strikes the right balance between digital growth and individual rights.

With data becoming an integral part of our socio-economic fabric, robust legislation like the PDPB not only shapes our digital future but also reflects our societal values. As scholars, practitioners, and global citizens, our role is to critically engage, adapt, and contribute to this evolving narrative.