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TikTok ban in India: ByteDance could lose ₹45k crore

TikTok

Chinese tech giant ByteDance Ltd. believes that they could incur a loss of over USD 6 billion after three of its apps, and this included the popular app TikTok, were banned by the Indian government this week. 

On Monday, as many as 59 Chinese apps were banned by India for engaging in activities “prejudicial to sovereignty and integrity of India, defence of India, the security of the state and public order”. Apart from TikTok, the other important and popular apps included UC Browser. This ban has come in the wake of the ongoing stand-off along the Line of Actual Control in eastern Ladakh as well as with Chinese troops.

‘The loss of Chinese internet company ByteDance – the mother company of Tik Tok — could be as high as $6 billion after the Indian government banned 59 Chinese apps including Tik Tok, following deadly border clash between Indian and Chinese troops last month’, Global Times, which is a state-run media handle in China said in a Tweet. 

The report went on to add that as per a data from Sensor Tower, which is a mobile app analysis company, TikTok was downloaded 112 million times in May and people who downloaded the app in India instituted a very high number and they stand at double of what was downloaded in the United States of America. 

“What the Indian government and people have done has dealt a severe blow to the confidence of Chinese investors and traders and the Indian economy could remain subdued for a protracted time under the devastating shocks from the coronavirus outbreak,” Global Times further added.

Law, Electronics and Information Technology Minister, Ravi Shankar Prasad backed the decision and said the decision was taken for safety, security, defence, sovereignty and integrity of India.

“For safety, security, defence, sovereignty & integrity of India and to protect data & privacy of people of India the Government has banned 59 mobile apps. Jai Hind!,” he said in a tweet.

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