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ByteDance could lose $6 billion following recent TikTok ban in India

Author : Pankaj Singh | Published Date : 2020-07-03 

The latest decision taken by the Government of India to ban 59 Chinese smartphone apps is trending worldwide, especially across China. As per a report by China’s Global Times, ByteDance, the parent firm of Helo and TikTok, is likely to incur a loss of about $6 billion after this imposed ban by India. 

The report further states that as per information from Sensor Tower, a mobile analysis firm, TikTok witnessed 112 million downloads in May. Of these, the population of India contributed to a large number of downloads, about twice the total downloads registered in the USA.

The Government of India on Monday banned the download and use of 59 Chinese apps like TikTok, UC Browser, SHAREit, Helo, Baidu map, WeChat, Club Factory, Mi Community, and UC News due to certain allegations that these apps were doing works that are prejudicial to the integrity and sovereignty of the country, defense of the nation, public order and state security.

The state media firm added that this move has turned out to be a severe blow for Chinese traders and investors. Also, the Indian economy might stay subdued for a longer period due to the loss caused by coronavirus pandemic.

Ravi Shankar Prasad, Minister of Electronics, Law, and Information Technology stated that the Indian government has banned the Chinese apps for defense, security, safety, integrity, and sovereignty of the nation. India had to ban these apps to safeguard the privacy of people.

The India China face-off on the Line of Actual Control (LAC), precisely at the Galwan valley in Ladakh on 15th and 16th June has been a stimulus to anti-China sentiment for the Indian population. 20 Indian soldiers were martyred during the violent face-off between Indian and Chinese troops on LAC, while the Indian intercepts told that China suffered 43 casualties including some seriously injured and dead.    

Source Credit: https://www.livemint.com/news/india/tiktok-ban-in-india-bytedance-could-lose-rs-600-crore-11593656151668.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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