TikTok suffers losses of ₹450 billion due to Indian ban, PM Modi launches ‘App Innovation Challenge’  

New Delhi: – The Indian ban on Chinese apps following the Chinese betrayal in the Galwan Valley has delivered a major financial jolt to the Chinese companies managing these apps. As per the forecast, the ByteDance Company, which manages TikTok, alone will have to bear a loss of ₹450 billion (USD 6 billion). Whereas, as per the claims made by the Chinese media, other app companies also will suffer similar losses. While reports are being received regarding the losses incurred by the Chinese companies, Indian Prime Minister Narendra Modi has launched an App Innovation Challenge.  

TikTok

Indian has banned 59 Chinese apps. These include popular apps like Helo, UC Browser, CamScanner, Shareit, WeChat, and other popular apps, along with TikTok. These apps have maximum registered users from India. Out of the 200 apps available to smartphone users in the country, 38% are Chinese. TikTok, Helo and Vigo apps offered by Bytedance company had become popular in India. But following the Indian ban, the company has lost a major user base, and its global expansion plans also have been hampered.   

The forecasted losses for the ByteDance company alone, as a result of TikTok ban, are to the tune of ₹450 billion. The Chinese Media Institution, Commission Global, has made this claim on its website quoting a manager from the ByteDance company. The other Chinese app companies also are expected to incur losses worth millions. The site has claimed that the losses incurred by all the other app companies will be lesser than the losses that will be incurred by the ByteDance company.   

A few days ago, the Chinese government mouthpiece, Global Times, had criticised campaign to boycott Chinese products and the app ban. Global Times had claimed that these actions to ban Chinese products would hurt India more than China. But as per analysts, in reality, China is panicking because of the aggressive Indian stand and the Indian retaliation on the economic level is jolting China severely.  

Meanwhile, Prime Minister Modi launched the App Innovation Challenge on Saturday. This challenge will help to promote Made in India apps and encourage youth to develop more apps. The Prime Minister launched this challenge under the Digital India and Atmanirbhar Bharat campaigns.   

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