New Delhi, NFAPost: Indian government’s decision to ban ByteDance owned apps like TikTok, Helo and Vigo Video could result in loss of revenues to the tune of $6.
In a report published by Global Times, the Indian government’s decision of banning TikTok, Vigo Video and Helo apps could cost their parent company ByteDance brings a serious financial stroke.
“A source close to ByteDance said that in the past few years, the company had invested more than $1 billion in the Indian market, and the ban could virtually halt ByteDance’s business there, causing a loss as high as $6 billion. That figure would exceed the potential losses of all the other apps combined,” Global Times was quoted as saying.
The report further said, “According to data from Sensor Tower, a mobile app analysis company, TikTok was downloaded 112 million times in May, with 20 per cent of that total in the Indian market, double that of the US market.”
Global Times said the move has dealt a severe blow to the confidence of Chinese investors and traders. “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,” it said.
The claim from the government says,it had received complaints from various sources which had reported misuse by some mobile apps available on Android and iOS platforms for stealing and transmitting users’ data in an unauthorised manner to servers outside India.
“The compilation of these data, its mining and profiling by elements hostile to national security and defence of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measure,” the Ministry of Electronics and IT had said in a statement.
The Indian government on Monday banned 59 apps with China links including TikTok, SHAREit, UC Browser, Baidu map, Helo, Mi Community, Club Factory, WeChat and UC News in view of the information available that they were engaged in activities “which is prejudicial to sovereignty and integrity of India, defence of India, the security of the state and public order”.
The face-offs on the LAC particularly violent face-off in Ladakh’s Galwan valley on June 15-16 after an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation has triggered an anti-China sentiment in India. Twenty soldiers were killed in the face-off and Indian intercepts revealed that the Chinese side suffered 43 casualties including dead and seriously injured.
