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Facebook's impact on Indian economy pegged at $4 billion

Facebook enabled USD 4 billion economic impact on the Indian economy and contributed to 335,000 jobs in some or the other way during last year, according to a report by consultancy firm Deloitte.

The study titled ‘Facebook’s Global Economic Impact’ analyses how the social networking site has facilitated growth and jobs around the world in 2014 by providing tools for marketers, a platform for app developers and demand for connectivity.

Commissioned by Facebook, the study estimates that the company, with an approximately USD 8 billion cost base, enabled global economic impact of USD 227 billion and 4.5 million jobs around the world in 2014.

“Our study finds that Facebook enables significant global economic activity by helping to unlock new opportunities through connecting people and businesses, lowering barriers to marketing and stimulating innovation,” Deloitte Global Managing Director (Technology, Media and Telecommunications) Jolyon Barker said.

India is the second largest market for Facebook with over 112 million users.

Facebook’s Chief Operating Officer, Sheryl Sandberg said, “Across the world there is a greater urgency about creating jobs.”

“The good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses. Every day, businesses of all sizes, sectors, and skill sets are using the Facebook platform to grow and expand," she added.

The report divided the impact of the social networking site into three segments – marketing, platform and connectivity effects. At a global level, marketing effects enabled USD 148 billion of economic impact and 2.3 million jobs, the study said, adding the number for India stood at USD 1.4 billion economic impact and 129,000 jobs.

Likewise, platform effects globally enabled USD 29 billion of economic impact and 660,000 jobs. In India, it contributed to USD 0.5 billion economic impact and 40,000 jobs. The connectivity effects, globally enabled USD 50 billion of economic impact and 1.6 million jobs globally. In India, it contributed USD 2.1 billion and 165,000 jobs.

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Printable version | Jun 24, 2020 7:51:05 PM | https://www.thehindu.com/sci-tech/technology/internet/facebooks-impact-on-indian-economy-pegged-at-4-billion/article6807994.ece

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