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BJP deputy Subramanian Swamy reacted on Friday to Facebook’s announcement to invest Rs 43.575 billion in Jio platforms for a 9.99 percent stake, saying long-term interest to India had been lost in the wake of the gigantic agreement, citing a favorable implication that Jio take over Facebook’s board as a minority shareholder.
He added that with the largest youth population, the social networks launched in the West will be “indigenized”. However, Swamy did not elaborate on the tweet. However, the BJP leader has also been calling in the past for the need for an Indian social media platform.
‘We are all immersed in’ what’s next ‘in the coronavirus pandemic’
We are all immersed in “what’s next” in the coronavirus pandemic. India has lost the long-term interest for India and the favorable implication of Jio joining Facebook as a minority shareholder: with the largest young population, social networks launched in the West will be indigenized.
– Subramanian Swamy (@ Swamy39) April 24, 2020
‘Jio has connected more than 388 million people online’
Facebook in a statement said the investment “underscores our commitment to India and our enthusiasm for the dramatic transformation Jio has brought about in the country.” “In less than four years, Jio has connected more than 388 million people online, driving the creation of innovative new companies and connecting people in new ways. We are committed to connecting more people in India together with Jio,” he added.
Mukesh Ambani, RIL President, said: “All of us at Reliance are honored by the opportunity to welcome Facebook as our long-term partner to continue to grow and transform India’s digital ecosystem for the benefit of all Indians. The synergy between Jio and Facebook will help carry out Prime Minister Shri Narendra Modi’s ‘Digital India’ mission with its two ambitious goals: ‘Ease of life’ and ‘Ease of doing business’, for every category of Indian people without exception. I am confident of India’s economic recovery and revival in the shortest possible time. The association will surely make an important contribution to this transformation. “
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India’s huge Facebook user base
Along with WhatsApp and Instagram, Facebook is generally estimated to have more users in India than in any other country. According to projections by consultancy PwC, the number of Internet users in India will increase to about 850 million in 2022, compared to 450 million in 2017. “The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake in a technology company anywhere in the world and the largest FDI in the technology sector in India, “said RIL.
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(With PTI inputs)
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