Several critics of the Narendra Modi government had questioned the logic of banning 59 Chinese mobile applications, saying they were emotional reactions without much consequence. Even the China’s state-run The Global Times also had initially dismissed it as mere ‘reactionary step’. But now, it seems that the reality had dawned on them.
According to a report published in The Global Times, ByteDance – the parent company of the TikTok and Helo apps could lose up to $6 billion (₹45k crore) after the Indian government decision to ban them. TikTok was downloaded 112 million times in May and people who downloaded the app in India constituted a very high number and even double of that downloaded in USA.
According to Global Times, 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.
In an earlier article, Global Times has said: “It is undeniable that the app ban will hurt the commercial interests of relevant Chinese companies, but, when looking at the bigger picture, it is clear that India is in no position to cause harm to China’s juggernaut economy.”