India Can Be The Largest Economy, Says Facebook



Facebook believes that India is upcoming global economic power and the country has potential to become the largest economy in the world. Sheryl Sandberg, COO of Facebook, who was visiting India recently expressed her confidence in the growth of the country. 

Sandberg thinks that India has large base of small and medium businesses (SMBs), that have great potential to create and grow jobs in the country. Sandberg has worked at the US Treasury Department under President Bill Clinton as chief of staff in the past. She has also served as the VP of global online sales and operations at Google.

She said, “Getting a job is hard in today’s economy in the world. Everyone is concerned about getting job everywhere in the world. I have visited many countries and I believe SMBs is the key factor of economy’s growth. India has large base of SMBs. So I think, India has potential to be the next largest global economy.” She was talking to PTI.

She further added, “Entrepreneurship is the only way of economy’s growth. In India, SMB industry is strong, entrepreneurs are creating businesses and jobs for others. People are connecting to each other through internet which is helping the economy to grow rapidly.”
SMB sector in India has created approximately 595 lakh jobs in over 261 lakh small companies. Small, medium businesses have 8 per cent market share in country’s GDP, these businesses have 40 per cent exports and 45 per cent manufacturing output.
India, which is considered as one of the fastest growing economies in the world, saw its growth rate plummeting to less than 5 per cent in the last two years. It is considered as one of the fastest growing economies in the world.

New prime minister Narendra Modi is a great business leader. He has plans to revive the falling economy growth in future. He had recently cleared that he has plans to work on growth of country’s economy. The International Monetary Fund is expecting growth rate of 6.4 per cent by next year.

Former management consultant at McKinsey and an economist with World Bank said, “I have worked in India with World Bank in Leprosy mission in 1981. And if you look at leprosy, it’s totally vanished. India has grown very rapidly in past two decades.” Facebook is contributing lot of help and support to economics and social development in India. Sandberg clears that Facebook wants to be part of India’s growth.

Over 200 million people use Internet in India, most of them access internet using mobile devices. India ranks three in terms of Internet userbase. Sandberg also added, “India has fastest growing Internet connectivity. For facebook, India is second largest market. India is high priority for us.” 

Over 100 million Indian people use Facebook. Out of which, 84 million access it using mobile phones. eMarketer India believes that India has large share in fastest growth of user base of social networking platforms.

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