V Anantha Nageswaran named new chief economic adviser
By Rakesh JhaJanuary 28, 2022
Hundreds of millions of small businesses across the world use Facebook to reach out to potential customers and build their businesses. The social media giant recognizes and upholds small businesses as its big priority.
The COVID-19 pandemic has taken toll on small businesses everywhere in the world, including India. Ajit Mohan, MD and VP Facebook India, says the recovery of small businesses will be critical for the recovery of Indian economy. He said the social media company wants to do everything it can to help. “As part of our US$100 million global grant for small businesses announced back in March, today we are announcing a grant of US$4.3 million for more than 3,000 small businesses across Delhi, Gurgaon, Mumbai, Hyderabad and Bangalore,” Mohan said. “The grant includes both cash and ad credits, with cash constituting a larger share.” He pointed out that the Grant program is open to small businesses from all industries and verticals.
Facebook India also announced the India findings of the State of Small Business Report. It revealed that more than a third of operational SMBs on Facebook India expect cash flow to be a challenge in the next few months.
It just takes a few minutes for a small business to set up a digital presence through their apps. The social media giant’s India head describes the social media company as a bridge to the new global mobile economy. Mohan points out that India has a thriving startup culture. And Facebook has the potential to be the next hub for digital innovation, pushing business models that can be scaled to other similar markets, he said. The 60 million small businesses in India are a key growth driver for the economy, fueling innovation and disruptive business models. They enable a reduction in income inequality, create new jobs, and contribute 30 per cent to the GDP. As more small businesses come online in India over the next decade, fuelled by the rapid adoption of digital technologies. Facebook can play a material role in enabling new opportunities for them.