ShareChat’s parent firm Mohalla Tech reports Rs 1,898 crore consolidated loss in FY24
Mohalla Tech, the parent company of social media platform ShareChat, reported a consolidated loss of Rs 1,898 crore in FY24, from Rs 5,143 crore in FY23.
The Union Minister said, “We are living in the era of social media and OTT platforms. However, the democratic institutions and traditional forms of the press that once relied on editorial checks to ensure accountability and correctness of content, have seen these checks diminish over time.”
Union Minister of Information and Broadcasting Ashwini Vaishnaw drew attention to the urgent need to strengthen existing laws governing social media and OTT platforms while addressing a Parliament Question during the ongoing session of the Lok Sabha, here on Wednesday.
The Union Minister said, “We are living in the era of social media and OTT platforms. However, the democratic institutions and traditional forms of the press that once relied on editorial checks to ensure accountability and correctness of content, have seen these checks diminish over time.”
He noted in the absence of such editorial oversight, social media has become a platform for freedom of the press on one hand, but it has also become a space for uncontrolled expression on the other, which often includes vulgar content.
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Acknowledging the distinct cultural differences between India and the geographies where these platforms originated, Vaishnaw emphasised, “The cultural sensitivities of India vastly differ from those of the regions where these platforms were created. This makes it imperative for India to make existing laws more stricter and he urged everyone to come to a consensus on this matter.
The Minister also urged the Parliamentary Standing Committee to take up this important matter issue as a priority. “There should be societal consensus on it, along with stricter laws to address this challenge,” he said.
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