India with over 25 million users is one of the major markets for social networking site Facebook. Apart from Google's Orkut and professional networking site LinkedIn, there are smaller networking sites operating too.

Companies, especially in sectors like FMCG, consumer durables, auto and telecom are leveraging social media to connect with consumers to get feedback.

"This will lead to a further engagement of brands with customers and helps the economy as well," he said.

Besides, India has gained a substantial position for application development, maintenance, support and innovation globally and the same now needs to be used domestically.

"A sense of entrepreneurship is embedded into the Indian psyche which is beginning to lead to startups exploring areas such as pattern mapping. What will now be important is that the same is deployed in the domestic market as well," he added.