It has come to the light that companies in India are asking the job seekers to let them know about their social presence and are even asking about the number of friends or users on their network. They are even physically checking the social networking site and the benefit they can derive with this strategy is that they ask these employees to discretely drop the name of their products in their conversations.
Thus one can use the social networking in India with discretion and thus the question of social networking a boon or bane does not arise. One has to make sure that one do not unnecessarily tag images or write any thing which can hurt the feelings of other individuals.