Irani, speaking at an event here, said social media is based on technology which acts as a great leveller.
Irani said social media was not a menace, as people have the power to set things right on such online platforms.
She also spoke about the phenomenon of fake news.
In the case of newspapers, there is the Press Council of India that deals with things such as fake news if brought to its notice, she said.
"The same things do apply to TV and radio channels," the minister said.
The taxpayers' money should not be used for circulation of fake news, Irani, who is also the Textiles Minister, said.