Getting the news what you want, telling people what u know,rss,xml,atom,web 2.0---you are social networking .
Orkut ,myspace,facebook etc are more into people networking .Another flavor of social networking is the community news aggregation sites like digg where one can find people posting news,views and what not. There are quite a few 'digg' like sites which have content with indian flavor .some of the them are
Newzly,NewsCola ,ForumsOfIndia ,IndianPad ,IndiaMarks ,PutVote , IndianBytes ,Humsurfer
Some of these are good but i kinda found lotta masala news in most of em..
20 minutes ago