Social media means different things to different people. It can be used for hobby or as a serious and effective business tool. Behind every organizational success story in this media is a lot of patient planning and a sharp focus on getting things right - putting all the right elements in the right way in the right place at the right time. Like any other technology or facility, social media technology or facility too becomes good or bad depending on how it is used. In this article we forecast the evolutionary path likely up to the year 2020 for the ICT -ambience as well as the social media shaped by it and show how the enhanced or new features of this media can be well utilized to create social capital in the process of socio-economic development of the country. Evolution of ICT-Ambience For Social Media. Formal technology forecast exercises carried out by the author in the past four years had predicted the IT-ambience supporting the social media, among others, up to 2020 in terms of Converged Mobile Handset (CMH), Bandwidth Enablers, Fourth Generation Long term Evolution (4G-LTE), Nanotechnology, web 3.0, Mobile Intelligent Agents (MIA), Cloud Computing and Reusable Component Software.