Month: September 2020

India’s media, entertainment segment to reach Rs 1,86,600 crore revenue in FY22: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The media and entertainment sector, which was badly hit due to the disruptions caused by the COVID-19 pandemic, is expected to rebound to touch a revenue of Rs 1,86,600 crore in 2021-22, due to acceleration of digital adoption among users across geographies, according to a report. The sector should recover and post a 33 per cent growth in 2021-22, following a contraction of 20 per cent in 2020-21, which still implies a loss of around two years of growth, said KPMG in India Partner and Head (Media and Entertainment) Girish Menon.

He was quoting the KPMG Media and Entertainment (M&E) report, ‘A year off script: Time for resilience’, which examines the performance of the M&E sector during a particularly challenging period. The two areas that offer encouragement are the continued economic growth of India and the universal acceleration of digital adoption among users across geographies, he said.

“As per our revised estimates, India could be home to a billion digital users by 2028 rather than the earlier projected 2030 timeline,” he added. Menon added that there have been several structural changes to digital behaviour on account of the experience of the lockdown resulting in a new homogeneity among users. “It is our belief that many of these changes will translate into a more democratic and sophisticated digital citizen within the country.” According to the report, the overall revenue of the sector during 2019-20 stood at Rs 1,75,100 crore that is expected to contract to Rs 1,40,200 crore during the current financial year and recover to Rs 1,86,600 crore in 2021-22.

There will be a deeper integration of digital technology across the M&E value chain from content production to distribution. Technology adoption could, however, face some challenges in terms of skill development and the shift to a digital-first mindset but will result in operational cost savings and potentially lower lead times over the longer term, Menon said. India was already experiencing a slowdown in economic activity even prior to the outbreak of COVID-19 in March, and the onset of the global pandemic and ensuing lockdown dealt a severe blow to the Indian economy, the report said.

The M&E sector has been affected but to varying degrees like the outdoor entertainment formats (films and events), and traditional media (print and TV to some extent) have been badly impacted as people stayed indoors and advertising spends dried up, it said. Digital advertising, over-the-top (OTT) and gaming fared much better, with massive spikes in digital consumption during the lockdown across geographies and socio-economic classes, it said.

The digital advertising spends are now set to overtake those on TV by 2020-21, which is an important milestone and turning point in the evolution of media and entertainment in India, the report said. “The distinction among segments of M&E has become more pronounced with the lockdown. Marketing spend has moved perceptibly towards digital media and away from traditional segments like print, radio and to some extent TV,” KPMG in IndiaPartner and Head (Technology, Media and Telecom) Satya Easwaran added.

Easwaran added that a greater reliance on subscription and other paid options as well as the development of a credible digital business model are going to be inevitable for these traditional media segments.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here’s how health insurance policies will change from today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A lot of changes kick in the health insurance sector from today to help consumers in buying insurance, in a way making it easier to understand the terms and conditions.

According to Pankaj Arora, managing director and chief executive officer, Raheja QBE General Insurance, the general and health insurance industry is keeping pace with the advancement in technologies that are taking place in the health care industry.

“With the increase in the number of health insurance products in the market, it has been desired that the industry adopts a uniform approach while incorporating exclusions in the health insurance products,” he opines.

The new guidelines require insurance companies to make three major changes in their policies:

Standardization of products

Health insurance products will become more inclusive, less complicated, and more attractive to customers from October 1 by incorporating these amendments:

Coverage for uncovered ailments

According to IRDAI’s guideline, insurance companies cannot exclude diseases like mental illness, stress or psychological disorder, illness contracted due to hazardous activity, treatment like age-related disorder, internal congenital disease, genetic disease, or disorder.

Hence, coverage for these diseases which are excluded or are not covered in health insurance products so far will be covered from October 2020 by all insurance companies.

New pre-existing disease (PED) Definition

The definition of pre-existing disease (PED) is being modified to cater to the needs and requirements of customers.

In accordance with the issued guidelines, any disease/s or ailment/s that is/are diagnosed by a physician 48 months before the issuance of the health cover will be classified under PED. Also, any disease/s or ailment/s for which any type of medical advice or treatment was recommended by a qualified doctor 48 months before the issuance of the policy will also be qualified under PED, according to Arora.

Further, any condition whose symptoms or signs have resulted within three months of the issuance of the policy will also be classified under PED.

“To ensure that policyholders suffering from pre-existing diseases get adequate health insurance coverage, IRDAI has mandated that insurers include permanent exclusions only after due consent of the customers. Apart from a list issued by the IRDAI, no other exclusions will be allowed in the health insurance plans,” explains Arora.

Coverage for mordent treatments and advancement in Technologies

Insurance companies will not be able to deny health insurance coverage to modern treatment methods like Robotic Surgeries, Uterine Artery Embolization and HIFU, Balloon Sinuplasty, Deep brain stimulation, Oral Chemotherapy, Intravitreal injection, etc, however, they can put the sub-limits for the mention coverages.

Moratorium period

Insurance companies cannot reject a claim after completion of eight years of continuous coverage except for proven frauds and permanent exclusions.

Shorter waiting period for lifestyle disease

Waiting period for lifestyle diseases like diabetes, hypertension, cardiac condition will be allowed only up to 90 days.

Coverage for oral chemotherapy and peritoneal dialysis

Insurance companies cannot deny claims for oral chemotherapy where chemo is covered and peritoneal dialysis where dialysis is covered subject to product design.

“Standardisation of health will make things easier for customers and will provide clarity on what the health insurance company is covering under the chosen plan. With this in mind, it will be easier for customers to compare and get the most suited plan for themselves. This might lead to a slight price increase in the health insurance plans, but overall it is a good move for the customer,” says Naval Goel, CEO, PolicyX.

Ensuring insurance coverage for telemedicine

Telemedicine would be liable to get the required coverage under health insurance wherever medical consultation is allowed. Usually plans with OPD covers would benefit under these guidelines.

Given the current situation, teleconsultation is likely to replace physical consultation in a big way.

“It is a win-win for both customers as well as companies as customers will be able to get this facility and companies will be able to save some cost as teleconsultation is much cheaper compared to physical consultation and also services can be standardised and controlled,” opines Goel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

STARTUP DIGEST: Here’re top updates of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were several developments in the startup space during the day, which include General Atlantic to invest Rs 3675 crore in Reliance Retail; Inshorts raises Rs 260 crore from Lee Fixel’s Addition, others; Sunstone Eduversity raises Rs 24 crore; Amazon India creates over 100,000 seasonal job opportunities ahead of festive season; Sunstone Eduversity raises Rs 24 crore; Delhivery to create 15,000 seasonal jobs this festive season; Chiratae Ventures launches innovator’s program to support early-stage startups; AgniKul Cosmos partners with Alaska Aerospace to test launch vehicle from Pacific Spaceport Complex; China preparing an Antitrust Investigation into Google: Report; and Britain hits Airbnb UK with extra $2.3 million tax bill after probe, says report.

Here are the top startup stories of the day:

General Atlantic to invest Rs 3675 crore in Reliance Retail
US-based private equity firm General Atlantic will invest Rs 3675 crore in Reliance Retail Ventures for a 0.84 percent stake, the third strategic investment in the retail unit of Reliance Industries Ltd (RIL), within a month.
Reliance Retail Venture’s subsidiary Reliance Retail operates India’s largest retail business serving close to 640 million footfalls across its 12,000-odd stores nationwide in 7000 cities.

The investment values Reliance Retail at a pre-money equity value of Rs 4.28 lakh crore, slightly higher than the previous two deals done at a valuation of Rs 4.21 lakh crore.

Oil-to-telecom conglomerate RIL is expanding its retail business and lining up a posse of global investors to take on rivals such as Amazon India and Walmart-owned Flipkart in India’s huge market.

Inshorts raises Rs 260 crore from Lee Fixel’s Addition, others
News aggregation platform Inshorts raised Rs 260 crore from former Tiger Global fund manager Lee Fixel’s new fund Addition, along with SIG Global and Tangling Venture Partners. The company said the capital has been raised for its social network platform Public App.

Inshorts had launched Public App in April 2019 as a social network for local updates as well as local commerce and classifieds.
Fixel, which led Tiger Global’s investments into Flipkart and several startups in India, launched Addition as an over $1 billion fund after he left the New York-based fund. In fact, Tiger Global had also backed Inshorts while Fixel was leading the fund in 2015

Sunstone Eduversity raises Rs 24 crore to accelerate adoption of industry-ready higher education
Sunstone Eduversity, an edtech startup, raised Rs 24 crore in Series-A funding. The funding was led by Saama Capital, Helion Advisors, PeopleStrong. Existing investors, Prime Venture Partners, Rajul Garg and Purvi Capital also participated in the round.

The company will use the fresh capital to invest in its technology platform, hiring and curriculum, and also strengthen its efforts in creating industry-ready professionals and building network of colleges across multiple cities.

Amazon India creates over 100,000 seasonal job opportunities ahead of festive season
Amazon India creates more than 100,000 seasonal job opportunities ahead of this festive season. Focused on meeting the growing customer demand this festive season, Amazon India ramps up capacity to ensure safe and fast deliveries. Earlier this year, in May, Amazon India created close to 70,000 seasonal opportunities across its operational network and customer service centres.

This along with today’s announcement is another step forward in Amazon India’s commitment to create 1 million new job opportunities in India by 2025 through continued investments in technology, infrastructure, and its logistics network.

Delhivery to create 15,000 seasonal jobs this festive season
Supply chain services provider Delhivery aims to create over 15,000 seasonal openings across operations over the next few weeks in the run-up to the festive season. The company is also geared up to handle 65-75 million packages in the upcoming festive season, which is almost a 100 percent growth over the last year.

A report by RedSeer estimates that about three lakh jobs are expected to be created by various e-commerce and logistics companies during this year’s festive season. Of these, about 30 percent of roles are likely to be created by logistics partners.

Chiratae Ventures launches innovator’s program to support early-stage startups
Chiratae Ventures has launched 7th edition of its Innovator’s Program. This will include a 5-week foundational initiative for the final set of selected startups to support seed and early-stage founders. This will enable selected startups growth journey through mentorship, customer connects and access to capital.

The 7th edition of the Innovators Program focuses on companies solving real-world problems through technology across sectors like consumer tech, deep tech, health tech, enterprise/software tech and fin-tech. The criteria for selection will be market opportunity, team, innovation, scalability and building a dominant brand in India with global relevance.

Since inception, Chiratae Ventures has invested over $125 million in 50 seed investments including companies such as Uniphore, NestAway, PlaySimple, Rentomojo, Unbxd and CloudCherry (acquired by Cisco). Collectively these companies have raised over $500 million and are valued at over $1 billion.

AgniKul Cosmos partners with Alaska Aerospace to test launch vehicle from Pacific Spaceport Complex
IIT-Chennai incubated space tech startup AgniKul Cosmos has signed a memorandum of agreement (MoU) with Alaska Aerospace Corporation to test launch its Agnibaan launch vehicle from the Pacific Spaceport Complex – Alaska (PSCA) on Kodiak Island in the US.

Under the agreement, Alaska Aerospace and Agnikul will work together to secure regulatory approvals such as the US Federal Aviation Administration (FAA) launch licence, US export control and will comply with export laws and regulations in India to receive necessary clearances from concerned authorities. The aim is to define launch vehicle-spaceport interfaces and procedures, and conduct at least one test launch from PSCA. The launches are expected to begin from 2022.

China preparing an Antitrust Investigation into Google: Report
China is preparing to launch an antitrust probe into Alphabet Inc’s Google, looking into allegations it has leveraged the dominance of its Android mobile operating system to stifle competition, according to Reuters. The case was proposed by telecommunications equipment giant Huawei Technologies Co Ltd last year and has been submitted by the country’s top market regulator to the State Council’s antitrust committee for review, the report said. A decision on whether to proceed with a formal investigation may come as soon as October and could be affected by the state of China’s relationship with the United States.

Britain hits Airbnb UK with extra $2.3 million tax bill after probe: Report
British tax authorities hit Airbnb UK with an extra tax bill of 1.8 million pounds ($2.3 million) last year, the home rental company’s accounts showed, following an investigation into the firm, according to Reuters. The UK arm of the San Francisco company, which also paid annual corporation tax of over 1 million pounds in Britain, said it had paid the extra obligations after a request from British tax authorities Her Majesty’s Revenue and Customs (HMRC).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why countries are suspending flights under Vande Bharat Mission

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Recently, Lufthansa announced the cancellation of all planned flights to India until October 20. This decision was taken by the German airline after Indian authorities rejected its planned flight schedule for October.

The fallout between Lufthansa and the Civil Aviation Ministry is not the first of its kind, as multiple countries had suspended repatriation flights under the Vande Bharat Mission.

The central government’s ambitious project was introduced to ensure Indians stranded abroad were safely brought home, via special flights when the COVID-19 crisis was at its peak.

Here’s a look at why multiple countries suspended flights under the Vande Bharat Mission:

In May, the US Department of Transportation (DOT) announced that it will start scrutinising all repatriation flights from India and would only allow them on a case to case basis. The order from the US authorities claimed that the  Indian government didn’t address American concerns about “restrictive and discriminatory treatment of US carriers”.

Moreover, the USDOT alleged that the Indian government prevented US carriers from conducting India-US passenger charter operations involving direct sales to individual passengers or through other distribution systems.

According to ANI, Hong Kong also decided to ban flights under the Vande Bharat Mission for two weeks due to COVID-19 related issues. The restrictions came in effect from August 18 until August 31. Authorities in Hong Kong said that poor pre-flight COVID-19 testing was the reason behind the suspension of flights.

On September 22 Saudi Arabia banned Air India flights for 14 days to India as they carried two COVID-19 positive passengers. The General Authority of Civil Aviation, Saudi Arabia, issued a suspension order to India mentioning the COVID-19 outbreak as the reason.

Indian travellers are likely to be barred from entering South Africa due to a rise in COVID-19 cases. Although the African nation is all set to reduce its restriction policies and resume international travel from October 1.

Currently, India has air bubble arrangements with 14 countries including the US, UK, UAE, Canada, Qatar, France, Afghanistan, Maldives, Iraq, Nigeria, Bahrain, Japan, Kenya and Bhutan. The government is planning to work on a similar air bubble arrangement with several other countries.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold price falls Rs 26, silver declines Rs 201

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices declined marginally by Rs 26 to Rs 51,372 per 10 gram in the national capital on Wednesday amid weak global prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 51,398 per 10 gram.

Silver prices also declined Rs 201 to Rs 62,241 per kilogram from Rs 62,442 per kilogram in the previous trade. “Spot gold prices for 24 carat in Delhi were down by Rs 26 on weak global prices and minor rupee appreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee settled 10 paise higher at 73.76 (provisional) against the US dollar on Wednesday, supported by positive domestic equities. In the international market, gold and silver were trading lower at USD 1,887 per ounce and USD 22.70 per ounce, respectively.

Gold traded under pressure as prices pared previous gains on stronger dollar amid rising hopes for US stimulus package, Patel added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Maharashtra Mission Begin Again: Restaurants, bars set to open from October 5; cinema halls, schools to remain closed

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government of Maharashtra on Wednesday issued new guidelines for easing the flow of activities in the state as part of Mission Begin Again and extended the lockdown till October 31.

The state government in its fresh guidelines mentioned that schools, colleges, other educational institutions, cinema halls, swimming pools, entertainment parks, theatres, bars, gyms, and auditoriums will remain closed in Maharashtra till October 31.

Also, Metro rail, social /political/ sports/ entertainment/ academic/ cultural/ religious functions, and other large congregations will remain on the prohibited list of activities.

Coming to railways, all trains that are originating and ending their journey within the state shall be restarted. For Mumbai commuters, railways to increase the frequency of local trains in the Mumbai Metropolitan Region (MMR) region and dabbawallas have been permitted to travel in local trains after procuring QR codes from the Mumbai Police Commissioner’s Office.

On the other hand, hotels/food courts/restaurants/bars will be allowed to operate from October 5 with a maximum of 50 percent capacity. All industrial and manufacturing units of non-essential items in the MMR region are allowed to operate.

According to new guidelines, there shall be free movement of oxygen-carrying vehicles within and out of the State without any restrictions of timings. The competent authorities shall ensure the free movement of oxygen-carrying vehicles and there shall be no restriction on oxygen manufacturers and suppliers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

MHA allows cinemas, entertainment parks to open from October 15

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Ministry of Home Affairs (MHA) came out with its Unlock 5 set of guidelines allowing cinemas, theatres and multiplexes up to 50 percent of their capacity and entertainment parks to open from October 15. Separate standard operating procedure (SOP) guidelines will be issued with respect to the reopening.

Among other relaxations, the MHA allowed swimming pools being used for training of sportspersons to open. Besides, B2B (business-to-business) exhibitions have also been allowed to open.

The size for gatherings for social/academic/sports/entertainment/cultural/religious/political functions has been increased from 100 to 200 as long as it is below 50 percent of a hall capacity for closed spaces and subject to social distancing rules in open spaces.

The central government has also allowed states and union territories to decide on re-opening of schools and coaching institutions after October 15. “The decision shall be taken in consultation with the respective school/institution management, based on their assessment of the situation,” the MHA said, subject to the below conditions.

• Online/distance learning to be the preferred mode of teaching and shall be encouraged.
• Where schools are conducting online classes, and some students prefer to attend online classes rather than physically attend school, they may be permitted to do so.
• Students may attend institutions only with written consent of parents.
• Attendance must not be enforced, and must depend entirely on parental consent.
• States/UTs will prepare their own SOP regarding health and safety precautions for reopening of institutions, based on central government SOP and keeping local requirements in view.
• Schools, which are allowed to open, will have to mandatorily follow the SOP to be issued by the education departments of states/UTs prepared as above.

The Centre continued its previous guidelines, such as on travel through trains, Vande Bharat and air transport bubble flights etc.

It also said there would be no restrictions on intra state and interstate movement of persons and goods.

Besides, face coverings and social distancing will continue to be followed in public places. Sptting in public places will be punishable.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GPS Renewables raises $3 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cleantech startup GPS Renewables on Wednesday said it has raised USD 3 million in a round led by Dutch impact investor Hivos- Triodos Fund. The funding will be primarily used for research and development and expansion activities, an official statement said. Other investors who participated in the funding round for the 2012-incorporated company include Hyderabad-based impact investor Caspian, it said.

The company is into deployment of biogas technologies to solve the organic waste management challenge and accelerate the substitution of fossil fuel with bio-energy, as per the statement. The potential market opportunity is USD 50 billion and it is building in India for the world. Its products include a modular biogas plant and a proprietary AI solution for remote predictive bioprocess management and its clientele include companies such as Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, JW Marriott Group, and the TATA group. Their business model and sustainable solutions address the overwhelming need for organic waste management challenges faced by urban establishments, Caspian’s Investment Director B V Ravi Narasimham said.

In the last 3 years, the company has grown by 5x purely via debt, and also been profitable since inception, its co-founder and chief executive Mainak Chakraborty said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow