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Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

Dating apps helped me find love. Now they've turned into a total scam.

<ul class="summary-list"><li>Ryan Tan and Corinne Chow are a DINK couple in Singapore.</li><li>Despite stigmas, they say they don't feel pressured to have kids.</li></ul>On their first date, one of the first things Ryan Tan asked his now-wife, Corinne Chow, was: "Do you have any debt?"Chow told Business Insider she was shocked by the question, but that her answer was no. Four years later, the couple is building a life together in Singapore, which currently shares the top spot on the list of the <a target="_blank" href="https://www.businessinsider.com/cost-of-living-cities-world-eiu-report-singapore-zurich-switzerland-2023-12">world's most expensive cities</a>.Tan told BI he was looking to settle down, and liabilities, financial or otherwise, were important considerations when choosing who he'd do it with."I didn't see a need to be beating around the bush," he said.The couple is part of a growing group of DINK — <a target="_blank" href="https://www.tiktok.com/@sweetchowomine">double income, no kids</a> — couples around the world. The lifestyle is gaining popularity on social media and is associated with financial stability and independence.<h2>Financing a DINK lifestyle in Singapore</h2>Chow works in social-media management at a Singapore-based company, and Tan works in the commodities industry at a multinational firm. The couple said they have a combined annual income of over 300,000 Singapore dollars, or US$225,000.Chow and Tan, both 36, said they share a similar outlook on finances and are intentional with large purchases such as a home and cars.They got married in 2021 but chose to live with their respective parents for six months after marriage until the apartment was ready to move in."I mean, we are going to live together for the rest of our lives, no point in renting," Chow said.They capitalized on low interest rates around the pandemic and bought their first home together in 2020 — an 807-square-foot, three-bedroom in a condominium building.<div type="image" title="Singaporean DINK couple" height="817" width="1089" msid="108600601" hostid="261" sizebytes="62366"></div>Chow broke down 80% of their monthly expenses as follows:<ul><li>Home loan: 20% of combined monthly income</li><li>Investments: 20%</li><li>Shopping, holidays, and hobbies: 20%</li><li>Private transport: 10%</li><li>Utilities: 5%</li><li>Restaurants: 5%</li></ul>"We intentionally don't own a car, so 10% of our income goes to private transport," she added, referring to their budget for taxis.Singapore is one of the world's most expensive places to own a car, because of a 10-year <a target="_blank" href="https://onemotoring.lta.gov.sg/content/onemotoring/home/buying/upfront-vehicle-costs/certificate-of-entitlement--coe-.html">"certificate of entitlement" system</a> introduced to control the number of cars on the road.They save the remaining 20% of their income. The couple said they also stay away from debt — they make sure they have the full amount in their account before spending.<h2>Enjoying a DINK lifestyle</h2>Because they're in their 30s and don't have kids, Tan and Chow said they're able to indulge in some of the finer things in life.One of those is Tan's hobby of collecting whiskeys.Tan is a collector of Port Ellen whiskeys, which have a starting cost of around 1,300 Singapore dollars, or $967. The rarest whiskey in his collection is a Glen Keith he bottled himself to be served at their wedding."This involves purchasing a cask of whisky from the distillery or whisky broker and bottling it yourself. This is a bottle only we, close friends and family will ever have," Chow said.When they travel, they favor all-inclusive resorts."Now when we go on holidays, we have a bit more disposable income," Chow said. "We make sure that we stay in a better place, have a better rest, and try not to pack too many things into a particular day."The couple's most recent holiday was a nine-day trip to Tokyo in November.<div type="image" title="Customised whiskey" height="2945" width="3927" msid="108600603" hostid="261" sizebytes="320802"></div>Their friends and family have been supportive of their lifestyle choices."The two of us have very, very modern and open-minded families," Chow said. "There's no Asian stereotype horror story here, about the in-laws or parents forcing us to have children."Chow said her social circle includes career-driven women including friends who are not married in their 30s, and she feels no pressure to have children.But positive reactions to childless couples are not always the norm."I think particularly in Singapore, not having children is still very much stigmatized," Chow said.Chow shares vlogs about her DINK life on her <a target="_blank" href="https://www.tiktok.com/@sweetchowomine">personal TikTok</a>. People in comments and on private messaging often thank her for creating content about not having children, she said.Still, Chow occasionally gets a comment on her videos along the lines of, "Your life looks so boring."<h2>Global DINK lifestyle</h2>As the <a target="_blank" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">cost of raising children rises</a>, the appeal of becoming a DINK is gaining traction globally.In China, for many women of childbearing age, children are just not part of the vision as the second-largest economy in the world slows and youth unemployment rises."Let's face it, having a child is like owning an investment with no guaranteed return for at least 18 years," Bihan Chen, a Chinese venture capital analyst, <a target="_blank" href="https://www.businessinsider.com/women-china-not-having-kids-tell-us-why-2024-2">previously told BI</a>.In the US, some couples are finding that a child-free life is the easiest way to <a target="_blank" href="https://www.businessinsider.com/millennial-gen-z-parents-struggle-lonely-childcare-costs-money-friends-2023-11">achieve the American dream.</a> In 2022, a child-free couple's median net worth <a target="_blank" href="https://www.businessinsider.com/parents-dinks-winning-childfree-economy-finances-income-vacation-retirement-kids-2024-2">was the highest of all types of family structures </a>studied and almost $150,000 higher than that of couples with kids, according to the Fed's most recent <a target="_blank" href="https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Net_Worth;demographic:famstruct;population:all;units:median">Survey of Consumer Finances.</a>"We are doing so well in our portfolio. That is something that I'm really grateful for," Tiffany Wasiuk, a Virginia-based DINK who owns two boats," <a target="_blank" href="https://www.businessinsider.com/millennial-dink-childfree-lifestyle-retirement-savings-buy-boats-convertible-2024-2">previously told BI.</a> And I know not having children has contributed largely to that expense."For Chow and Tan in Singapore, the possibility of having kids in the future isn't totally out of the picture — but they recognize how good they have it for now."There's a lot of time and freedom to do what we want," Tan said. "If we do have kids, then it's going to be a bit of a rebalancing."

On their first date, he asked her if she had any debt. Today, they're a DINK couple in the world's most expensive city.

<ul class="summary-list"><li>It took me about 10 years to travel to every country in the world on an unbroken journey without flying.</li><li>The expedition required sponsorship, fundraisers, and two loans to be financially possible.</li></ul>This as-told-to essay is based on a conversation with 44-year-old Denmark native Torbjørn "Thor" Pedersen. It has been edited for length and clarity. Although world travel isn't well-documented, record-keeper Harry Mitsidis <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.cntraveler.com/story/inside-the-exclusive-club-of-travelers-racing-to-visit-every-country-in-the-world">told Condé Nast Traveler</a> that about 199 people had traveled to every country; claims appear to be based on the honor system, the magazine reported. Pedersen spoke to Insider while he was still on his journey. He finally <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.cnn.com/travel/thor-pedersen-visited-every-country-returns-home-intl-hnk/index.html">returned</a> home to Denmark on July 26.I've worked on shipping logistics in a number of different places around the world, so I've always had this interest in cultures.In January 2013, my dad sent me the link to an article about world travelers, and this was the first time it dawned on me that you could go to every country in the world.At 34 years old, I'd been to 50 countries. That had cost a ton of money, so I figured you had to be a millionaire, or spend your entire life traveling, to be able to go to every single country. Back then, only about 200 people had achieved this, but no one had done it completely without flying. That struck a chord with me. These days, it feels like everything has been done — and there's nothing left for the rest of us. I started toying around with the idea, and I thought I'd spend one week in each country for a total of four years of traveling.It became an idea I couldn't shake off, so I found sponsorships, set a date, and came up with a project name. I left Denmark thinking I would be back after four years.This has, for the most part, been somewhat of a nightmare. I've been wanting to go home since 2015.<h2>The budget was about $20 per day</h2><div type="image" title="Thor Pedersen standing on train platform in Sri Lanka" height="2832" width="4240" msid="102458302" hostid="261" sizebytes="1415626"></div>I'm a business-oriented guy, and I didn't want to do this if I was going to have to pay for it. I needed to work out something financially.The project budget has been 20 US dollars per day. Over the course of the 3,576-day project it amounts to about $71,520.It has covered transportation, accommodations, meals, and visas, and it's been sponsored by Ross Energy — a Denmark-based geo-thermal energy company. The budget didn't include additional costs of medical checkups, new passports, a new laptop, and repairing or replacing items, which would've made the project cost twice as much.This has by no means been a holiday. This has been a hardcore logistics, hardcore bureaucracy. Pretty much from the get-go, I've been behind the timeline. I've been pushing, and saying, "I have to get this done. I have to get paperwork. I have to go, go, go, go."Although I'm not limited to only spending $20 — as visas can cost $150 — I'm constantly looking for the cheapest options for travel and accommodations. If there's a VIP bus with windows, air conditioning, WiFi, and hardly any stops between A and B, then it's too expensive.I've primarily stayed in hostels with other roommates, used couch-surfing apps, and eaten street food for the same reason.I traveled across the North Atlantic on several different types of ships — fishing boats, shipping containers, and whatnot. I've been on 40 container ships, and I've built relationships with these companies. I would tell them, "This is a historical project. You are taking part in history. If you help me board your ship, you are a part of something bigger."Sometimes that worked. Other times, they didn't care, and I relied on ferry boats, banana boats, sailboats, and cruise ships.I traveled for a year and-a-half or so, then I lost my income for the project. So, I depleted what I had in my own bank account, which wasn't a part of the plan.I sold a tiny old sail boat I had, I took out a loan, and a second loan. Then, I asked the few followers I had and said, "I'm running out of money here. If you like what I'm doing and you want to pay, here's an option."The crowdfunding coupled with money I earned from speaking engagements and writing articles was enough support until Ross Energy resumed my sponsorship with 75% of the budget.Then, in 2020, I got stuck in<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/man-traveling-every-country-without-flying-torbjorn-pedersen-2020-4"> Hong Kong due to the pandemic</a>. After 11 months, immigration forced me to take a job, so I got one servicing container ships that paid a little, but gave me a free place to stay.<h2>This probably won't happen ever again</h2><div type="image" title="Thor Pedersen pointing at world map" height="1334" width="2000" msid="102458304" hostid="261" sizebytes="186940"></div>Two years in, I didn't feel that there was any real respect for what I was doing. I think most people just saw it as a really long holiday on my part, but I was working my ass off.There was really no reason for me to continue. At the time, I was recovering from cerebral malaria, I'd lost financial sponsorship, and my long-distance relationship to the woman who's my wife today wasn't doing well.It went from being 99% adventure and 1% work, to being 99% work and 1% meeting people, adventure, and the good stuff.I was in physical and mental pain. There was a lot of hardship. I just didn't want to give up on the title. I could be the first in history to do something. I figured if I just push harder, I will eventually get through to a point where it gets a little bit easier, and it will get better and every step will be a step closer to the goal.I wanted people to see parts of the world and see what was going on, and just kind of see the world in a different light — not a negative one. I'm a goodwill ambassador of the Danish Red Cross. I've met with the Red Cross in 199 countries around the world.Within a decade or so it'll be 1,000 people who have been to every country. It gets easier as long as you have all forms of transportation open to you. If you limit yourself so that you cannot fly — especially if you can't go home in between — it's highly unlikely this will ever happen again.<h2>I hope there's still time for more</h2>Over the last 10 years, my wife has come out to see me in various places around the world about 27 times. My family has come to see me, and I've met tens of thousands of people along the way. I've lived with strangers in exchange for culture and companionship, and I became a brand ambassador for sports equipment company Salomon.I'm working with some filmmakers on a documentary set to come out in 2024, and I'm working on a book that I hope will be ready in the same year. I want to see if I still have a chance to start a family with my wife or if it's too late.I've been gone for nearly a decade, so I'm going to have a hard time returning home. Some days are going to be better than others, but I'm now among the most traveled people in the world.

I traveled to every country in the world without flying and survived on a $20 daily budget for 10 years. It was a nightmare.

<ul class="summary-list"><li><keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> has saved nearly $1 billion on travel during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic, the company announced Thursday. </li><li>Amazon CEO Brian Olsavsky also said that the company saved on marketing in the second quarter, though that spending is beginning to return to normal. </li><li>Still, those reductions don't offset the costs Amazon has incurred as a result of the pandemic: it recorded $7.5 billion this year in costs related to the coronavirus, and expects to spend <a href="https://www.businessinsider.com/amazon-expects-another-4-billion-in-covid-related-expenses-q4-2020-10">an additional $4 billion</a> in the fourth quarter alone. </li></ul>Although the coronavirus pandemic is costing Amazon billions of dollars, it's also saved the company millions in travel and marketing.During Amazon's <a href="https://www.businessinsider.com/amazon-earnings-q3-2020-revenue-eps-profit-analysis-2020-10">third-quarter earnings</a> call on Thursday, chief financial officer Brian Olsavsky laid out how the company's spending has changed during the pandemic — including a major reduction in internal travel expenses."We've saved nearly $1 billion in travel this year because travel's ground to a halt," Olsavsky said. He said he expects travel to resume "at a later date," but that Amazon may not spend at "the same levels as the past."Beyond corporate travel, Amazon has also saved on marketing in 2020. Olsavsky said that the company spent less on marketing than usual in the second quarter, although that spending began to return to normal levels in the third quarter. He said he expects marketing spending to continue in the fourth quarter as well. "But certainly there was not a lot of need to do marketing this year for parts of the year," Olsavsky said.While these reductions have saved Amazon at least $1 billion this year, they don't offset the costs Amazon has incurred as a result of the pandemic. Amazon says it has recorded $7.5 billion this year in costs related to the coronavirus, and expects to spend <a href="https://www.businessinsider.com/amazon-expects-another-4-billion-in-covid-related-expenses-q4-2020-10">an additional $4 billion</a> in the fourth quarter alone. Though part of those costs are related to spending on cleaning and supplies at Amazon's fulfillment centers or testing for employees, Olsavsky said most of it is around productivity. "There's productivity drags for things like new hire ramps, social distancing, extended break periods — things that we can quantify and say, this is a change in our process that has hurt productivity," Olsavsky said.Amazon has also expanded rapidly in order to keep up with a surge in shopping demand during the pandemic. Last week, the company announced it was <a href="https://www.businessinsider.com/amazon-hiring-100000-seasonal-workers-before-holidays-2020-10">hiring 100,000 additional seasonal workers</a> to help during the holiday shopping season, Amazon's fifth major hiring push in 2020 alone. The latest announcement brings Amazon's total hiring to over 400,000 since the beginning of the pandemic.

The pandemic forced Amazon to stop spending on big-budget items in 2020, including $1 billion in travel

<ul><li>Amid the nationwide lockdown, production houses are releasing their movies directly on <keyword id="5293670" type="UNKNOWN" weightage="20" keywordseo="OTT-platforms">OTT platforms</keyword> and have skipped the theatrical window run. </li><li>Multiplexes are expressing their disapproval of this trend on social media and requesting content creators to not skip the traditional windowing pattern.</li><li>We reached out to industry experts to find out what this means for the industry and if this could be a long-term trend. </li></ul>The on-going COVID-19 crisis has forced the multiplexes to shut down. As per Ormax Media’s Shailesh Kapoor, the pandemic has led to a whopping loss of Rs 2500 crore, which might accumulate upto Rs 5000 crore by the time theatres reopen. As a result, for the first time in its history, production houses have skipped the theatrical window run for a few Indian movies and are now releasing them directly onto OTT platforms. To be specific, Amazon Prime Video announced that it has acquired global streaming rights for seven upcoming Indian movies in Hindi, Tamil, Telugu, Malayalam, Kannada, on its platform between May and August. It includes Gulabo Sitabo, Shakuntala Devi, Ponmagal Vandhaal, Penguin, Sufiyum Sujathayum, Law and French Biryani. Amazon’s announcement evoked mixed reactions from the multiplexes. They expressed their dismay with the production house’s decision to go directly for streaming services. <div type="twitter" handle="INOXMovies" handlename="INOX Leisure Ltd." image="http://pbs.twimg.com/profile_images/1253021908179628032/D9TO3szK_normal.jpg" favoritecount="2724" retweetcount="526" status="STATEMENT BY INOX ON A PRODUCTION HOUSE’S ANNOUNCEMENT TO RELEASE THEIR MOVIE ON AN OTT PLATFORM BY SKIPPING THE TH… https://t.co/iPSHMHvNbD" createdat="1589465718000" id="1260936729617260544"></div> <div type="twitter" handle="taran_adarsh" handlename="taran adarsh" image="http://pbs.twimg.com/profile_images/1440352704/profile_pic_taran_normal.jpg" favoritecount="4198" retweetcount="265" status="IMPORTANT... Release of films on #OTT platforms... #PVR has its say... OFFICIAL STATEMENT... https://t.co/7ow7zMpzjB" createdat="1589610704000" id="1261544847623643136"></div> The Producers Guild of India responded to the multiplexes ensuring that it ‘would work extensively to get audiences back to theatres once the cinemas reopen.’ <div type="twitter" handle="producers_guild" handlename="producersguildindia" image="http://pbs.twimg.com/profile_images/962298169521528832/j-f_hRx9_normal.jpg" favoritecount="1584" retweetcount="348" status="Statement from Producers Guild of India https://t.co/WCeX3zMlsh" createdat="1589517078000" id="1261152148890415106"></div> INOX and PVR, both, issued a public statement reacting to the same development. However, both of them had a different approach. Karthik Srinivasan, Social Media and Brand Expert, uploaded a <a href="http://beastoftraal.com/2020/05/18/inoxs-outburst-and-a-lesson-on-framing-in-corporate-communication/">blog </a>highlighting how INOX’s outburst teaches us a lesson on framing in corporate communications. He compared both the letters and said, “In principle, INOX’s argument has merit. But the way it frames the argument demonstrates arrogance and holier-than-thou stand. When someone or a corporate entity showcases that, it becomes a natural sign for the reader to mentally bring down that arrogance.” We further spoke to experts to find out if this could be a long term trend and how it might affect the stakeholders, here is what they said: Jehil Thakkar, Partner, Deloitte India: This is a solution to a short-term need of the film industry which is getting by financial difficulties. It is a win-win situation for the OTT players who are looking for content as consumption has gone up and filmmakers who have ready products which are due for use. In the longer term, assuming things return to normal, I don’t see this being a paradigm shift. More deals will happen now than earlier but given that India’s 65-70% of revenue depends on box office collections, I don’t see this becoming a long-term trend. There may be a few odd films that go directly to OTT. They have commissioned movies before and it’s no different right now. It is just that the windowing is changed from going to theatre-first or OTT second, vice-versa. Shailesh Kapoor, Founder and CEO, Ormax Media: I don't see this as a long-term trend but a short-term one, created because of the indefinite closure of theatres. Once theatres re-open, we can expect old business models to take over. Though some small films may be tempted to take the digital route, most films with a medium or big scale will go for theatrical releases. Even the OTT platforms are currently paying a premium for direct OTT releases because the lockdown gets them more captive audience. This will not be the case when life begins to get back to normal. Harikrishnan Pillai, CEO and Co-founder, TheSmallBigIdea: OTT-first release will depend on the status of social distancing. If it continues even at half the current intensity, then this is the new norm. If this continues, the theatre/multiplex business will definitely be affected quite badly. But you can’t attribute this to only the film deals. The film deals are a result of the current situation which anyway renders malls and places of mass gathering redundant for a while. Disclaimer: TheSmallBigIdea is a party to some of these film deals/rollouts. The opinion might be biased. Karan Taurani, Vice President - Research Analyst, Elara Capital: I think it is a continued phenomenon. These are primarily small-budget movies which have been released directly on digital. None of the large films have announced any sort of digital release. This was an expected move -- nothing surprising on that. More announcements will follow as many films that were shot before the lockdown are going through the post-production work, these will be small-budget in nature. Usually OTT don’t pay a mark-up for more than 15-20% over the cost of production. However, now that they don’t have content right now, it is more of a desperate measure. They have given a very hefty premium to these movies to release directly on digital. So it is a win-win situation for the OTT platform and producers. But I think this trend is not sustainable once the cinema opens up. It will take a lot of time to come on-track after opening up but if it at all cinema occupancy comes back in place, I don’t think movies will go directly on digital.

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