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Eating out at restaurants after <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> implication is now simpler. Earlier eating out at a restaurant used to be a task when it came to calculating bills. While the printed bills were a saviour with all breakups shown, extra-cautious customers would scrutinize bills twice to make sure the restaurants aren’t calculating it wrong, which wasn’t an uncommon then. But the new era of GST is supposed to bring relief to people. Lesser complications of taxes would mean easier way of doing business. When you eat outside your home from today, you would be glad to see a simpler bill arriving at your table. However the price will be higher now. Restaurants have been categorized into two areas: non-AC and AC restaurants. Eating out in AC restaurants would amount to 18% tax as against 10.6 % charged (including <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword> and service tax) earlier. Roadside dhabas or low cost restaurants will attract 12% GST on food bill. Eating at five stars will be as expensive as always attracting a GST of 28%. With all restaurants and eateries adapting the GST bills, your bill would have two components a State GST and Central GST dividing the 12% or 18% equally. We have sourced a sample bill from social media from Facebook user Aman Chadha who had posted on a Food category page. The bill shows that 18% tax has been levied on his food bill this morning at an AC restaurant at Sonepat in Haryana. The food bill of Rs 540 has attracted 18% tax amounting to Rs 97.20. The grand total of the bill including tax thus becomes Rs 637. Here’s the sample of the bill 
	<div type="image" title="cov" msid="59398089" hostid="261"></div>



(Image credit: Facebook)

Eating out just got expensive. Here's how

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> may hike service tax rate to 16-18 per cent from the current 15 per cent in the <keyword id="6358021" type="PERSON" weightage="20" keywordseo="budget">Budget</keyword>, due on Wednesday, as a precursor to the Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>) rollout, according to a news agency. 
 
The move, that will make flying, eating out, phone bills and a host of other services expensive, would be an attempt to take the rates closer to the proposed tax slabs for GST. 
 
GST, which will subsume central and state levies like excise duty, service tax and VAT, is scheduled to be rolled out from July 1. 
 
The tax slabs decided for the GST are 5, 12, 18 and 28 per cent and taking service tax closer to one of the slabs is a logical move in the Budget, tax experts said. 
 Tax experts say, <keyword id="6390789" type="COMPANY" weightage="20" keywordseo="Jaitley">Jaitley</keyword>, who had in his previous budget hiked service tax rate by 0.5 per cent to 15 per cent, may raise the levy by at least one percentage point to 16 per cent. 
 
Some others feel there could be different service tax rates with a lower 12 per cent for basic services and a higher 18 per cent for the rest. 
 
Also, a higher service tax for April-June will help the government garner more revenue to meet expenses on schemes and programmes it may be planning to contain the impact of demonetisation. 
 
A service tax rate closer to the GST rate will also help consumers avoid a greater price shock when the new national sales tax is rolled out. 
 
While service tax until now is a central levy, it will be equally split between the Centre and states under the new GST regime. Most services, except essential ones like primary healthcare and basic education, will be covered by GST. 
 
Service tax was budgeted to provide Rs 2.31 lakh crore in 2016-17, more than 14 per cent of the Centre's total tax revenues of Rs 16.30 lakh crore. 
 
This will be the third time that Jaitley will raise service tax rate. Service tax from June 1, 2015 was hiked from 12.36 per cent to 14 per cent. A 0.5 per cent Swachh Bharat Cess was levied on all services, taking the total incidence of service tax to 14.5 per cent from November 15, 2015. 
 In the last Budget, he imposed a <keyword id="3264973" type="UNKNOWN" weightage="20" keywordseo="Krishi-Kalyan-Cess">Krishi Kalyan Cess</keyword> at the rate of 0.5 per cent on all taxable services to take the levy to 15 per cent.

Traveling, eating out and phone
bills to get expensive as Arun Jaitley plans to hike service tax

The Good and Service Tax has been rolled out. Finance Minister Arun Jaitley had stated that those food items which were imposed an average of 12.5% under the VAT laws will subsequently be cut-down to 5% under the new GST regime. As per the GST law, all items falling under its regime will be imposed tax rates at 5%, 8%, 18% and 28%. GST will not have any impact on the list of products and services which come below the term ‘Essential’, and this list will have zero tax rate. A survey by All India ITR shows that personal care products, entertainment activities and household items under GST will become cheaper than its current rate. However, many of the services such as mobile phone services, healthcare services as well as transportation charges are expected to attract a tax rate of 18%, which is 3% more than its current 15% tax rate. Once the new rates will come into action, your monthly household budget will also be impacted. The analysis shows that entertainment tax rate under GST will successively be reduced to a 28% tax rate as against its current 30% tax rate. The effect of GST on the current tax rate To keep a surveillance of the goods manufacturers and service providers, the GST council has also taken the resolution to form an anti-profiteering committee. This committee will be the authority responsible for taking care of the grievances to ensure that the benefit of GST upon the lower tax rates doesn't get tampered. It has been declared that the committee will be formed by officials of the central and state revenue departments. <table> <tbody><tr> <td> Goods and Services </td> <td> The Impact of GST </td> </tr> <tr> <td> GST Tax Rate on Automobiles: </td> <td> The GST rate will be higher for SUVs (55% to 43%) as compared to smaller cars (30% to 29%). </td> </tr> <tr> <td> GST Tax Rate on Beauty and Makeup Products: </td> <td> The current tax rate of 26% on these items will increase to 28% (applicable on items like perfumes, skin care products, shampoos etc.). </td> </tr> <tr> <td> GST Tax Rate on Gold Ornaments: </td> <td> The tax rate on gold metal will be 3% while 5% rate will be imposed on making charges. </td> </tr> <tr> <td> GST Tax Rate on Hotel Stay: </td> <td> GST is not applicable for hotel rooms that cost below Rs. 1,000, any cost above this will be taxed progressively, however, all room charges above Rs. 5000 will be charged a whopping 28% tax rate. </td> </tr> <tr> <td> GST Tax Rate on Refined Cooking Oil: </td> <td> Edible oil will be taxed at 5%, a subsequent decrease from its current tax rate. </td> </tr> <tr> <td> GST Tax Rate on Air Travel </td> <td> An economy-class air ticket which is currently taxed at 5.6% will decrease to 5%. While business class travelers will have to shell out a lot more than which is currently charged since it will increase from 8.4% to 12%. </td> </tr> <tr> <td> GST Tax Rate on Telecom </td> <td> The existing tax rate of 15% on telecom services will increase to 18% as these services will not benefit much input tax credit. </td> </tr> <tr> <td> GST Tax Rate on Eating Out </td> <td> Non-AC eateries will charge 12% against GST on your total bill. But, you will have to pay the price of eating out at a 5-star restaurant as 28% in GST will be the tax rate (an increase from the existing 18%). </td> </tr> </tbody></table> A List of Items Exempted from GST Here are a few commonly utilized goods and services which have been exempted from the GST regime. Unprocessed cereals (rice, wheat etc.) Unprocessed proteins (milk, vegetables, meat, fish etc.) Train travel via local and sleeper class. Education. Healthcare (exclusive of medicines). Hotel stay or lodges with room rented at less than Rs. 1,000. Kid’s Stationery items (color pencils, crayons, drawing books etc.) Bindis, sindoor, bangles etc. All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget. <keyword id="6360118" type="UNKNOWN" weightage="20" keywordseo="GST-Rates">GST rates</keyword> will also bring about a bigger tax burden on the use or purchase of goods and services which are deemed as luxurious. (This article has been written by Vikas Dahiya, founder, and CEO of <a href="https://www.allindiaitr.com/">All India ITR</a>)

Here's how GST rates will impact your monthly household budget

The <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="Union-Cabinet">Union Cabinet</keyword> has approved changes in the Customs and Excise Act, which is required for rollout of Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). The amendment will result in abolition of 16 cesses and surcharges, union excise and service tax charged on various goods and services. 
 
The cesses that would be abolished include <a href="http://www.businessinsider.in/markets/economy/Krishi-Kalyan-Cess-from-June-1st/articleshow/52504911.cms">Krishi Kalyan</a> and <a href="http://www.businessinsider.in/swachh-bharat-campaign-goes-digital-private-companies-can-now-choose-their-cleanliness-projects-online/articleshow/57730445.cms">Swachh Bharat</a>, resulting in the government losing Rs 65,000 crore. The government will make up for this loss by finding resources from the budget. 
 
"Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on <a href="http://www.businessinsider.in/get-ready-for-gst-draft-bills-have-been-approved-by-cabinet/articleshow/57751339.cms">rollout of GST</a> will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes," said an official release from the government. 
 
Also read: <a href="http://www.businessinsider.in/luxury-cars-to-get-costlier-after-gst-rolls-out/articleshow/57687734.cms">Luxury cars to get costlier after GST rolls out</a> 
 
These resources would come from higher GST mop-up, since more entities would now be <a href="http://www.businessinsider.in/tax-collections-will-exceed-rs-17-lakh-crore-despite-demonetisation-arun-jaitley/articleshow/57773980.cms">eligible to pay taxes</a>. 
 
GST rates are not yet finalised, which means that it can’t be ascertained whether consumers <a href="http://www.businessinsider.in/traveling-eating-out-and-phonebills-to-get-expensive-as-arun-jaitley-plans-to-hike-service-tax/articleshow/56850084.cms">eating in restaurants or paying phone bills</a> would benefit after removal of cesses and surcharges or not. 
 
Also read: <a href="http://www.businessinsider.in/jaitley-hopeful-of-july-1-gst-rollout/articleshow/57772424.cms">Jaitley hopeful of July 1 GST rollout</a> 
 
The bills amended include the Customs Act, 1962, the Customs Tariff Act, 1975 and the Central Excise Act, 1944. 
 
It also approved cancelling the Central Excise Tariff Act, 1985 and changing or cancelling the provisions relating to Acts under which cesses are levied. 
 
(Image source: South Live)

Removal of cesses for GST would cost government Rs 65,000 crore

Wellness has come to the forefront in the last decade on account of escalating healthcare costs, sharp rise in critical and lifestyle illnesses and lack of preventive care. Increasing incidence of lifestyle diseases like diabetes and hypertension has prompted healthcare professionals to promote wellness by encouraging behavioural changes. Wellness programs now enjoy growing popularity and thus are here to stay. As per the recent <keyword id="86914" type="ORGANIZATION" weightage="20" keywordseo="Value-Added-Service">Value Added Service</keyword> – Wellness preventive healthcare by <keyword id="6355001" type="CITY" weightage="20" keywordseo="FICCI">FICCI</keyword> &amp; EY, wellness industry in India was estimated to have closed at Rs 85,000 crore in <keyword id="190888" type="ORGANIZATION" weightage="20" keywordseo="FY">FY</keyword> 2014-15. This sector as a whole is expected to nearly double by 2020. <a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: COMMON MAN"S BUDGET 2017</a> 
 <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> in an exclusive interaction with <keyword id="3417" type="PERSON" weightage="20" keywordseo="vandana-luthra">Vandana Luthra</keyword>, Founder VLCC, one of the India's largest beauty courses training academies and fitness centres. 
 <keyword id="3438" type="COMPANY" weightage="20" keywordseo="Luthra">Luthra</keyword> is optimistic about the Budget 2017-18 and has rising expectations for the wellness sector. 
 
Here’s what the wellness sector expects from tomorrow’s budget, according to Luthra. 
 
1. The Government should introduce schemes to increase health insurance coverage and also increase tax exemption limit. This should be undertaken as India's population is increasingly at a higher risk of lifestyle diseases such as diabetes, heart disease, blood –pressure, obesity, and hypertension. Therefore it becomes essential for us to focus on preventive healthcare by making quality medicines available at affordable prices and also through investment in preventive healthcare measures. 
 
2. Healthcare services and health insurance premiums should be exempted from GST (once its rolled out) to ensure easy accessibility for people at large. This move will propel people to seek for medical assistance at an early stage, to ensure early detection and treatment of diseases. Also as per a recent FICCI report, wellness will be a key growth driver of health insurance in India. <a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: NOW YOU WOULD BE PAYING TAXES FOR EATING BURGERS</a> 
 
3. From the policy perspective, the government should incorporate budgetary interventions to ensure that general well-being of the masses is taken care of and the incidence of preventable diseases comes down drastically. India is on its path towards becoming the diabetic capital of the world. If drastic measures are not implemented immediately, then the per capita expenditure on medical care for 1.3 billion people will be a major stumbling block for the growth of the nation. Therefore, we recommend lowering of tax rate for preventive health care services e.g. to prevent various disease including obesity which results in hypertension, diabetes and heart attacks, amongst other critical ailments. <a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: YOU CAN OWN A CAR EASILY</a> 
 4. To ensure established health and wellness companies setup their base, <keyword id="6377129" type="ORGANIZATION" weightage="20" keywordseo="Government-Of-India">Government of India</keyword> should relax the tax norms and exempt these companies from paying <keyword id="4124339" type="UNKNOWN" weightage="20" keywordseo="tax-holiday-deduction">Tax Holiday Deduction</keyword> (Under Section 80) for a few years to give a boost to this industry.

Here’s what the wellness industry expects from Jaitley’s
Budget 2017

<ul><li>A Bank of America Merrill Lynch states that <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> market value , will skyrocket to a massive $200 billion in two years. </li><li>Since 90% of India’s retail market is unorganized and dominated by <keyword id="6513856" type="UNKNOWN" weightage="20" keywordseo="kirana-stores">Kirana stores</keyword> – Reliance might have a wide market to play in. </li><li>Recently, Reliance Industries backed startup Fynd launched Uniket, a direct-to-retail solution, which will help shopkeepers in Tier 2 and 3 cities go online and expand their businesses.</li></ul><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s retail venture is unlike any other global ventures. Instead of eating up mom and pop stores like every other large retailer, it is juxtaposing its new e-commerce venture on mom-and-pop stores, or kirana stores as they are called in north India, by modernizing them. This strategy of erasing lines between offline and online retail will earn it rich dividends, <a href="https://www.businesstoday.in/markets/company-stock/reliance-industries-market-capitalisation-rises-reliance-jio-jio-fiber-bofa-ml/story/385191.html">believes</a> research firm Bank of America-Merrill Lynch (BofA-ML). In its latest report, the firm predicts that Reliance Retail’s market value will skyrocket to a massive $200 billion in two years. A big chunk of the value created will come from serving the kirana stores. Since 90% of India’s retail market is unorganized and dominated by kirana stores--Reliance might have a wide market to play in. So what is it that Reliance is offering these small stores? <ol><li>Reliance Retail intends to help shopkeepers enter the new digital age and will be aided by an agile Jio, its innovation and country-wide strong network. </li><li>RIL’s Point of Sale (PoS) offering (or New commerce business, as the company calls it) will help merchants take online orders, generate GST-compliant bills, get inventory decline alerts etc. It can also help them migrate to GST and other tax regimes easily.</li><li>RIL also benefits by being able to offer Kiranas a faster delivery of replenished stocks, according to the report.</li><li>Even brands and consumers benefit in this initiative with Brands benefiting from better data analytics, better ads and promotion of their products. Customers could get access to discounts directly from brands without the merchant looking to offer incentives. Trials have already stated for this service, BoFA-ML said.</li><li>Ambani intends to add more services and offerings. At the IMC 2019 event, it introduced an app which will allow small businesses to make <a href="https://www.businessinsider.in/tech/enterprise/news/reliance-jio-is-offering-a-new-bot-maker-for-small-businesses-to-build-their-own-video-call-assistants/articleshow/71590602.cms">their own chatbot</a>. That will directly aid the millions of kirana stores which could be connected in.</li><li>Recently, Reliance Industries backed startup Fynd launched Uniket, a direct-to-retail solution, which will help shopkeepers in Tier-II and Tier-III cities go online and expand their businesses. </li></ol>The Kirana stores will take time to change their usage patterns but when they do, it could lead to its growth at breakneck speeds of 20% per annum, the research firm says. “We estimate RIL will tie-up with 5 million kiranas in FY21 and 10 million by FY22. We expect RIL to be able to charge ₹500-750 per month per kirana as a service charge for its M-POS device (rather than an upfront fee),” the report said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Revenue estimate in ₹ million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Implied growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industry avg (3-year CAGR) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20E </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,744,158 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21E </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,346,035 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22E </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,818,581 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23E </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,282,231 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.4% </td></tr></tbody></table> Source: Bank of America Merrill Lynch report In the worst case of growth, this kirana business will add to $6 billion to the enterprise value to the overall base value of $36bn – that’s at least one-sixth of the additional value created come from one segment. If this business picks up faster pickup – it can contribute as much as $25 bn from new commerce and that will increase the total retail business value to $70 billion, as per Bofa-ML’s calculations. The icing on the cake for Reliance Industries’ investors will be the plan to spin off its retail and telecom ventures and list them individually. In a bid to grow fast and stave off large national and international players who are <a href="https://www.businessinsider.in/amazon-prepares-for-the-mukesh-ambani-challenge-with-a-bet-on-future-group-shares/articleshow/70799094.cms">established in the market like Amazon, Big Bazaar</a> and others, Ambani is taking the road less travelled.

Mukesh Ambani is set to make big money out of India’s millions of small kirana shops

<ul><li> <keyword id="9951693" type="General" weightage="50" keywordseo="fantasy-sports-platforms" source="Orion">Fantasy Sports Platforms</keyword> are on the rise in India with revenues tripling since FY20.</li><li>The next phase of <keyword id="1759314" type="General" weightage="70" keywordseo="fantasy-sports" source="Orion">fantasy sports</keyword> will have AI generated avatars competing.</li><li>Meta11, one such AI-generated FSP, aims to earn revenue via hosting <keyword id="1612654" type="General" weightage="30" keywordseo="original-content" source="Orion">original content</keyword> and streaming the games.</li></ul> The ICC World Cup fever is gripping the nation. Right from stock brokers to central bank governors, few are able to make a statement without a cricket pun. But that’s not where the fun stops. It’s also the season for cricket lovers to engage in fantasy gaming. It’s now a serious business with revenues tripling in the ongoing financial year from FY20, according to a Deloitte report. Seasoned cricket players are taking to this as well and former Sri Lankan skipper, Kumar Sangakkara, has co-founded one such company -- Meta11, an AI-generated <keyword id="1759314" type="General" weightage="70" keywordseo="fantasy-sports" source="Orion">fantasy sports</keyword> platform, which aims to earn revenue via hosting <keyword id="1612654" type="General" weightage="30" keywordseo="original-content" source="Orion">original content</keyword> and streaming the games. Business Insider India caught up with Sangakkara and Krishan Deegalla, CEO of Behaviol, the company focusing on bringing fantasy sports on the metaverse via Meta11. Edited excerpts. Question: Sangakkara, you are one of the few cricketers who is also a startup founder. Why does the business of fantasy sport interest you? Sangakkara: It came from a thinking that – how do we really give everyone access to cricket? Not everyone has the ability to pick up a bat and ball and play. But there's so much love for this sport. How do we actually make sure that cricket is for everyone? Web based gaming has a great opportunity for that. That was the starting point for this and then when we brainstormed and came up with the concept of Meta11. It has AI controlled avatars playing the sport, being able to predict outcomes and others. It's amazing to see so many people being able to live out their cricketing dreams on our platform, and that is the real key – cricket is for everyone. Cricket has such a strong emotional connection. Once you're a cricket fan, you're always a cricket fan. Who knows, some of our strategies and tactics and game moments might even influence tactical decision making later on in real life cricket as well. Question If I don't know the first thing about playing cricket other than watching it, am I a target audience? Sanga Anyone can play this because the avatars are artificial intelligence led. So, they learn as a player in the game. If you own your own avatar, you can expose your avatar to training to more match play, the more experience they get they learn on their own. It's a great tool to spread awareness about cricket as well in its globalisation drive. Question There are a lot of fantasy gaming apps in India. How do you differentiate yourself? Sanga Our game is so simple to log in, and you play the game and you get rewards for playing not for paying. Our tech platform, our avatars, our digital creations are cutting edge and industry leading in terms of cricket games out there. So we are very differentiated and we want to keep to that model. Question Do you have any plans to introduce match-wise games like normal fantasy sports? Krishan We want to see how we can connect the digital worlds and the physical, the real cricket. There is an opportunity for us to bring that into play. Where in the game, you can create a super avatar, or super digital player. You can pick five players out of both squads. And if that player does well in real life, you can earn points. We will never do just a fantasy app. It will always be linked to the game. Sanga It has the ability to drop real world cricketers into the game as well. A franchise team can play real world cricket and a fan community can play against each other on our platform. Question So, is there a possibility that one day we could be teammates on this platform? Sanga Absolutely. There is no doubt about that. You could play against me, you could play against other cricketers. Hopefully, you could play against your friends, your family members. Question Could you explain how you intend to increase engagement, and make it more interesting for the not-so-avid fan? Krishan To get the engagement, ownership is a key, allowing people to have that meaningful relationship with digital avatars. We have to train them, and create our own teams. We are also having tournaments, which will be team leagues to the platform exciting. Question The government has introduced 28% GST on fantasy gaming. Is that a cause for worry and will it eat into your earnings? Sanga I think that (28% GST) that's for the pay-to-play model. Ours is free-to-play. No user has to put his/her own money into playing. It's a very different kind of foundation we work on. Krishan If you look at traditional fantasy games, they rely on real games. There is no real content there. With us, we generate our own content. All the content that gets streamed, is owned by us. Now, we have a pathway to monetise this and give rewards back to the users. It's like organising real games. We can also expect sponsorship money, streaming rights and we can distribute it back to the community. Question You talked about streaming. If you could go into the monetisation aspect of it. Krishan We had 30,000 users on the first day. There is a huge appetite for advertising on alternative channels apart from Google, Facebook etc. That is why if you look at IPL TV rights it goes for billions of dollars. So, I think we will be a good alternative for that. The game is exciting. People will be able to relate to it and that means it will be engaging. With that we should be able to monetise it – through sponsorships and streaming. Question What’s the vision for Meta11 down the line? Krishan It is quite an evolution to have AI characters play cricket and allow people to own them. Within this framework, we have opportunities that even we have not thought about. I am sure there will be plenty of opportunities. The vision still remains to allow democratising the sport and give access to the masses. And to keep on making the platform interesting and scalable.

Can’t hit a ball? You can still play cricket in the metaverse

Markets during the last week saw wild gyrations with the first three days seeing a sharp dip followed by a more than equally sharper rise and then yet another dip, to be back on neutral ground. Friday was a nothing day and markets ended marginally up. The week ended with a small negative bias and in what could be termed a highly volatile week. BSESENSEX lost 30.54 points or 0.05 per cent to close at 58,803.33 points while <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> lost 19.45 points or 0.11 per cent to close at 17,539.45 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.20 per cent, 0.29 per cent and 0.38 per cent respectively. BSEMIDCAP gained 1.37 per cent while BSESMALLCAP was up 1.35 per cent. The <keyword id="91748" type="General" weightage="50" keywordseo="indian-rupee" source="Orion">Indian Rupee</keyword> gained 6 paisa or 0.08 per cent to close at Rs 79.80 to the US Dollar. Dow Jones continued to remain under pressure and lost on four of the five trading sessions. It lost 964.96 points or 2.99 per cent to close at 31,318.44 points. It is now down 13.81 per cent on a year-to-date basis. On a similar comparison, the Indian benchmark indices are up about one percent. India is now the world's fifth largest economy. It squeezed out the United Kingdom. GST collections for the month of August were at 1,43,612 crore. This is the sixth consecutive month that the collection is at Rs 1.40 lakh crore or higher. The primary market sees the issue from <keyword id="7111922" type="General" weightage="50" keywordseo="tamilnad-mercantile-bank-limited" source="Orion">Tamilnad Mercantile Bank Limited</keyword> tapping the markets with its fresh issue of 1,58,40,000 equity shares in a price band of Rs 500-525. The issue would raise Rs 792- 831.6 crore at the price band. The issue opens on Monday the 5th of September and closes on Wednesday the 7th of September. On Friday, the company completed allocation to anchor investors of 71,28,000 shares at Rs 510. In the last couple of years, one doesn't recall that the anchor book or allocation has been made at a price lower than the top end. Coming to the bank's performance, it is a 100-year-old private bank dominant in the state of <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>. In terms of business as much as 75 per cent comes from the state of Tamil Nadu. The next chunk of business comes from the states of Maharashtra, <keyword id="37102" type="General" weightage="80" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Karnataka and Gujarat which contribute about 16 per cent. The bank has grown very significantly during the Covid-19 pandemic. Its EPS has doubled from 2019-20 to 2021-22 from Rs 28.61 to Rs 42.34 and finally to Rs 57.67. It has a decent asset quality as well. Its gross NPAs were at 1.69 per cent while net NPAs were at 0.95 per cent for the year ended March 2022. The shares which are being offered at a price band of Rs 500-525 have a PE multiple of 8.67-9.10 times its FY 22 earnings. In terms of book value, the same is at Rs 374.41, which makes the issue at 1.4 times price to book. Looking at the allotment of anchors, it becomes clear that effectively the new price band is now Rs 500-510 and shares would be allotted at Rs 510. Readers may apply for the shares of the bank considering its fundamentals and pedigree, considering it's a 100-year-old bank. There may be limited upside on listing and investors should apply only for the medium term. Considering its peer group, the bank is adequately priced. There is a change introduced in the bidding process for IPOs with effect from 1st September. Bids made would have to be blocked by the end of the day before the final subscription figures are announced. This is in relation to the hue and cry that was raised where one saw thousands of applications not being banked post being bid. It was also noticed that issues which were subscribed at the end of the bidding time were actually undersubscribed post the final figures. This would put an end to bidding by investors who wanted to eat the cake and have it. Coming to the markets in the week ahead, we would see volatility continuing. While FPIs were buyers largely on most days in August, this is not the case in September and they were sellers as well. Things are not the best in US markets and the 75 basis points hike in the meeting to be held on September 20-21 is a foregone conclusion. What and how the markets react would be based on the commentary post the meeting outcome. Our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be final resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. The strategy for the week would be to continue selling on rallies and buying on sharp dips. Markets are in a trading zone and they need to make up their mind where they are headed in the medium term. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/former-tata-sons-chairman-cyrus-mistry-killed-in-a-road-accident/articleshow/93984352.cms">Former Tata Sons chairman Cyrus Mistry killed in a road accident</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">‘We shared a laugh last month on a park bench in London’, says former head of strategy at Tata Sons</a>

After a volatile week expect markets to remain rangebound says Arun Kejriwal

<ul><li>Nutrition expert Dr. <keyword id="4449519" type="PERSON" weightage="20" keywordseo="nandita-iyer">Nandita Iyer</keyword> shares her views on what the term ‘<keyword id="1695225" type="PERSON" weightage="20" keywordseo="Superfood">superfood</keyword>’ actually means, and whether we need to indulge in the trend or not. </li><li>Any food that has a high proportion of one or more of these nutrients — such as vitamins, minerals or antioxidants — qualifies to be known as a superfood</li><li>"If you look at Indian superfoods, something like <keyword id="6400986" type="UNKNOWN" weightage="20" keywordseo="amla">amla</keyword> clearly tops the list because if blueberries are topping every international listicle on superfoods, amla has fifty times the antioxidant capacity of blueberries." - Dr. Nandita Iyer </li></ul> From <keyword id="55635" type="ORGANIZATION" weightage="20" keywordseo="Turmeric">turmeric</keyword> to <keyword id="6446946" type="UNKNOWN" weightage="20" keywordseo="ghee">ghee</keyword>, Indians often tend to undervalue their historic possessions, but the moment it starts making waves abroad, we are more than willing to embrace something that was available to us all along. And strangely enough, some also resort to splurging copious amounts of money on imported fruits, vegetables, seeds, oils and whatnot while ignoring the real gems our land provides us. Business Insider spoke to nutrition expert Dr. Nandita Iyer who, after her first book — The Everyday Healthy Vegetarian — is set to launch her next book Everyday Superfoods in March, this year. She shares her views on what the term ‘superfood’ actually means, and whether we need to indulge in the trend or not. <div type="Video" msid="81211869" hostid="261" title="Dr. Nandita Iyer weighs in on how Indian cuisine is and always has been packed with 'superfoods'" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=81211869"></div> In her book, she has a section on 'Superfood Compendium' in which she lists out 39 of the most potent superfoods grown in India. These include: <div type="image" title="Superfoods" msid="81242013" hostid="261"></div> <div type="image" title="Indian superfoods" msid="81241421" hostid="261"></div> Edited excerpts of the conversation with Dr. Nandita Iyer follow: What is your definition of a superfood? When I was researching my book Everyday Superfoods, the first question that came to my mind is, how did this word come into being? And what I discovered was quite funny. The first-ever recorded usage of this word was in a Jamaican newspaper, and it was actually a reference to a wine brand — they just got creative. And the second known instance was in 1949, where another Canadian newspaper was advertising a muffin using the word superfood. So I think that the whole thing of using this term for marketing is definitely not a new thing because even before the term started being used in its true sense of the word, it was actually being used by brands. The definition of a superfood is pretty simple — it is any food that is nutrient-dense. Any food that has a high proportion of one or more of these nutrients — such as vitamins, minerals or antioxidants — qualifies to be known as a superfood, which is the well-accepted definition in the scientific community. Some believe it is just a marketing gimmick. Would you say otherwise? A true superfood will definitely have health benefits that are good for general health and boosting immunity. But to loosely use this term for processed goods, packaged foods, is definitely, I would say, a marketing gimmick. In the pre-Covid times, I used to love walking around supermarkets and see what new products were there. And invariably, there would be a whole bunch of new products that called themselves superfood, which is pretty misleading. It is the worst possible way to mislead people who may not be aware of nutrition and who may not be having a scientific bent of mind, so they may believe what is written on the packet. It is just a way to jack up the price of any product — if a regular food item costs X, by calling it a superfood, you can easily charge 5X. Considering the environmental cost, what are your thoughts on imported food items like avocados, <keyword id="573117" type="PERSON" weightage="20" keywordseo="Quinoa">quinoa</keyword> etc. In my book Everyday Superfoods, I have a whole chapter on sustainability. Anything that gets the label of a superfood does benefit the farmers who are growing that particular superfood. However, it also leads to a whole bunch of other unpleasant side effects. Instead of focusing on what is local, instead of focusing on what is in season, everybody starts rushing towards buying that one thing because it is in trend, it is popular, and it is getting a lot of attention and likes on Instagram, and that is not a good way to eat at all. If a lot of farmers start growing turmeric alone because it is the next big thing it will lead to monocropping - where farmers, instead of growing a variety of foods, grow one kind of food in one place. And that means the soil gets depleted, so they are adding extra fertilisers, further polluting groundwater. So it is like a vicious cycle. When it comes to quinoa, I think it started getting popular in the 1980s in the US because it began getting imported from Central America etc. Then the United Nations (UN) declared 2013 "The International Year of Quinoa." That just led to prices going up, and every farmer in South America was growing quinoa, and they did not even want to eat it themselves because they said, 'I could sell it for so much more so why should I eat into my own earnings, right?' The locals themselves stopped eating their ancient grains, something they were so used to, and they started eating wheat and other grains. It just destroys the balance of things in nature. This is why the emphasis is on - what is local, what is in season, and what have your ancestors been eating? Michael Pollan is someone I really consider a guru, and he says, "Don't eat anything your great-great-grandmother wouldn't recognise as food." And did my great, great grandmother know about quinoa? That said, this is a complex issue. Quinoa is now well grown in Karnataka. That is why the prices have fallen from what used to be like Rs 1500 or kilo to now it is literally Rs 200 a kilo. The good thing is that the crop does not consume as much water as rice because it is a pseudo-grain and grows in slightly harsher conditions. So it is okay for me to buy quinoa, which is locally-grown and it has not travelled 10,000 miles to reach me. So there is no binary in this aspect, which is why this whole subject is so complex and so tough for people to decide what to eat, what not to eat. It takes a few extra seconds to see the back of the pack and see where it is grown because it will definitely be mentioned. <div type="image" title="Amla" msid="81241745" hostid="261"></div> Can you give us a bit of a primer on Indian superfoods? Since we talked about how it is not really a label that matters, the questions we need to ask are, is this a nutrient-dense food? Is this locally available? Is it readily available? Because anything you label as a superfood is usually costly, it is not available round the year and is often imported from far away. These will be very difficult to include in your daily diet, and like we already discussed, no superfood is a miracle pill that you eat once a year, and your life will be sorted. So, whatever it is, it needs to be consumed in a fairly regular way. It needs to be part of your lifestyle, and for that purpose, these can only be readily available and affordable foods. If you look at Indian superfoods, something like amla clearly tops the list because if blueberries are topping every international listicle on superfoods, amla has fifty times the antioxidant capacity of blueberries. And it is so cheap, local, and though it is seasonal, the beauty in Indian food and Indian cuisine is that there are at least five different ways in which amla is preserved - it is dried, it is made into a supari, it is preserved in honey, it is preserved as a sharbat, and of course, pickled. So while amla is available possibly for three months in a year, we can actually eat it round the year by just using our traditional preservation techniques. We do not need any factory or industry to be preserving it, these are all home-based preservation techniques. Fermented drinks like kombucha seem to be all the rage. What are the Indian alternatives to the same? So, we have our chaach, and there is a kaanji made in the North using mustard seeds and carrots fermented over two to three days. In the South, you have kanji, which is nothing but rice that is overcooked and soft and some buttermilk is added to that, and it is actually kept overnight to ferment. Sometimes it is also hard because when there was rice leftover the previous night and there was no refrigeration in the earlier days, so people would just add water to the rice and leave it outside on the counter. Next morning, it will be slightly fermented, and they will have it with some chopped onion or pickle. In Odisha, you have the pakhala bhata, which is again a similar thing where it is an overnight fermented rice gruel. This is a double dose of probiotics from fermenting the rice itself, and you are adding buttermilk, which is also a fermented drink. Do you believe that those who are not buying into this trend are destined for doom? I definitely think they are not doomed. But the superfoods I have mentioned in my book are so every day that invariably, people living in India are eating many of them in their standard diet. Like dark green leafy vegetables, tomatoes, lobia (black-eyed peas), green moong, these are all everyday ingredients but poor things — they do not come with this crown or this fancy label, but they are superfoods. Whether you buy into the trend or not, if you are eating Indian cuisine, you are already eating many of these things. We eat turmeric every single day, and black pepper is there in our masalas, plus our chai masala has so many ingredients. So Indian cuisine is so rich in superfoods by itself that even if someone is a non-believer in this trend, they are already eating it. I am sorry to disappoint them. However, it is definitely not true that they are doomed if they do not buy into the trend because, anything that we adapt, it has to be a gradual change in lifestyle itself, and that is what we need to believe and invest in it rather than just flipping from trend to trend because a trend is very temporary and a lifestyle is forever. In life, health and nutrition, there are absolutely no binaries. People want binary answers because it saves them from analysing their own life and health problems. They need to think for themselves and find out, 'Am I able to do this? Is this sustainable for me?' This is why I get quite frustrated when I see a YouTube video saying, 'drink this pink tea and you will lose 20 kilos'. Which is one of the reasons I wrote this book. It is not fancy, it is not clickbait, and it is not anything shocking. It is pretty much everyday knowledge, but definitely, that common knowledge and moderation seem to be somewhere lurking in the background. It is not convincing enough for people to follow a more moderate path. Also, our health is heavily dependent on our genetic lottery. I may abuse my health in every possible way, and I may still live to 100 with absolutely no problems. And someone who is so careful about their health does everything right and suffers a cardiac problem in their 40s. I am not saying follow the trend and go after every superfood you see, but try to take some baby steps towards a good lifestyle that you sustain for life. Not something you do because it is in the news today. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms" data-type="tilCustomLink" target="_blank">EXCLUSIVE: Ignore low CIBIL score for street vendor loans, work on holidays, and other diktats from Indian government to banks rushing to meet March target</a> <a href="https://www.businessinsider.in/india/news/bharat-bandh-over-eight-crore-traders-across-india-shut-shop-in-protest-against-rising-fuel-prices-and-changes-in-gst-rules/articleshow/81223361.cms">Bharat Bandh – over eight crore traders across India shut shop in protest against rising fuel prices and changes in GST rules</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-wants-you-to-memorise-all-your-debit-and-credit-card-numbers/articleshow/81186570.cms">RBI wants you to memorise all your debit and credit card numbers — Amazon, Zomato, Netflix and others argue this will make online payments more tedious</a>

Whether we like it or not, Indians are already partaking in the superfood ‘trend’

<ul><li>India is sitting on a demographic time bomb. People over the age of 60 are expected to account for 25% of India’s <keyword id="48933" type="PERSON" weightage="20" keywordseo="population">population</keyword> by 2050.</li><li>The concept of <keyword id="2995734" type="PERSON" weightage="20" keywordseo="senior-living">senior living</keyword> has been gaining traction in recent years owing to the migration of Indians and the breakdown of the joint family model. </li><li>However, most senior care options are mostly geared towards the upper-middle class. The low-cost options leave a lot to be desired. </li></ul> My father was 64 when he had his first heart attack in September 2015. He downplayed the pain and told my brother and I, who were 23 years old at the time, that it was just acidity. We didn’t know better. Four days later, on his 65th birthday, the heart attack led to a stroke, which affected a small part of his brain that dealt with his speech and comprehension. Following his discharge from the hospital, my brother and I worked out an arrangement with our respective employers wherein we worked from home on alternative days so we could take care of him. My father slowly regained his verve and became somewhat self-sufficient by the end of 2015. However, he suffered another stroke and an epileptic seizure in April 2016. After my father suffered a third stroke in February 2017, the idea of putting him in an assisted living facility was floated by my uncle. My brother was living in Bombay by this point and I was spending more time at work so it seemed like the sensible thing to do. The concept of senior living, while relatively new to India, has been gaining traction in recent years and with good reason. There were 103.8 million citizens above the age of 60 in India in 2011, according to the Ministry of Social Justice and Empowerment, and the number is expected to reach 143 million by 2021 and 173 million by 2026. Concurrently, as nuclear families are in vogue, the safety net afforded to old people by the joint family model is disintegrating. India has also seen a wave of migration in the last few decades as young people have gone to big metros as well as foreign countries in search of better opportunities, leaving their parents behind. More and more old people are living alone- which makes them vulnerable to <a href="https://www.firstpost.com/india/increase-in-crimes-against-senior-citizens-in-chennai-forces-them-to-shift-to-retirement-homes-3109622.html">crime</a> and depression. And the problem will only get worse. People over the age of 60 are expected to account for 25% of India’s population by 2050. India’s emerging market counterparts like Brazil and China are also sitting on a similar demographic time-bomb resulting from decades of exponential economic growth, improved health outcomes and stretched budgets. While Western countries like the US and UK started laying the foundational groundwork for their senior care industries in the latter half of the 20th century, BRIC countries only began developing an industrial framework to address the problem in the recent past - that too, by encouraging foreign participation and co-opting the western model of senior living which marries real estate development with at-home care. The Senior Care Act The Indian government has made some noticeable interventions but they haven’t produced the desired results. For example, in 2007, there government of India passed the Maintenance and Welfare of Parents and <keyword id="20566" type="COMPANY" weightage="20" keywordseo="senior-citizens">Senior Citizens</keyword> Act. The act requires children to take care of their parents in <keyword id="6378960" type="UNKNOWN" weightage="20" keywordseo="old-age">old age</keyword>. It also mandates the establishment of old age homes by state governments. The act has failed on both fronts. Senior citizens neither have the knowledge of their rights or the will to take their children to court. As of mid-2017, only 360 homes had been built by state governments with central funding under the Integrated Programme for Older Persons (IPOP), according to data from the social justice ministry. India’s private sector takes the lead However, India’s private sector has spotted the gap in the market, taking inspiration from the US’s $300 billion senior living industry. By 2013, India had 30 assisted living projects in India, with another 30 in the pipeline, according to Jones Lang Lasalle, a commercial real estate firm. There are a number of developers building “retirement resorts” in North India to cater to the high-end segment. Max India, a <keyword id="6354525" type="UNKNOWN" weightage="20" keywordseo="healthcare">healthcare</keyword> giant, has a 200-block senior living facility called Antara on the outskirts of the city of Dehradun. Pitched as the confluence of lifestyle and life care, the community boasts state-of-the-art medical facilities with in-house doctors as well as a a fitness centre, which includes a gym, spa and a swimming pool. Prices for a property here start at a cool $300,000. However, the senior living trend actually took flight in south Indian states like Tamil Nadu, Karnataka and Andhra Pradesh, where a large number of non-resident Indians (NRI) hail from, before spreading to the North. In recognition of their high purchasing power, Covai Care, a Coimbatore-based developer, launched S3 Retirement Homes, one of India’s first retirement projects, according to its general manager, S Prabhakar, in 2007 to cater to this market. While the senior living market has doubled since then, says Prabhakar, it is still in a nascent stage. Covai Care primarily offers three forms of care facilities for its residents- assisted care for senior residents, palliative care for terminally ill patients and memory care for patients with dementia or Alzheimer's with properties in Bangalore, Mysore, Coimbatore and Pondicherry. The properties don’t come cheap either. With prices ranging from $60,000 to $150,000 depending on size, residents also have to pay around $270-$300 a month for medical and maintenance fees. Prabhakar maintains that these costs are in line with the average cost of living for these patients anyway. He also expects the demand for these properties to be robust, citing the increase in life expectancy and growing trend of senior citizens who crave independence. The middle ground India is striving to create cheaper offerings for the middle class too. Arun Gupta, the chief executive of Age Ventures India (AVI), a non-profit organisation that petitions builders to develop properties, echoes Mr Prabhakar’s beliefs about the industry’s prospects. “The senior citizen population is growing at a rate of 3.8% per annum, while the overall population of India is growing at 1.8%” he says. For a small consulting fee, AVI works with developers to build elder care homes and communities by sharing best practices and identifying project locations. These homes are modestly priced, with a 1BHK unit starting at $22,500 at the organisation’s first project in Bangalore. Ashiana Housing, a Delhi-based real estate developer, pitches its retirement communities to the middle class in tier-1 and tier-2 cities . The price ranges between $45,000 million and $100,000 for the units, and that demand for them follows the same pattern as the housing market. Amit Dogra, the sales manager for Ashiana's senior living segment, doesn’t think much of India’s cultural aversion to old age homes. “98% of our residents chose senior living independently. They were not forced by their children.” Abhishek Mohanty, a facility design and marketing consultant at Epoch Elder Care, feels otherwise. “Social stigma, especially from relatives, is more of a problem than affordability”, he says. “This is why we target higher-net-worth individuals and NRIs as they are more open to the idea of senior living and are willing to spend the money”. Founded in 2011, Epoch Elder Care originally started as a provider of home care services and personnel before transitioning into the assisted living space. It follows a rental model, entailing a one-time deposit and monthly rental fee, which is better suited to middle class customers. Epoch has three retirement homes with monthly fees of $1,800 for short-term single occupancy guests and $1,350 for long-term guests, which excludes the rather-high 18% GST rate on senior living. Around 60% of Epoch’s residents are dementia patients, which limits the amount of residents per facility. Mohanty is optimistic about his company’s prospects given the country’s increasing awareness about dementia and the growing number of senior citizens. By 2022, Epoch plans to have as many as 12 facilities, with an average of around 50 guests each, operating all over India. The sense of stigma attached to senior living, while declining, is still a consideration for the relatively well-off. Rachna (name changed), a corporate lawyer in her 40s, says that the decision to send her father to a retirement home outside Gurgaon last year was not an easy one. “My friends felt that I was relinquishing my sense of duty,” she said, “and my father likened the experience to being sent to jail”. However, she feels that it was the best option since she and her husband had full-time jobs and two teenage children to take care off. Now, her father, a former stroke victim and arthritis patient, benefits from round-the-clock care and companionship in the facility. No respite at the bottom Senior living seems to be an effective solution for people who can afford it, but for the hundreds of millions that can’t, their options are few and far between. At the lower end of the spectrum, the government-operated old age homes, which feature dormitories instead of rooms, are understaffed and in a deplorable condition, according to Matthew Cherian, the chief executive of HelpAge India. There are a number of cheaper nursing homes that are run by private owners, however quality is still an issue given the lack of government-imposed industry standards. And some of these also operate without licenses and accreditation. In 2012, <a href="https://timesofindia.indiatimes.com/city/pune/68-nursing-homes-dont-have-licences/articleshow/13238672.cms">68 nursing homes </a>were found to be operating illegally in Pune. A variety of non-profit organisations like HelpAge India also run and support old age homes, but the supply of beds in such homes is drastically outweighed by the number of people that need them. As I write this, it’s been more than 13 months since my father’s last stroke. He’s in good spirits. He’s been eating well and going for walks every evening with other senior citizens in our gated community in Gurgaon. He has moved past his initial resistance and softened his stance towards senior living facilities, in anticipation of my eventual departure from home. “If I have to go one day, I’ll go”, he says. “Maybe I can get my friends to come with me too”. If only other Indians like him had the same option.

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