Arbitrage Magazine - September 2021 - Finance & Investment Club | IIM Rohtak

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presents

September 2021 Vol 5 Issue 1

Our best read – ‘FDI: Towards Economic Growth’ Special Mention: LOOK-IN CARBON TRACKING & CAPTURING - “A Billion Dollar Eco-Business”

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INDEX

S. No.

Article

Page No.

1

FDI: Towards Economic Growth

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2

9

3

LOOK-IN CARBON TRACKING & CAPTURING - “A Billion Dollar Eco-Business” Bad Bank: A solution to India’s NPA problem or A preposterous idea?

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4

The Economics of the K-Pop Industry

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5

Entertainment on D-Street

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6

Sensex at Sixty, is there more steam left?

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7

Central Bank Digital Currency – Opportunities and Obstacles for India

27

8

Fintech: Making services available, affordable, and accessible

32

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‘FDI: Towards Economic Growth’ By: Prathmesh Galphade (Bhusawal Arts, Science and P.O. Nahata Commerce College)

What is FDI? According to Investopedia, A foreign direct investment (FDI) is a purchase of an interest in a company by a company or an investor located outside its borders.

In the Context of India, when a company located outside of India invests money in India it is called FDI. There is a difference between Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI). In FDI, a significant and large amount of direct investment is done either by establishing a subsidiary company, acquisition & merger or by creating a joint venture, whereas FPI is an indirect investment done by purchasing the financial assets of a country through means like Stock Market.

FDI is more favourable to a country as it is long-term and even helps the economy grow, unlikely to FPI where brought assets could be sold off very easily.

Example of FDI- The acquisition of Flipkart by Walmart in a $16 billion deal, which granted Walmart a 77% stake in Flipkart.

Example of FPI- Investment is done by foreign companies in the Indian Stock Market.

Green-Field and Brown Field Investments Green-Field are completely new Investments like the opening of a subsidiary company by a parent company in the country and then building Infrastructure needed to function, on the other hand In Brown-Field Investments the parent company just purchases an existing entity or leases it to save both money and time.

How it helps the economy grow?

FDI helps an Economy grow in many different ways

FDI

Capital Flow

Employment

Human Resource Development

Economic Growth

Increase in Exports

Competiton Creation

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FDI brings a lot of capital in the country; when a company invests money in another country it also employs people there, they train the employees and increase their knowledge, capabilities, and skills which leads to Human Resource Development. Also, when the company start manufacturing products and sells them out of the country, it increases the export rate of the country. As the foreign companies enter the market it also creates competition which further leads to the improvement of several domestic entities. These all benefits together in a long term, help the country in economic growth.

Specific Cases of FDI Out of India West African country- Togo Togo is a country located in West Africa, on the Gulf of Guinea. Research by Assiobo Komlan Mawugnon, Fang Qiang on the relationship between Togo’s economic growth and the Foreign Direct Investment sheds light on how FDI helped the country’s economy to grow in the period 1991-2009.

Togo’s GDP in 1991 was 1602.29 million USD which grew to 2854.60 million USD in 2009 which is a 78.15% growth. This growth is seen with respect to the FDI flow in the country which was 6.48 million USD in 1991 which grew to 50.13 million USD in 2009, a 673.61% growth.

Image Source- Refer to reference (1)

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The conclusion of the research explicitly mentions that ‘Though FDI exhibited a positive relationship, its contribution to economic growth in Togo during the study period was significant.’ and ‘The study founds that FDI Granger cause GDP for the period 1991-2009.

Thus, FDI stimulates GDP.’ In India Byju’s Not just India’s but the world's most valuable Ed-tech Startup Byju’s is now valued at over 16 billion USD. Byju’s has now raised over $3B approx. from 41 Investors in different funding rounds, latest in the F-Series where they raised $150 Mn.

Image Source- ET website {refer to reference (2)}

Above you can see a detailed list of lead Investors in Byju’s throughout different years till Mar 2021.

The thing to be highlighted is that from 15 lead investors above (till Mar 2021) only 1 investor, Times Internet Limited is based out of India and all other 14 are based outside of India. Major of the investments done in Byju’s can be categorized in FDI. This shows how FDI helped Byju’s

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tremendously to grow over the period. As Byju’s grew, it also employed over 10,000 people (according to Crunchbase), which further lead to economic development.

FDI into Aviation Many Airlines in Indian Aviation Sector were affected and got closed in the 2010 Decade.

Image Source- Refer to Reference (4)

The biggest upset was Kingfisher Airlines, operated by Vijay Mallya. The second-largest Airline of India, in its prime time, got its license revoked in 2013. When the fall of the Airline was forecasted by the experts of the Airline Industry, many thought, including Vijay Mallya, that the last resort which could save them can be FDI. He consistently went to the government asking for FDI regulations to be changed. In an attempt to save the airline Industry and money of banks, the Government of India in Sep 2012 allowed up to 49% FDI in Scheduled and Non-Scheduled Air Transport Services.

Unfortunately, Kingfisher Airlines, despite the FDI changes, was not saved but other Airlines found their way through this. The first was Jet Airways, which secured Rs. 2060 Crores from Etihad Airways of the United Arab Emirates for 24% stake.

Soon after the changes in FDI regulations, Vistara was founded by Tata Sons and Singapore Airlines as a Joint venture. This was first planned in the mid-1990s but due to regulatory denials the plan was dropped, once again the plan was revived in 2013, and Vistara was launched on 11 August 2004.

Though even Jet Airways saw its end in Apr 2019, FDI helped the company run for at least 6 more years and Vistara is still flying in the air.

Savior of VI After the rise of Reliance Jio, both Vodafone and Idea were hit hard. In an attempt to survive, both Vodafone and Idea came together to become VI on 31st Aug 2018. Even the merger was not able to save them completely, in the consequent years due to AGR dues from the Department of Telecommunications (DoT), VI found no way other than Supreme Court to get the dues reduced but even that attempt failed.

But now after Centre Government’s steps to save VI, there are signs of VI coming up stronger.

One of the benefits and policy change made by the government is 100% FDI in telecom through automatic route.

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In the Automatic route of FDI, a company can first raise money and then just inform RBI about it as against the government route in which a nod from the government is required. So, through the Automatic route of FDI in Telecom VI now has significant chances of raising funds and to strive in the very competitive Telecom industry of India.

Though as of now there are no FDI deals made by VI, in the coming time VI may raise a large amount of money, of which FDI will contribute a major part.

FDI in India in 2020-21 India already saw a great improvement in FDI in the last financial year as compared to both its past year FDI and the other world in 2020-21.

Data Source- Refer to reference (5)

This graph clearly shows around an 80% increase in FDI in India from 2014-15 to 2020-21.

Even what more highlighting is that in the last financial year 2020-21 the global FDI inflow reduced to $1 Trillion from $1.5 trillion due to a severe hit by Covid-19 whereas India still managed to attract around 9% more FDI than the FY 2019-20.

As Deloitte CEO Punit Renjen said ‘FDI is a key to India’s aspiration to become a USD 5 trillion economy’, it looks like India is on its way to achieving it.

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References 1. https://www.pucsp.br/icim/ingles/downloads/papers_2011/part_7/part_7_proc_43.pdf 2. https://economictimes.indiatimes.com/tech/startups/byjus-valuation-tops-15-billion-afterover-1-billion-funding/articleshow/82036545.cms?from=mdr 3. https://www.crunchbase.com/organization/byju-s/company_financials 4. https://www.worldwidejournals.com/paripex/recent_issues_pdf/2014/July/July_2014_14 05422603__44.pdf 5. https://dpiit.gov.in/sites/default/files/FDI_Factsheet_March%2C21.pdf

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LOOK-IN CARBON TRACKING & CAPTURING “A Billion Dollar Eco-Business” By: Harsh Dev Chaudhary (Ramjas College)

FROM REDUCTION TO CAPTURING Carbon emissions are minacious for both – our planet and humans. The International Energy Agency’s (IEA) Global Energy Review 2021 estimates that CO2 emissions will increase by almost 5% this year to 33 billion tonnes. The problem with carbon emission is that it leads to rise in global temperature causing irreversible effect on the climate and habitat. The prime reason for carbon emission is the industrial activity (for e.g., production of cement). Over a span of 150 years, it has released roughly 2200 Giga tons of CO2. Their annual contribution stands at 40 Giga tons. In order to keep the global temperature within the limit of 1.5° C as agreed in the Paris Agreement, we cannot emit more than 2620 Giga tons. Doing the math, it seems that we have 10.5 years only to reduce the current level of emissions. In reality, we have less than a decade. Why so? You would be surprised to know that the average piece of furniture (for e.g., sofa or desk chair) contributes to 47 kg of CO2 equivalents. If you consider all the urban and rural households of India having furniture, together they contribute 0.01 Giga tons of CO2**1. It means others are also contributing to fill the gap of 420 Giga tons apart from the industrial activities. Though the world is actively looking towards renewable energy, zero carbon products and judicious use of fossil fuels, it is imperative to note that these are decades-long process and we need rapid and deep solution. These astonishing facts have shifted the focus to carbon capturing, storing and utilizing (CCSU) technologies – a quicker way of reducing carbon footprint.

GOLDEN ECO-OPPORTUNITY According to the IEA estimates, there is a need to capture 350 million metric ton CO2 every year till 2030 to limit the global temperature to 1.5° C. But we have captured only 35 million tons i.e., less than 1% of total annual emissions. This gap in carbon capturing together with the fact that the number of companies setting net-zero emissions goal has increased to 1500 in September 2020 from 500 at the end of 2019 has created a big brownie opportunity for minting eco-money (i.e., money + better environment). The Carbon Management System market is estimated to be valued at $19.83 billion in 2026. In India, Tata Steel has taken the first mover advantage by setting the first carbon capturing plant. Therefore, it becomes crucial to understand – How exactly this market work? What is the return for tracking and capturing carbon?

**This is based on my own calculation based on the ministry’s statistics report given under references.

Available at: https://rjcdu-my.sharepoint.com/:x:/g/personal/180038287_ramjas_edu_du_ac_in/EUhyZKh6RTVKp7LQhUOtFtIBg99PHeF1

rKfDwrjC-LGFcg?e=54M9VW

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Source: CNBC

PROBLEMS OF POTENTIAL CUSTOMERS The companies with net-zero emissions can achieve it in two ways: ● By reducing use of fossil fuels or ● By funding eco-friendly projects such as tree plantation drives or solar panel installation.

Meanwhile, the first way seems distant as 57% of the energy consumption will come from fossil fuels till 2040. Prima facie the second way looks a good offsetting option but it allows the company to function and emit as usual. Moreover, it has been observed that the funded projects are not implemented in spirit and failed to meet the basic criteria of climate integrity. Due to the flexible reporting requirements, majority of the companies don’t track their emissions and implementation of projects.

Further, tracking and capturing carbon emissions is strenuous. The reasons could be the complexities and huge cost involved. For e.g., in case of a beverage company (say PepsiCo), it is difficult to measure emission for 1 liter of pepsi. Many companies have scope 3 emissions (for e.g., emissions caused by charging an iphone is a scope 3 emission for Apple) accounting for 7090% of the total emissions which remain untraceable.

In addition to this, the cost of CCSU technologies ranges between $69- $103 per ton making it an unattractive in-house investment despite of the fact that it has the potential to capture up to 90% of the emissions. This problem of companies creates a gold mine for companies exclusively involved in tracking and capturing carbon emissions. Indeed, they have a ready customer base.

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WHAT CCSU COMPANIES CAN BRING TO THE TABLE?

Companies dealing in tracking & CCSU technologies could help other companies in five ways: By creating a data basket for a number of different categories of emissions. For e.g., creating a major category of building emissions and dividing it in emissions caused due to AC, electricity, heating and waste. It will give a unit-by-unit picture of emissions and thus companies could prioritize & develop direct solutions.

By performing data analytics to assess scope 3 emissions. For e.g., companies like Apple can collaborate with Klima – a company which traces users daily carbon footprint by asking behavioral questions. With this, Apple would not only be able to get the accurate information on emissions rather it can also encourage the consumers to offset their carbon footprint by offering incentives.

By allowing them to make comparison of emissions over time and assisting them to set realistic carbon reduction targets and deadlines.

By causing the sustainability competition among the companies. For e.g., as companies would be able to assess their emissions with other companies in the same industry, they will strive to achieve lower emissions level.

By assisting them in building customized anti-carbon projects. For e.g., companies can get their projects evaluated in terms of ecological impact and make the necessary modifications to ensure calculated harm.

WHAT DOES THE FUTURE HOLD? Envisaging that future belongs to sustainable companies, it has forced the companies to pay meticulous attention to their carbon footprint. Companies have started adopting the framework of shared prosperity for healing of both people and planet. Most of the employees are ready to take

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the pay cut to work at environmentally responsible company. Gradually the reporting requirements are also getting stringent. Even the investors (for e.g., BlackRock) are preferring environment conscious companies. Soon the carbon accounting would become the buzzword. It is important to understand that climate risk is actually a financial risk which would cause negligent companies in terms of customer retention, employee retention and investors attraction in the times to come. By far, the companies like planA, planetly, Watershed, Persefoni and Emitwise are the only players in this market. There is no doubt about the potential of this market but it needs government and public support. Who else will come up in this market? When we will see eco-marketplace? The answers would appear soon.

References: 1. Wal van Lierop, Forbes, Our Carbon Problem is a Multi-Billion Dollar Opportunity, Available at: https://www.forbes.com/sites/walvanlierop/2020/02/27/our-carbon-problem-isa-multibillion-dollar-opportunity/?sh=1df83f903649 2. Power Technology, The Cost of Carbon Capture: is it worth incorporating in the energy mix?

Available at: https://www.power-technology.com/features/carbon-capture-cost/ 3. India Brand Equity Foundation, Furniture Market & Opportunities, Available at: https://www.ibef.org/download/Furniture_170708.pdf 4. National Sample Survey Office, Ministry of Statistics and Programme Implementation, Government of India, Household Consumption of Various Goods and Services in India 20ll12, Available at: http://mospi.nic.in/sites/default/files/publication_reports/Report_no558_rou68_30june14.pdf 5. Energy Live News, Could the real enemy of climate change turn out to be furniture? Available at: https://www.energylivenews.com 6. KPMG International, Carbon footprint stomps on firm value, Available at: https://assets.kpmg/content/dam/kpmg/pdf/2015/09/gvi-carbon-footprint-stomps-value.pdf

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Bad Bank: A solution to India’s NPA problem or A preposterous idea?

By: Ritwik Mahajan (IIM Visakhapatnam)

This year's budget was quite optimistic, given the fact that it touched all major pain points, especially the healthcare sector. Secondly, it was a sigh of relief for the financial sector, especially banks reeling under the pressure of low debt recovery and rising NPA (Non-Performing Asset) problem due to the overarching impact of demonetization and GST induced shocks in the market.

This was further exacerbated by the exogenous shock of the Covid pandemic on an already slowing Indian Economy. The budget promised a capital Infusion of Rs. 20,000 Crores to restructure the bank debts, and a promise to set up an Asset Reconstruction Company (ARC) and an Asset Management Company (AMC). During the last month, the government promised ARC; the National Asset Reconstruction Company Limited (NARCL) got registered with an authorized capital of Rs. 100 Crores, sparking the unending debate on whether a Bad Bank is a good idea or not.

Let us dig deeper into the past to get some clarity. The idea of a Bad Bank emerged in Asia after the aftermath of the Asian Financial Crisis of 1997, affecting the ASEAN countries and the EastAsia due to credit bubbles and fixed exchange rate regimes. Their Bad Bank model was quite successful and paved way for major financial reforms and economic growth in the region.

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In 2002, the SARFESI Act was passed in India to better resolve companies' insolvency and bankruptcy issues. The Act paved the way for ARCs (Indian Bad Bank Model), and many scheduled public sector banks and financial institutions came together to form the first ARC of India, ARCIL. The private players in the market also formed their ARCs. The banks and financial institutions were allowed to sell their bad debts to these ARCs. The banks wrote off the loans from their balance sheet by selling their bad debts at considerable discounts to their incorporated ARC. These ARCs recovered much more than the cost they paid to acquire the bad debts, which led to the fructification of enormous profits for the ARCs and their promoters, aka Scheduled commercial banks (SCBs), private banks, and financial institutions.

With the service sector boom in India, substantial foreign investment flew in, and with ARCs already formed, banks lent recklessly. The firms invested in utopian ideas that failed miserably, yet banks were ready to loan them again and again. As per RBI and CIBIL calculations, “India’s Investment – GDP ratio (nominal terms) moved up from 26% in FY04 to 35% in FY08. This was financed by the inception of the biggest credit boom in the history of India – both non-food credit and credit to the industry segment doubled in a short span of three years from FY05 to FY08.” With the 2008 sub-prime crisis, foreign investments stagnated, and the run of firms to invest in anything and everything halted, leading to a piling up of NPAs. Even if the NPAs were sold to ARCs to window dress the balance sheet of banks, it did not help the cause of the economy as the pressure of these bad debts led to a regular restructuring of bank loans and capital infusion. The leakages were more prominent than the infusion. It was a classic case of indecisiveness of the public sector banks. The confidence in the financial sector was at an all-time low. The only saving grace (to some extent) for us was the booming service economy.

In the years ensuing, the fallacies of the SARFESI Act became evident in how long it took to complete the proceedings and how inefficient it was to recover the money or turn the company

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around. Usually, it costed more to carry out the proceedings than the amount it recovered.

Insolvency and Bankruptcy Code (IBC) was passed in 2016 to cover these loopholes.

Covid entirely disrupted the economic activity in an already slowed-down economy. With draconian lockdowns to curb the pandemic, people had no money to pay off their dues, especially 3 sectors- infrastructure and construction, hotel and tourism, and finance and commerce. These sectors take big loans due to the huge gestation period of their products or the considerable risk associated with their activities. All this led to non-payment of loans and pressure of NPAs again increasing on the financial sector. The government acknowledged it as an extraordinary situation requiring extraordinary measures and provided a loan moratorium to all, along with Rs. 3 Lakh Crores Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. The government also halted the IBC for 1 year till March 2021.

Even though these measures provided short-term relief to firms and corporates, they weren’t a solution to the increased risk of further bad debts. RBI’s Financial Stability Report of June 2021 states, “Macro stress tests indicate that the gross non-performing asset (GNPA) ratio of SCBs may increase from 7.48% in March 2021 to 9.80% by March 2022 under the baseline scenario; and to 11.22% under a severe stress scenario, although SCBs have sufficient capital, both at the aggregate and individual level, even under stress.” The government handholding has proven effective till now, and with NARCL registered, the timing couldn’t have been better. A Bad Bank is required during these extraordinary times.

It is the right time to clean the balance sheets of the banks and corporates, which will encourage risk-taking. The fresh lending by the banks can stimulate the supply side of things to stimulate

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economic recovery and growth. NARCL and other ARCs would require further government handholding and support to instill confidence in the investors and general public. As the NARCL issued security receipts are backed by government guarantees, it would positively impact the industry outlook. ARCs working on a Bad Bank-ish concept is feasible for the current scenario but is not a long-term solution to the inefficient lending system of PSBs and the lending sector in general. It can only do good with a rigorous review of credit handling processes, a systematic mechanism to assess the quality of risk, and efficient decision-making at the positions of power in a timebound manner. NARCL can help us salvage as much we can, riding on the prospective Vshaped economic recovery. However, there has to be a cutoff date for this arrangement to end. It is a temporary panacea to fill in the gaps and reconcile the fault lines in the Indian Banking System.

The terms on which the Bad Bank is being formed have to be clear and concise. It is just a transitionary tool and must be dissolved at once when the time is right. It shouldn’t become a tool for the PSBs to shrug the dirt under the carpet until it becomes a looming mountain over our heads.

Citations: ● NARCL Incorporation: https://www.financialexpress.com/industry/narcl-incorporatedwith-authorised-capital-of-rs-100-Crores/2288879/ ● ARCs: https://cleartax.in/s/asset-reconstruction-companies-arcs ● Asian Financial Crisis: https://en.wikipedia.org/wiki/1997_Asian_financial_crisis#:~:text=The%20Asian%20fin ancial%20crisis%20was,meltdown%20due%20to%20financial%20contagion.&text=Indo nesia%2C%20South%20Korea%2C%20and%20Thailand,most%20affected%20by%20th e%20crisis. ● NPA rise post-2008: https://economictimes.indiatimes.com/cibil/articles/the-npacrisis/becreditsavvy_show/61835992.cms ● ECLGS Scheme: https://www.financialexpress.com/industry/sme/msme-fin-eclgs-howmodi-govts-rs-3-lakh-Crores-credit-scheme-put-covid-hit-msmes-back-on-recoverytrack/2237449/ ● FSR, JUNE 2021: https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1180

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The Economics of the K-Pop Industry By: Adisri Swain, (Christ University, Bengaluru)

Introduction Ever since Korean Pop (K-Pop) grew in popularity in the 2000s, it has evolved into a 5-billiondollar global industry.

HYBE Corporation, formerly known as Big Hit Entertainment ranked number one in business sales in 2018, according to South Korea's Financial Supervisory Service. The sales amounted to over ₩64.1 billion, which is seven times their main competitor— YG Entertainment's sales.

HYBE’s value rose over ₩1 Trillion and is expected to grow in value with its ever-growing acquisitions and success.

However, HYBE was on the verge of bankruptcy in 2007 and barely managed to survive in the competitive oligopoly market dominated by other recognised entertainment agencies, namely: SM Entertainment, JYP Entertainment, YG Entertainment. Although HYBE had multiple artists under them, it was not until their main band— BTS launched in 2013 that HYBE’s financials flourished.

Currently, the founder, Bang Si-Hyuk, is worth $770 million while HYBE Entertainment is worth an estimated $2 billion.

By 2019, the company's profit soared 97% from the year prior, hauling in around $57 million in pre-tax income— which made them the 43rd highest-paid entertainers in the Forbes list.

Most attribute this growth to the differentiation strategies and positive image HYBE adopted to market BTS to the public. An environment was created for artists at HYBE to have the freedom to write and produce their music with a focus on performance. This was observed in contrast to their competitors who micromanaged every aspect of the artist's lives.

While HYBE was still a start-up company, its competitors were established agencies with funds allocated exclusively for influential promotion and marketing. Since it was difficult for HYBE Entertainment to match the same level of media exposure as their competitors, they effectively used social media to adopt an unconventional expansion approach targeting non-price competition.

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Recent Developments In October 2020, Big Hit went public by launching its IPO and collected $50 billion in deposits.

The shares were oversubscribed at a rate of 606.97: 1, the second-highest subscription amount to date. Based on the finalised subscription rate, the investors who made a ₩100 million deposit yielded two shares worth $232 since Big Hit previously set the IPO price to $116. In Q1 2021, HYBE had the highest net income of $14 million, an operating profit of over $19 million, and its revenue amounted to $158 million. This amount of revenue is even more impressive considering that HYBE didn't have any comebacks from its labels artists. It underwent a major change this year after a rebrand from Big Hit entertainment to HYBE, which included the acquisition of US company Ithaca Holdings. Compared to the company’s performance in Q1 2020, the figures marked a 29% rise in revenue and a 9% increase in operating profit. HYBE also reported that it had seen a significant increase in revenue from merchandise sales, licensing, and artist-related content. Revenue from artist-related merchandise sales rose by 89% to $57.5 million, while revenue from artist-related content soared by a whopping 360% to $33 million. Revenue from advertising and artist appearances also rose by 63%, while revenue from fan clubs increased by 24%. Additionally, the global fan community platform Weverse reported an average of 5 million monthly active users for Q1 2021.

Graph 1: (October 2020-Present) Big Hit Entertainment Stock (Source: markets.businessinsider.com)

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Strategies of Expansion BTS reached out to their global fanbase during the early stages of social media, much earlier than their competitors. This plan of action not only made their success and growth rise exponentially but also helped in being accessible to a broader group of people, all while being profitable. Starting in 2010, HYBE Corporation built a professional video content team that created exclusive content for its target fans.

Incorporating an effective consumer engagement strategy proved to be immensely successful as it led to sold-out concert stadiums, historic sale records and being the most admired celebrities on Twitter, all as a result of a loyal consumer base.

Television was the traditional primary platform to gain visibility which determined the survival of K-Pop artists in the cutthroat music industry. In contrast, BTS used social media to make themselves recognisable in every part of the world through active interaction with their audience.

As opposed to their competitors, HYBE did not spend a fortune on forgettable advertising which made their operations much more cost-effective in comparison.

Although SM Entertainment, a rival to HYBE, had an infrastructural head start advantage, HYBE quickly caught up. It later surpassed them with a 26% net profit margin in 2018 and much larger audience retention.

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Graph 2: HYBE vs SM Entertainment Closing Price (Source-The Korea Economic)

The expansion priorities for HYBE to appeal to transnational markets are to expand its value chain and enhance the audience experience. HYBE proceeded to enter the US and global market directly, in contrast to other agencies which tend to restrict their foothold to the Asian market. YG Entertainment and JYP Entertainment had previously attempted to enter the western markets but had failed in doing so. The arrival of HYBE’s BTS during the right time helped maintain a global as well as local presence. It made them known as the flag bearers of facilitating the globalisation of the Korean Pop industry. Subsequently, a magnifying domino effect marked the significant success of the Oligopoly industry as a whole.

By collaborating with influential music personalities and incorporating English in their songs, the group ensured their presence as a household name in the US too.

For concerts held in May 2019 in the US, the individual tickets had costs ranging from $55 to $250, and over 200,000 people combined were a part of the concerts. Sales from the two concerts amounted to $14 million. Their tour grossed around $44 million from merely six shows in the US.

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BTS also released two concert films which combinedly added another $30 million to their cash flow. eBay Korea witnessed a 50% increase in April 2019 in their merchandise sales.

The main contributors to the success of HYBE are primarily through music, merchandise and album sales, concerts, brand collaborations. Their collaborations are varied with diverse retailers such as Hyundai, Coca-Cola, McDonald’s, Louis Vuitton, Samsung, Puma, Converse, which helps reach a wide-ranging audience across all age groups.

BTS alone contributes about $3.6 Billion to the Korean Economy every year, which continues to increase with each passing year. In addition to this, it also contributes around $1 billion in consumer exports. The influence of BTS is extensive to the point where 1 in every 13 or 800,000 foreign tourists visited South Korea due to them.

BTS partnered with the government for a tourism campaign named Visit Seoul, which further boosted tourism. The band releases music in abundance throughout the year, which ensures powerful consumer loyalty.

HYBE’s value chain activities utilised their demand remarkably to acquire, train, develop, market, target, and distribute their brand value. They observed the market and anticipated the decisions of their competitors strategically, which made them outmatch the rest.

According to Hannah Financial Group, HYBE’s sales and operating profit in Q3 2021 are expected to record high returns of ₩342.6 billion and ₩72 billion respectively, contributing immensely in economic value for the South Korean economy.

References ● https://www.musicbusinessworldwide.com/bts-label-big-hit-hybe-generated-161m-inrevenues-in-q1-up-29-year-on-year/ ● https://www.billboard.com/articles/business/9466518/bts-big-hit-entertainment-ipostock-market-debut-share-price ● https://time.com/5899791/bts-bighit-ipo/ ●

https://youtu.be/4BRRtTVdkJk

● https://youtu.be/vpNlwap2YoQ

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● https://www.researchgate.net/profile/KerenObara/publication/350185731_Big_Hit_Entert ainment_evolves_into_HYBE_Corporation/links/6054b28ba6fdccbfeaf0a379/Big-HitEntertainment-evolves-into-HYBE-Corporation.pdf

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Entertainment on D-Street By: Mudit Jain and Trish Gupta (Shri Ram College of Commerce (SRCC), Delhi) Zee, a name that rings in every house, office, or institute, is among one of the most popular entertainment streaming companies in India. It is a company that straddles across platforms such as cable television, digital video streaming, production operations, music, and video libraries. The company, irrespective of having a solid presence in the country, wasn’t able to take advantage of that popularity in the stock market until one fine day, the investors tried to change the company’s management. It is a stock that was always loved by foreign institutional investors but could not come into the limelight during the ongoing bull run in the market. Zee’s trading chart over the five years shows the sorry figure of the company until a recent spike reignited domestic investor interest in this company. A share that was always seen swinging between Rs.150-220 levels until midSeptember 2021, suddenly crossed all the limits and reached a high of Rs.350 within a week. A company that the traders always looked upon suddenly became the hottest stock on Dalal Street.

So, what motivated the stock to go “beyond the limits” and will it deliver a blockbuster performance just like some of the shows it telecasts is the question of the hour.

The company had been delivering standout financial results from 2017 until the fateful year of 2020. Despite this, the share of foreign investors in the company has always been on the rise since 2018. However, the robust performances in the books continuously failed to garner attention in the stock market. From 2016 to March 2020, the stock had shed nearly 78%, which was a very concerning issue for a company having no clear financial problems. When everyone was betting on the doubling of the stock, it was focusing more on getting reduced to half. The stagnant movement of the stock was painful for the investors, but a series of positive news sprung the hopes, and within a week, the share was up 79%. Percentage-wise the share was as much up in one week as it had lost over the last 4-5 years.

Various news pieces have helped kick start the engine once again but will it be sufficient to keep the motor running is the point that needs to be considered. Just a day before the historic surge, i.e., on 13th September 2021, two independent directors on the board of Zee Entertainment Enterprises, Ashok Kurien and Manish Chokhani, resigned from the company’s board ahead of the Annual General Meeting. Institutional Investors Advisory Services (IIAS) raised severe corporate governance concerns in the company and had asked shareholders to vote against the reappointment of the duo on the company’s board. The company was expecting some positive outcome, and suddenly on 14th September 2021, a piece of news popped out in the market stating that Mr. Rakesh Jhunjhunwala bought 50 Lakh shares of Zee Media Entertainment Ltd., after which the market price of the share rose by a whopping 40% in a day. With the Big Bull entering the market, the retail individual investors increased their holdings along with a few other marquee fund managers. Also, some institutional buying came into the market as the brokerages turned positive and gave high targets for the stock. Therefore, this news acted as a cherry on the cake for the existing shareholders.

But this was not enough, as something much bigger was about to come. On 21st September 2021, Zee Entertainment and Sony Pictures Network signed a merger deal. According to this deal, Sony Pictures will hold a 52.93% stake in the merged entity, while shareholders of Zee Entertainment

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will hold the remaining 47.07%. This announcement is expected to turn the cards both for Zee Entertainment and Sony Pictures Network as it would be one of the most significant mergers in the entertainment industry. Around 16-17% of the viewership is under Zee Entertainment, and approximately 9% of the viewership is under Sony Pictures Network. Their synergy would account for more than 25% share, which would be the highest in the industry that various other competitors control. Zee is present both within India and overseas with more than 2,60,000 hours of television content and the world’s most extensive Hindi film library with rights to more than 4,800 movie titles. At the same time, Sony reaches out to over 700 million viewers in India and is available in 167 countries. Therefore, this prodigious deal made Zee Entertainment the star of the week on Dalal Street.

Despite the company’s positive news, a conflict of interest has arisen between Zee’s largest stakeholder, Invesco, and the Sony Entertainment group. Invesco is keen on removing Mr. Goenka as the company director and wants a newly reconstituted board that will be more independent.

However, the merger deal with Sony has a clause that insists Mr. Goenka continues as the company’s head. Currently, Invesco is rigid on its demands, and the merger deal has brought no resolution to their concerns about the company’s board. So, what will happen next is something to look upon in the upcoming general meeting.

To conclude, the investor’s faith in the stock has reignited, thanks to the merger with the Sony entertainment industry. Zee’s share has always been a favorite because of its superb financial performance but what was lacking was some kind of strategic partnerships that could take the company to new heights. An air of tension in the boardroom in 2021 forced the company’s heads to announce a new deal and reduce the aspect of corporate governance that was the main reason behind the drastic fall in the last five years. Sports entertainment is anticipated to revive after the new merger. Moreover, the popularity of the OTT platforms has helped the company tap new potential sources of revenue. Finally, the company is trying to overcome the bureaucratic process that was being followed earlier and trying to live up to the expectations of both the consumers and investors. Zee has been following a more rigid approach which was shunning the stock down, but the light is shining at the end of the dark tunnel for the investors. The share of FII, DII, and government has more or less been constant in the last 4-5 years, indicating the confidence the investors have in this stock despite it not living up to the expectations. It is too early to assess whether the recent surge in stock prices is signaling towards the end of bad times or is it just a temporary relief for the investors; we will leave it for time to tell.

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Sensex at Sixty, is there more steam left?

By: Saurav Motiramani (H.R. College of Commerce and Economics, Mumbai)

As the Indian Markets continue to climb new highs, a lot of us keep hearing this statement 'Market kitna badh gaya hai, Bohot overvalue ho gaya hai. Ab girna chahiye' which basically means: The markets have run up too much and have become overvalued, it should now witness a crash or a correction Well, let's analyze the markets and see if they're right?

Fundamental Factors ● Nifty's earnings per share (or EPS) was ~Rs 430 in Jan 2020 before the COVID crash. In the same month, Nifty's price was approximately Rs 12500 ● As of today, Nifty's EPS has grown to almost Rs 650 - a surge of nearly 51% since Jan 2020 ● Is it any wonder then that Nifty's price over the same period has also grown by nearly 40% from 12500 in Jan 2020 to 17600 today?

But you may argue that the economy is still struggling to stand back. Then how has market risen so sharply?

Now, let us look at some of the major reasons why the market has been doing well and may continue to do well, in my opinion, in the coming times: ● During the pandemic, a lot of small unorganized businesses struggled to stay afloat even as large, organized businesses garnered their market share. In other words, large businesses likely benefited at the cost of small ones, thus boosting their earnings, and becoming even larger ● Another reason is the commodity price inflation, which benefited metal as well as oil and gas sector companies in Nifty 50 and the increasing demand for technology transformation globally, which benefited the Indian IT sector The pharma companies in Nifty, of course, faced tailwinds because of the pandemic. ● Moreover, with the availability of low-cost credit and the anti-China movement becoming bigger, the domestic companies are looking to create more import substitutes and have huge capex plans lined up for the next few years. ● The emerging markets, especially India, is expected to outperform the developed markets in the coming times and it is here when one should invest rather than looking at the global markets and getting worried. ● The availability of low-cost credit and increased capex with import substitution becoming the focus of the domestic companies, the outlook for some of the industries looks extremely positive.

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● Deleveraging by mid and small cap companies and strong business prospects are making these companies attractive even at slightly higher valuations. ● Corporate earnings in the coming quarters are expected to surprise on the upside and could be a major trigger in the next few months for the companies that have run up in this rally. ● The Fed Taper discussion is doing the rounds but as per the historical data, the Fed Tapers are always done in a phased manner and has hardly had a major impact on the performance of the indices, although the FDI during those times was not as high and the liquidity infused this time around is a lot higher than that in the previous occasions. ● Lastly, the tech breakdown in China and other Asian Countries has fueled a new leg of investment coming into the Indian IT Companies, which are expected to surprise on the upside as far as their earnings in the coming quarters are concerned.

At the end of the day, prices always follow earnings. The corporate earnings will be a major focus point starting next month. The ones who fulfil the promise being shown and the optimism being priced in, shall continue to flourish, while the ones who disappoint may face some price correction.

My view: The upward trajectory of the indices may continue for some more time as the rally in the banks has just started. Sector rotation is being witnessed as the rally began with metals, followed by chemical and IT and we may now see the banks leading the market. But rather than looking too much into the indices, our view is to stay more stock specific and follow a more bottom-up approach by identifying fundamentally strong companies with proven business models, strong management, continued tailwinds, and clear positive outlook.

We may soon see some time correction and some price correction as well. Some volatility and consolidation are bound to happen and shall be healthy for the market, but I am personally still quite optimistic about the Indian market and will be closely tracking the corporate earnings from the next month.

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Central Bank Digital Currency – Opportunities and Obstacles for India By: Rahul Sinha (St. Xavier’s University, Kolkata)

Abstract: In the recent times, cryptography and blockchain technologies have enabled various fields and provided certain prospects for progress. Central Bank Digital Currency is a concept which lies on the foundation built by cryptography and blockchains. Various nations like Bahamas, China, Singapore and Switzerland have already established their hold on Central Bank Digital Currencies and have been recognized as one of the first movers in their concerned spaces. In this article, we will try to figure out whether CBDC’s are the next “Big change” in the global financial, governance or the technological space and while doing so, our aim is to understand the basics of CBDC’s, analyse the global best practices and find out the probable use cases which India can implement in order gain global recognition.

Introduction: Central Bank Digital Currencies will not only help in advancing digitalisation of payments but retail, wholesale and Cross-border CBDC’s will expand choices and diversify payment option for the users. It will enable non-banking public to use the money generated by central bank while making payments in a digital ecosystem. Since the decline of cash has already been accelerated by the global pandemic, Retail CBDC’s have a great scope to develop even during these tough times. These digital currencies offer public, the choice of making a retail payment outside of the banking system, which is very similar to a cash transaction that doesn’t require an intermediate bank.

Retail CBDC’s: These are distributed by the banking system and held in electronic wallets in form of digital cash/currencies. This mode of payment enables consumer to consumer, Consumer to Business and Business to Consumer transactions.

Retail CBDC’s not just facilitates instant settlements but also reduces the risk of inherent batch clearing of retail payments. To issue Retail CBDC’s the Central Bank can also partner with telecom operators to directly roll out digital currencies for public use.

Private operators can undoubtedly deliver near universal payment services. Retail CBDC’s Amplifies financial inclusion and prevents terrorism funding by encrypting transactions, restricting use for certain purposes and enabling traceability.

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Wholesale CBDC’s: It provides a token-based platform to offer settlement conditions. The CBDC’s can replace RTGS for peer to peer, easy, diversified, transparent system of payments. This change will help to overcome network barriers and control of access. It will nullify the time consumption of payment technologies and provide atomic delivery with respect to transactions.

Factors like diversification of national payments, resilience, security in large value payments, reduction of counter-party credit along with liquidity risk are a few key features among many.

How can CBDC’s benefit International Payments?

Remittances are the amounts (earnings) sent by foreign workers to an individual in their home country, it not only is a key factor in a nations development index but also helps to maintain a stable foreign reserve.

As we know the global average remittance costs are 7% which is more than twice the target set

by United Nations - Sustainable Development Goals.

Use of CBDC’s and blockchain technologies will help in the following ways: ● It will reduce the processing of payments. ● Eliminates all transaction costs. ● No money will be trapped in pre-funded nostro accounts.

CBDC Global Tracker:

The Map in Fig 1 portrays the global movement involving CBDC’s, it highlights the nations who have been involved in Research, Conducting Pilot Surveys, Development or have already launched their CBDC.

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The Map also highlights the nations who have remained inactive after notable progress or have cancelled their projects due to government regulations or any other specific reason.

Best Global Practices – A comprehensive analysis.

The Crypto space has witnessed the entry of various nations in the past few years. While Bahamas have already started issuing their Sand Dollars, China is performing various pilot projects to facilitate their research, development by conducting real life tracing and tracking of DCEP’s before launching it in their country. In order to keep this article short, yet informative, these are the two best model which are required to be observed and analyzed.

1. Bahamas: Bahamian Sand Dollar (Status: Already Launched) The Bahamian Sand Dollar is a success story which motivates us to delve deeper in the space of central bank backed digital currency. The aim of the Bahamian Sand Dollar was to promote inclusive access to regulated payments and other financial services for “Unbanked” and “Underbanked” communities of the country.

The introduction of CBDC’s helped the service providers to reduce service delivery costs and increase transactional efficiency.

2. China: DCEP / Digital RMB (Status: Pilot) The recent developments by the Chinese economic and technological entities have gained attention all around the world. The official CBDC of China is called DCEP/Digital RMB. It is a structure built on blockchain and cryptographic technology. The digital currencies will be directly issued by People’s Bank of China (Central Bank) with a goal to increase the circulation of RMB and reshape the current cross border payment system.

The prospective issuance and distribution process will involve two tiers: ● The first tier will witness transactions between PBOC and Intermediaries like financial institutions (State owned banks) and Non-financial institutions (Corporate enterprises like Alibaba, Tencent and Union Pay). In this tier, the PBOC will issue the DCEP’s to the intermediaries. ● The second tier will include the above-mentioned intermediaries and participants of the retail marker (companies and citizens). In this tier, the intermediaries who had received the DCEP from the central bank will distribute it through the market.

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The DCEP’s would be transferred through electronic wallets rather than bank accounts.

Figure SEQ Figure \* ARABIC 2: Issuance, Distribution and Circulation Structure of DCEP.

The Chinese DCEP is in its final stage of pilot surveys where test runs have been made by issuing DCEP to a sample of customers who were selected by a lottery. The customers were asked to spend the digital currencies in specific retail outlets. It has also been noticed that “offline transactions” are facilitated by the DCEP. The pilot has been a successful attempt and the digital currencies will be rolled out very soon.

Conclusion: Analysis of Opportunities and Obstacles for India While it has been noticed that the Reserve Bank of India has not favored cryptocurrency issuance and trading within the domestic borders, it has also been noticed how the RBI has shown interest in forming its own Digital currency using the fundamentals of blockchain technologies and cryptography. India can implement their CBDC to facilitate various transactions, figure 3 will help to deliver a better understanding.

Figure SEQ Figure \* ARABIC 3: Probable use cases of CBDC's for India

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With a key agenda of our central power to make India “Digital” it is the correct time when the movement must be started. We have witnessed how COVID-19 has changed our lives, digital transactions through apps like Paytm or Google Pay have already transformed into a necessity. In this situation, If India plans to go digital with respect to its official currency, it will surely capture the global headlines and become an ideal example for other countries.

The main challenges which can slowdown India’s CBDC onboarding is spreading awareness and convincing the public to go cashless. The policies of the government will play a key role in facilitating the onboarding process. Various corporate institutions have also expressed their key interest in figuring out the best use cases for India, this is a glorious opportunity as all the stakeholders have come up together to initiate this process. Keeping all this in mind, it can be predicted that the glorious days are not far away.

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Fintech: Making services available, affordable, and accessible By: Shweta Chauhan (BIMTECH)

Fintech, or financial technology refers to delivering financial services through technology.

Cryptocurrency, mobile banking apps and online banking all fit into this category. Fintech has revolutionized the way people save, spend and invest their money. Over the last six years, the rapid economic transformation in India has been dominated by Fintech. In countries like India where long, elaborate, and physically demanding processes predominate, fintech makes the lives of customers much easier by making services available, accessible and affordable. The Indian fintech market has been growing at a rapid pace and a number of factors have contributed to this trend, including rapid internet & smartphone penetration and strategic collaborations between fintech firms and banks. Digital lending, insurance, microservices, and other solutions have all been enhanced by the COVID -19 pandemic. We witnessed the calibre of Fintech in late 2016 during demonetization time when the masses ran out of the availability of the physical currency and the access to banks was also limited due to huge crowds and restrictions. In 2020 when lockdown was imposed to curb the spread of the coronavirus, people used Fintech more than ever to make transactions such as paying bills, donating for causes, raising medical funds etc.

A paradigm shift is taking place as a result of COVID-19 sweeping the world. Digital transformation has become increasingly important across all sectors because of this. The announcements of the lockdowns and the social distance have resulted in a tremendous growth of electronic financial services. The fintech industry will have more opportunities to innovate and provide customers with effective solutions as a result. Business companies will, however, be able to increase their profitability by investing in their own mobile apps, e-commerce stores, and other methods to enhance user experiences. The government introduced several initiatives aimed at fostering centralized digital payment systems in the past couple of years. Business sectors have been impacted by some of the biggest game-changers, such as the Unified Payment Interface (UPI) and RBI regulations regarding Indian digital payments. UPI is recognized among all investment methods as being the most convenient. UPI is a no-charge payment method that has made it easy for many businesses to integrate it across channels to enable customers to send and receive payments easily. Such initiatives are also beneficial to the country's goal of financial inclusion, allowing businesses to move forward.

Fintech sector investments are also increasing due to India's growing start-up culture. In the fintech segment, India recently saw 33 deals worth $647.5 million, compared to $284.9 million in China during the quarter ending June 2020. In the last few years, the efforts of fintech start-ups have been accelerated by the scientifically-sound workforce and the integration of advanced technologies.

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Moreover, technology has enabled businesses to make adjustments to their business models and to provide their customers with an unprecedented range of financial services based on greater flexibility. Approximately, the market value of Indian fintech in 2019 Rs 1,92,016 crore, which is projected to climb by 22.7 percent to Rs 6,20,741 crore by 2025. One-third of the 21 unicorn companies in the country are fintech companies, including India's highest-valued unicorn, Paytm.

Fintech in India is categorized into four subsectors: payments, lending, wealth technology, insurance technology, and regulation technology.

Payment apps and mobile wallets are among the most popular forms of fintech. Peers can transfer money among themselves via PayPal, Venmo, Square, Apple Pay, and Google Pay, while merchants can get paid by their customers via Apple Pay and Google Pay. Crowdfunding platforms, such as Kickstarter and GoFundMe, have disrupted traditional funding options by allowing users to invest their money in businesses, products, and individuals. Fintech 3.0 includes advanced tech such as blockchains and cryptocurrency. Coinbase and Gemini are two exchanges that users can use to buy or sell cryptocurrencies. Other industries other than finance can benefit from blockchain technology as well. Robo-advisors are algorithms that recommend and manage portfolios in a cost-effective and efficient way. Betterment and Ellevest are two popular roboadvising services. Mobile apps that let users trade stock from anywhere without visiting a brokerage are becoming popular and innovative. Robinhood and Acorns are examples of popular apps. The insurance tech industry has disrupted several types of insurance, including auto insurance and homeowner’s insurance. The insurtech industry is entering the healthcare and financial services industries through companies such as Oscar Health and Credit Karma. India's start-ups are driving their growth by offering investors cutting-edge technologies that reduce asymmetry of information between banks and investors. All these are evidence that Fintech has made services available and accessible. Now let’s talk about affordability.

Fintech has made foreign remittances remarkably affordable. Regularly sending money to family or friends abroad can be expensive. Many FinTech services are undercutting established banks with lower fees and faster delivery in response to the $48 billion lost in cross-border remittance fees. Developing countries are reducing transaction costs and increasing transparency by using blockchain infrastructure such as BitPesa. Similarly, Fintech companies which are dealing in insurance have made insurance offerings affordable for people. In contrast to traditional insurance companies, Fintechs offer lower premiums thanks to their ability to charge variable rates depending on who is paying. With this kind of insurance and personalized marketing, insurance companies have just begun exploring business opportunities that have not yet been explored by the traditional players in the insurance market. Lemonade is an example of Fintech which provides home insurance. Payment gateways are another example which demonstrates affordability offered

by Fintech. Merchant websites allow customers to pay for products or services using payment gateways. Debit cards, credit cards, cryptocurrency, and digital wallets are just a few of the

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payment methods available today. Banking institutions generally charge far too much for all these different methods of payment, but FinTech companies combine all these methods into apps that online merchants can easily integrate and afford. Fintech is not only limited to urban users but has also penetrated in rural areas of India as well. In villages, Fintech is not only limited to be used as wallets, but also as a means of efficient saving, investing and also raising funds. Jai Kisan’s Fintech platform is used by farmers to raise affordable credit. By leveraging Jai Kisan's fintech platform, financial institutions (banks and NBFCs) can better evaluate farmers, thus lowering the cost of financing them and filling a significant funding gap in India's agriculture sector.

One of the biggest breakthroughs in India has been in the fintech sector and it will continue to grow exponentially and people will be benefited by it. Undoubtedly, Fintech has played a big role by making financial services available, accessible and affordable. It has revolutionized the process of financial inclusion in the country.

References: Singh, M (2021, May 31). Jai Kisan, a fintech startup aimed at rural India, raises $30 million.

Retrieved September 22, 2021, from TechCrunch website: https://techcrunch.com/2021/05/30/jai-kisan-a-fintech-startup-aimed-at-rural-india-raises-30million/ Online, F. (2021, July 31). COVID-19: How fintech helps businesses survive amid shift in consumer priorities. Retrieved September 23, 2021, from The Financial Express website: https://www.financialexpress.com/money/covid-19-how-fintech-helps-businesses-survive-amidshift-in-consumer-priorities/2301737/ Feyen, E., Frost, J., Gambacorta, L., Natarajan, H., & Saal, M. (2021). BIS Papers No 117 Fintech and the digital transformation of financial services: implications for market structure and public policy. Retrieved from: https://www.bis.org/publ/bppdf/bispap117.pdf Faridi, O. (2020). Cross-Border Payments Remain Inefficient with $48 Billion Lost in Fees Each Year, but Bitcoin (BTC) Might Solve Problem, According to OpenNode. Retrieved 23 September 2021,from:https://www.crowdfundinsider.com/2020/09/166839-cross-borderpayments-remain-inefficient-with-48-billion-lost-in-fees-each-year-but-bitcoin-btc-might-solveproblem-according-to-opennode/

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