Ahmedabad University Vice-Chancellor Prof Pankaj Chandra: 'IIMs must become universities...or else they will shrivel up and die.

Newness is our advantage. You could experiment without penalty... Why should we exist if we design something similar to them (existing organizations) at a brand new institution? We have to change our thinking.

Ahmedabad University launched the International Fintech Institute at GIFT City in collaboration with IIT-Gandhinagar, University of California San Diego and IIT-Gandhinagar. In an exclusive interview, AU Vice Chancellor, Dr Pankaj Chandra, talks about the importance of liberal arts and the challenges facing students today.

Excerpts:

What do you think the IFI will look like in five years' time?

GIFT City is a huge fintech hub. One of the biggest challenges is that it has about 600 companies. They kept complaining that they didn't have enough talent. The biggest problem is that many operations people have no idea about technology. What finance program in this country teaches technology? The tech guys who have computer science degrees know nothing about banking, finance, regulatory tech, insurance and pensions. The need for a different training is evident. These (IFI) trained people will be a very strong supply of relevant talent to GIFT or other companies in the country, and for those who wish to start up.

What would you say about AU in comparison to other institutions?

You could experiment without any penalty... You could experiment without penalty... Why should we even be here if we are going to start designing things similar to them (existing organizations)? We have to change our thinking.

Do you mean by 'them' the IIMs or not?

IIMs and IITs are all existing institutions. IIMA was my university, and other colleagues came from IITs. We felt we needed to bring complex issues into the classroom. We created four studio courses. They are: Climate Change, Democracy and Justice, and Neighbourhoods. This is an urbanisation proxy. In the water studio we give kids bottles on the first day to collect samples from all the wards of the city. First time ever, the kids will be going from South Bopal in West Ahmedabad to Maninagar in South Ahmedabad or Juhapura in a Muslim neighborhood or anywhere else. This is an educational experience, in my opinion. You'll be able to see different types of people. They'll then go and collect data. They build an instrument, and then measure the water quality. They then learn data science and put these data on a GIS Map. They'll map out the entire city -- This is research-based thinking. You can now teach them any theory because they are primed.

Do you have parents who object to their children going to certain parts of the city?

We cancel their admission. We tell them to go home. This is our education...we started in 2019....I sat down with a 50-child class on the first day. The engineers and scientists were sarcastic, saying "what is this foundation program?" and the children in social science and management and humanity were ecstatic. Students from across the country are now coming to AU because of our Foundation Programme.

What are the main challenges you have faced since taking over in 2015?

Our education system has a strong content focus. Everyone talks about content, not pedagogy...we needed to hire people with very different backgrounds. We have created a curriculum that is different than anyone else in India or anywhere else. We put arts and science together because we want people to talk with each other. The physicists and biologists sit together with the history professors and talk. They also conduct classes together. The NAAC chair said: "You're an institution for the future."

What percentage of the NEP (National Education Policy, or National Education Policy) do you implement?

We did not implement it "as NEP". We have just followed good practices we learned from other places. We still have a long way to travel. If I have to climb 20 steps, I'm probably at step 5. We have a strategy for 2035.

Do you have any expansion plans?

We will continue to grow, but not in terms of geography. Our masters will increase. We currently have 4,000 students, but we could reach 6,000 in five years. We currently have 200 full-time professors, and we will increase that to 500. We are opening a new performing arts school in the visual arts. We are setting up a brand new STEM lab and enhancing STEM in a big way. In partnership with ATIRA, (Ahmedabad Textile Industry Research Association )...last year's academic year we launched a new program, called BXMX. This programme allows you to do your bachelors at one school and then go on to complete your masters at another.

Many people pursue liberal arts, but they don't get jobs. What do you think of this?

Liberal arts education is important to me. The companies are the problem. Parents and students need to be educated on the importance of liberal arts. They are bright kids, but they can't get into IIM MBA because of the stupid CAT exam. It is biased towards those with a quantitative bent. You want to discuss business as an agent for social change. How can you create that agent? Engineers are not the answer. It is possible to make it in the workplace by bringing people who are different from you, with different training, and a different understanding of society. Liberal Arts Education has a long way to go.

What do you think is the problem with IIMs?

These institutions (IITs, IIMs, AIIMSs) are "siloed". You can't solve COVID epidemics if you're a mere biologist. If you're a manager, you can't solve the financial crisis. You need humanities. You need social sciences. Only universities can provide the other people you need to come. All great business schools around the world are part of universities, such as Harvard, Wharton, and Stanford. They (IIMs, etc.) have been very successful in serving India. They have excellent faculty and attract top-class students. These institutions should expand and be influenced by other knowledge systems. They would eventually shrivel up and die.

It's very complex. With the rise in income, I believe there has been a big gap between parents. The bridge between parent and child has been broken somewhere. There is so much information on the internet that the kids aren't mature enough to handle. We have a counseling system, and I get monthly reports on what the kids are talking about... it's all about the family and relationships, not academics or job pressures.

Growing up, you had always a friend who was there for you. I don't believe that the current generation has such ties. The schools have also been "over-pressured". Despite the pressures (at AU), we have decided to not hold any exams or tests. Each test increases your anxiety.

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Composite license: only private insurers are eligible

The composite license allows the insurer to run multiple lines of business, such as life, health and nonlife insurance, under one entity. As of right now, this is not permitted.

In the event that the government amends the Insurance Act to allow composite licenses, it will likely put public insurers at a competitive disadvantage with their private counterparts. Only the latter are eligible to receive these licenses.

Insurance experts have warned about the uneven playing field that exists for PSU insurers, who are already on the defensive against the intense competition unleashed in the domestic markets by their counterparts from the private sector.

On November 

26, the Finance Ministry had proposed an Insurance (Amendment) Act, 2024 by amending various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite license allowing insurers to do life/general/health in single registration/insurance.

The introduction of composite licences is intended to increase the penetration of insurance in the country. This will be achieved by allowing insurers operate multiple lines of businesses under one entity. (Representative/ File)

In the event that the government amends the Insurance Act to allow composite licenses, it will likely put public insurers at a competitive disadvantage with their private counterparts. Only the latter are eligible to receive these licenses.

Insurance experts have warned about the uneven playing field that exists for PSU insurers, who are already on the defensive against the intense competition unleashed in the domestic markets by their counterparts from the private sector.

On November 26, the Finance Ministry had proposed an Insurance (Amendment) Act, 2024 by amending various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in the insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite license allowing insurers to do life/general/health in single registration/insurance.

Insurance sector officials stated that, based on the current plans, composite licenses will only be available to private insurers after appropriate legislative changes. PSU insurers cannot apply for these licenses. The decision could hinder the ability of PSU insurers to compete with private insurance companies, who will be able to offer multiple products under one license.

The composite license allows the insurer to run multiple lines of business, such as life, health and nonlife insurance under a single entity. As of right now, this is not permitted.

The government must amend two Acts to allow PSU insurers to obtain composite licenses. These are the General Insurance Business (Nationalisation) Act, 1973 (GIBNA) and the Life Insurance Corporation Act, 1956 (LICA). According to the Office Memorandum and the list proposed amendments however, these documents do not contain such provisions.

The General Insurance Business (Nationalisation) Act, 2002 (GIBNA) was enacted to nationalise the general insurance industry in India. It also governs the operations of the four PSU General Insurance Companies that transact general insurance.

New India Assurance (also known as United India Insurance), Oriental Insurance Company, National Insurance Company, and New India Assurance are the four PSU general insurers.

The Life Insurance Corporation Act of 56 nationalised India's life insurance industry by transferring the business to a corporation, and setting up regulations for its management. The Life Insurance Corporation of India was established on September 1, 1956, after the act passed in Parliament.

The government has proposed some amendments to the LIC Act of 1956, but no enabling clauses are mentioned that would allow the corporation the option of going composite. After it was created in 1956, by merging life insurers that also did non-life insurance, the corporation was doing non-life and had a department to manage its business until a few years ago.

The government's plans to introduce composite licenses to the insurance industry have nothing to do the corporation's foray into health insurance. It doesn't require a composite licence to partner with a health insurer.

"Composite registration will be allowing insurers to do life/general/health in single registration/insurance company promoting operational efficiency for insurers having common brand across different lines of business,'' said one of the proposed amendments proposed by the Finance Ministry.

The note from the ministry stated that a review of the entire legislative framework for the sector was conducted in consultation with IRDAI, and the industry.

It said that such changes would help improve the efficiency of the insurance sector, facilitate ease of business, and increase insurance penetration in order to reach the goal of "Insurance for All By 2047".

By allowing insurers the ability to run multiple lines of insurance under one entity, composite licenses aim to increase penetration of insurance in the country. The move by the government is part of an effort to reform and make more competitive the insurance industry. The government's decision to exclude PSU insurers, who are not eligible for composite licenses, may have implications on their viability in the long term and ability compete with private players.

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What's new in Saudi Arabia: A futuristic arena, domes along the Red Sea Coast, and quirky roof designs

Saudi Arabia secured the hosting rights for the 2034 World Cup, the sporting equivalent to the jewel on the crown. Saudi Arabia has elaborate plans for the spectacle, despite critics calling their massive spending on sporting events'sportswashing.' They have done this to boost Saudi's stature and reputation.

Stadiums are being proposed for the future

According to the FIFA report, Saudi Arabia's World Cup bid has proposed 15 stadiums. Eight of these are described as new-builds. Three of the stadiums are currently under construction, and four of the existing ones would be renovated.

King Salman International Stadium, Riyadh: According to Saudi's bid document, the stadium will host both the opening and final. The stadium will be built in the north east of Riyadh, near the airport. The stadium is expected to be finished by 2030, and will be the home of Saudi Arabia.

Prince Mohammed Bin Salman Riyadh Stadium: Located in the southwest part of Riyadh it will host matches, including the third place playoff. According to FIFA, it will have a unique "three-sided design" and be integrated with a cliffside location. Construction will begin in 2026, and should be completed in 2029. The stadium will host two Saudi Pro League teams, but after the 2034 World Cup. It is also a multipurpose entertainment facility.

NEOM stadium (NEOM) : This is one of most talked-about stadiums. It is being built 350 meters above ground level in Neom, the futuristic city currently under construction. This is the first phase of THE Line, a sustainable development plan that uses renewable energy. The stadium will use giant express lifts to transport people vertically, along with horizontally integrated metros and diagonal pedestrian thoroughfares, to create a 'three-dimensional approach to transportation', according to the FIFA document.

Qiddiya Coast Stadium, Jeddah: The stadium will be located north of Jeddah along the Red Sea Coast and will feature a unique design that will look like the Mexican Wave. According to FIFA, after the World Cup the stadium's capacity will be lowered and the retractable field will be used as a multipurpose entertainment venue in the Qiddiya coast development.

The retractable pitch of the stadium will facilitate the hosting e-sports events and concerts following the World Cup. After the World Cup, the upper-tier seating will also be removed to reduce the venue's capacity from 46,096 to 25,000.

King Abdullah Economic City Stadium, Jeddah: The planned state-of-the-art stadium will host matches up to the Round of 32. It is located north of Jeddah along the Red Sea Coast. Construction will begin in 2027, and should be completed by the year 2032.

The FIFA document stated that after the World Cup it would serve as an entertainment venue with multiple uses at the center of the King Abdullah Development City. Its stadium precinct would be open to the public to encourage connections with nature.

New Murabba Stadium, Riyadh: This stadium will be built in the north-west area of Riyadh and host matches up to the Round of 16 fixtures. It will have a roof design based on native acacia bark. Construction will begin next year, and be completed in 2029.

ROSHN stadium (Riyadh). The stadium will be constructed in the south-west part of Riyadh. Its structure will feature a crystalline pattern that will blend in with the surroundings. Work is expected to begin in 2028, and finish in 2032.

South Riyadh Stadium, Riyadh: The new stadium is being built to the south-west and will connect the Wadi Nmar park. It will also be part of the Green Riyadh Project. The stadium's construction will begin in 2029, and be completed by the year 2032.

Stadiums under construction: Prince Faisal bin Fahad Sports City Stadium; Jeddah Central Development Stadium; Aramco Stadium

Potential dates

Saudi Arabia has not confirmed it but it is possible that it will be in winter like Qatar's edition in 2022. The document states that temperatures are at their mildest in October and April. The average daily temperature during these seven months ranges from 15 to 30 degrees. Between May and Septembre, however, the average daily temperature is between 17 and38 degrees.

Saudi Arabia will be hosting the Asian Games in Riyadh from November 29 until December 14, 2034. Therefore, it may not be possible to host a FIFA World Cup at this time. The organizers would also take Ramadan into consideration, which is the month-long period of fasting and prayer that occurs between mid-November to mid-December.

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Bills on simultaneous voting are approved by the Union Cabinet

Tamil Nadu, West Bengal and other CMs call it an attack against democracy and federalism

The Union Cabinet approved on Thursday (12 December 2024) two Bills relating to the implementation simultaneous election to the Lok Sabha as well as State Assemblies. This will pave the way for the introduction of the draft legislations to Parliament during the Winter Sessions.

The first bill amends the Constitution in order to have simultaneous elections. The second amends provisions of laws that deal with Union Territories with Legislative Assemblies, so as to bring them into line with other Legislative Assemblies.

Chief Ministers from West Bengal and Tamil Nadu responded with sharp words, calling the draft Bills an "attack on democracy and federalism".

Sources say that no official announcement has yet been made, but the Bills will be referred to the joint committee once they have been introduced in the House.

The Cabinet has approved the draft legislation to hold simultaneous elections in the Lok Sabha, and Legislative Assemblies. Sources said that the Constitution Amendment Bill for simultaneous elections will not need to be ratified at least by 50% of states.

The Cabinet decided to not take up the issue of simultaneous local body elections. A high-level panel, led by the former President Ram Nath Kovind had recommended it. It would have required not only a Constitutional Amendment to add a new Article 324, but also ratification from half of the State Assemblies.

Tamil Nadu Chief Minster M.K. Stalin stated, "This unpractical, anti-democratic action will erase regional voices and erode federalism. It will disrupt governance. #INDIA, rise up! "Let us resist this attack against Indian democracy with all of our strength!"

In a separate X-post, West Bengal Chief Minster Mamata Banerjee described it as "an authoritarian encroachment designed to undermine India’s democracy and federal system".

"Our MPs are going to fight this draconian law in Parliament tooth and nail. Bengal will never bow down to Delhi's dictatorial whims. "This fight is about saving India from autocracy!" added she.

In an X-post, Jairam Ramesh reiterated Congress' opposition to simultaneous elections and shared Mallikarjun Kharge’s letter to Kovind's panel. In a country with parliamentary system of government, the concept of simultaneous polls has no place. The government's proposal for simultaneous elections goes against the federalism guarantees in the Constitution.

The second bill on simultaneous elections aims to align the terms of the Legislative Assemblies in three Union Territories - Puducherry (India), Delhi and Jammu & Kashmir - with those of other Legislative Assemblies, and the Lok Sabha as proposed by the Constitution Amendment Bill.

The government wants to consult with the Speakers of the various State Assemblies via the joint committee in order to have a wider consultation on the draft Bills. The Kovind committee submitted its report to President India in March. However, the Union Cabinet accepted it in September. The draft Bills represent the first steps in implementing simultaneous elections.

Narendra Modi, the Prime Minister of India, has advocated for simultaneous elections in order to reduce poll-related expenses and the number of days that the government is affected by the Model Code of Conduct (MCC), which is implemented across the country when polls are held. Modi's government also noted that the country held simultaneous elections for both its Lok Sabha and Assembly between 1951 and 1967.

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Reliance-Disney JV : a media giant arrives in India

Uday Shankar, despite months spent in a frenzy of deal-making, is calm and collected as we meet him on the 36th level of a Mumbai skyscraper. Shankar, dressed in a white T-shirt with a blue shirt and a blue tie, was observing the expanse that was the former home of Mumbai's textile factories when we arrived.

Shankar's office at Disney India is a short drive from Star India. He held this position between 2007 and 2020, first as Star India’s CEO and then after Disney acquired Star India. Viacom18 (Reliance Industries Ltd) has fought Disney for dominance in India's media landscape. Big money was spent on media, but not always with success. Reliance's acquisition of Network18 by Reliance in 2014 was a major event. Ownerships have changed dramatically. Disney then bought Rupert Murdoch’s 21st Century Fox for $71 billion, giving them the crucial India piece.

Reliance and Disney jointly announced on November 14 that they had completed a deal to create a joint-venture. The merged entity, valued at Rs 70,352 (approximately $8.5 billion), will have over 100 TV channels in nine Indian languages, as well as two OTT platforms (over-the top) and more than 30,000 hours of television content per year.

Shankar, who will provide strategic guidance, will be the vice chairperson. The Chairperson will then be Nita Amanani, currently Chairperson of Reliance Foundation, and formerly a director at Reliance Industries.

Shankar, whose outfit is now a publicly listed company, chooses carefully his words as he sits for this interview less than 24 hours following the announcement of the deal. He talks about the big picture, the prices of cricket rights and the new competitive environment (read the accompanying interview). The size, scope or sheer impact of Reliance-Disney is undeniable. It will control 40% of television advertising and 44% subscriptions.

Disney's India operations are still struggling to get back on track after massive losses due to its high-stakes bets made on cricket rights.

Imagine it. Imagine watching a game of the Chennai Super Kings, Rohit Sharma hitting the ball into the air to win the T20 Cricket World Cup Final, a crucial moment on Bigg Boss or an award show for films in the South. All of this can be seen on the digital or TV channels owned by Reliance-Disney.

In any industry, scale can be an advantage that creates entry barriers. Reliance and Disney will have a huge reach across genres and languages, and its channels are reporting high advertising rates and massive audience interest. It's all about revenue and dominance, whether it be advertising revenues, eyeballs or distribution. If it hadn't been cancelled, only the Zee/Sony merger could have come close.

Shashi Sinha is the CEO of IPG Mediabrands India. This division provides media and marketing services for the advertising giant Interpublic Group. He believes that the joint venture benefits the industry. With its deep pockets, it will be possible to invest in content and technology. "These are expensive areas and money must be invested in them", he says. India is one of only a few markets that are growing fast, in TV and OTT. Reliance-Disney is the market leader with a 33% market share through JioCinema, Hotstar and JioCinema.

Vivek Menon is the Managing Partner of NV Capital. A debt fund that invests in the media and entertainment industry. He says having the support of India's biggest industrial conglomerate, is a big plus.

Why? The media business of the joint venture is today a technology-based play and that requires huge spending. In the US for example, he explains, the line between pure media and technology is blurring. "A tech company like Netflix, Apple or Amazon can be seen as a media company. Menon adds that a telecom like AT&T also has a stake on media via Warner Bros and Discovery.

In terms of opportunities in India, he mentions Netflix and Amazon. Both have high budgets for content and are committed to investing in India. They want to expand here. Apple TV is creating content. It may be only a matter of time before Apple enters the Indian market.

Reliance-Disney's reliance on digital media can change the entertainment landscape dramatically. The dependence on advertising is only going to increase with the rise of digital. Menon says that subscriptions could take the form of bundles, standalone contracts or transactions.

Reliance intends to invest a significant portion of its investment in technology, which amounts to Rs 11,500 crore. "Digital infrastructure is still being constructed in India, even though the majority of OTTs offer user-friendly platforms. Menon states that the majority of money will go to content acquisition.

Check out the money spent on media rights for the Indian Premier League (IPL). Star India purchased the rights in September 2017 for Rs 16,348 billion. Disney Star, Star India's acquired avatar, will have to pay nearly three times as much in 2022 at the next round. According to a rival broadcaster, paying such a high price for the rights puts the industry in an awkward position. In the IPL only the BCCI (Board of Control for Cricket in India) is making money. The broadcaster says that if less money is spent on acquiring rights, the money will be returned to the system and can then be used more strategically.

Will Reliance-Disney increase advertising rates given its dominance? IPL cricket fixtures in 2024 will cost anywhere between Rs 16-19 lakhs for a 10-second ad spot.

"There's a good chance that it will happen but India is a market with a very low cost per thousand," Sinha, of IPG Mediabrands says. Advertisers have many options. The rival broadcaster quoted above agrees, and believes it could have lead to a monopoly situation had the majority of money been focused on TV.

"There's no doubt that Reliance-Disney has a huge engine. But advertisers will also be looking at Google and Facebook." "Broadcasters of entertainment and sports must look for niches to be more attractive to advertisers," said the broadcaster.

Balu Nayar is the former MD of IMG, a global sports and entertainment firm, and the architect of the IPL. He says that it's rare to see the merger of two of the top players in a market. The No. 1 and No. 2 players on a given market are rare to see merged. "The combined Reliance and Disney entity will be way ahead in the Indian TV market. Other transactions, such as the proposed Zee-Sony merge, were not on the same level.

The entity is in a strong position, and far ahead of the competition. (See accompanying graphic). In regional markets with smaller advertisers it is always a disproportional share. With a variety of channels it also helps control the distribution. Reliance purchased majority stakes in Hathway Cable, Den Networks and other distribution companies to improve the distribution component.

Reliance-Disney has agreed to divest seven channels in accordance with the Competition Commission of India: Star Jalsha (Bengali entertainment), Colors Marathi (Kannada Entertainment), Colors Super (Kannada HD), Hungama, and Super Hungama for children.

Disney, who acquired Star India in 2019 reported a loss on revenues of Rs 18,587 for FY24. In the prior year, it had reported a profit of Rs. 1,465 crore. How did it happen? Disney India's wager on cricket rights.

Disney paid $3 billion in August 2022 for the ICC TV and digital rights for 2024-27. In a sub-licensing deal with Zee Entertainment Enterprises Ltd. (Zee), it licensed the TV portion. Zee, however, was counting on the merger between Sony and its parent company to provide the financial muscle needed to fund the deal. Zee was unable to honor the agreement when the merger talks failed. The Disney-Zee merger has now been referred to arbitration. Zee is disputing the $940 million damages demand. Disney had to put aside Rs 12,319 Crore for the ICC contract, which they now call an "onerous agreement".

This is just one part of the tale.

In February, the Reliance-Disney partnership was announced for the first time. The deal valued the Burbank-headquartered Disney's 36.4% holding in the venture at just over $3 billion. Emkay Global, an investment and research firm, stated in a report that the valuation of Disney's 36.4% stake was less than estimated $15-17 billion at the time Disney acquired 21st Century Fox. "It is also significantly lower than previous media estimates, which were $7-10 billion." The decline "reflects its growing expected losses in the sports business where rights costs are increasing substantially". The Indian financial figures would not be available for many months, but there was a growing sense of trepidation.

Eight months had passed since the end of the bidding process for media rights to IPL 2023-2027. Disney was expected go all-out for the digital rights, given the potential of the medium. They were less aggressive with TV. Viacom18 won the digital rights at 23.758 crore and Disney, who was more conservative, bought the TV rights at 23.575 crore. The difference between the two purchases of 183 crore added to the intrigue. This was just a preview of what lies ahead.

Reliance then offered to give away the IPL season 2023 on JioCinema, its OTT platform. Disney's TV business model was destroyed by the Reliance gamble. Disney was forced to make the T20 World Cup 2024, won through the ICC bid, available for free on Disney+ Hotstar. Disney acquired Hotstar when it purchased 21st Century Fox in 2019, the parent company of Star India. However, it failed to maximise its potential.

Nayar says that the primary reason for the purchase in India was Hotstar. Then, they decimated its value by focusing instead on the IPL TV broadcasting rights. This merger (Reliance and Disney) was made in a weak position. Disney sold an asset that it bought for $15 billion for $3.5 billion. Nayar blames Disney for the "mismanagement" in its Star India acquisition.

Disney's global revenue for FY24 was up by 3%. However, the problem lay with the Indian sports business. In the fourth quarter of last year, the company's revenue was $58 million. This is a small amount but it represents a 37% drop from the $92 million in the previous period.

Disney India has been struggling since its entry into the market at the beginning of the 1990s via a joint venture formed with the K.K. Modi Group created Buenavista TV and launched three channels. The JV was never really successful, as the business was largely limited to advertising sales. In 2001, partners were struggling to maintain their relationship due to Disney's plans to launch a 100 percent subsidiary. In 2004, Disney launched Toon Disney and Disney Channel, two channels for kids.

Disney purchased Hungama TV from Ronnie Screwvala in mid-2006. It also acquired a minority stake of UTV Software Communications. Disney purchased UTV Software in July 2011 for $454m. In mid-2018, Disney's parent company acquired Rupert Murdoch’s 21st Century Fox (then known as Star India) for $71 billion.

Menon, from NV Capital, believes that Disney would exit the Indian market if it was "offered a compelling cost". It will be interesting to find out what players are willing pay for IPL rights in the next round of auctions.

Nayar believes that the Reliance and Disney merger has brought about a major change in Indian sports broadcasting. "There will be a far lower bid for rights, with only one serious buyer unless Meta or Amazon or other digital entities become aggressive." He says that BCCI and IPL owners should be prepared for lower IPL revenue.

Reliance-Disney holds the BCCI rights to all matches played in India, as well as ICC tournaments including the World Cup and Champions Trophy. "It would mean the marginalisation of other sporting media entities."

Tech, Tech, and Tech

Will Reliance-Disney play a major role in digital? It stands to gain a significant amount of revenue by securing the digital rights for IPL.

Harish Iyer (EVP, Media & Investments), Interactive Avenues' largest digital agency in India, believes that the entity could achieve this through advanced technology, personalised recommendations for content, or expanding distribution across multiple markets. Cost efficiencies and a strong market position will help you compete with global platforms. He says that synergistic partnership with telecom operators can also help drive growth. Local and global content allows advertisers to target a wider demographic, increasing the effectiveness of their campaign.

Advertisers can get insights into viewer behavior and preferences by using data analytics. Iyer says that integrating the message across all platforms is an easy way to reach the audience.

Reliance and Disney's deal will be successful if it can demonstrate its technological prowess. Amaresh Godbole (CEO, Digital Technology Business, Publicis Groupe India) says Netflix is "the global standard for technology and user experience, as well as innovation in video content delivery".

Godbole said Reliance-Disney had a lot data and an understanding about user behaviour, and could use AI in order to extract the most out of it. It's worth considering new technologies, such as LLMs. They could transform the navigation and discovery games.

The growth potential is obvious, even if scale is not an issue. What is the future of the tech sector? What does the horizon hold for the tech-driven sector?

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Arvind Kejriwal promises Rs 2,100 for AAP if AAP wins, Delhi gives women Rs 1,000/month

The former chief minister also clarified, despite the fact that registrations begin tomorrow, the money won't be paid immediately because the dates for the Delhi Assembly elections will be announced within the next 10-15 days.

Arvind Kejriwal, the Aam Aadmi Party's chief, announced on Thursday that the Delhi Cabinet had approved a proposal to provide financial assistance for women older than 18.

The former Delhi chief minister also announced that Rs. 1,000 in assistance -- initially announced in March - would be increased to Rs. 2,100 in case the AAP returns to power at the upcoming Assembly elections.

Kejriwal said the money wouldn't be credited to bank accounts because elections were expected to be announced shortly. However, he added that registrations for Mukhyamantri Mahila Yojana would begin tomorrow.

Kejriwal, who was in the company of Delhi Chief Minister Atishi at an event for the Mahila Samman Yojana, said: "Registrations will start tomorrow and will cost Rs 2,100 instead of Rs 1,000."

"I promised that I would give Rs 1,000 each woman. Some women told me that the inflation would make Rs 1,000 not enough. All women will receive Rs 2,100 deposited in their accounts. The proposal was approved by the cabinet meeting, which was chaired this morning by Atishi.

The Mukhyamantri Samman Yojna, launched by the Kejriwal government in March of this year, provides Rs 1,000 per woman aged above 18 years old living in Delhi.

The Delhi initiative resembled Madhya Pradesh’s Ladli Behna Yojana. Under this scheme, women from lower and middle class homes receive a transfer of Rs 1,000 per month into their account.

In his speech today, the former chief minister said that the scheme will prove to be a boon to the Delhi government because it will "be blessed by mothers and sister" who benefit from the monthly funding.

We consider it a privilege to assist them. We overcome the greatest obstacles together with Delhi's 2 crore people. "No obstacle can stop us from doing good for the citizens of the city", he said.

Kejriwal, who slammed the BJP for its scheme announcement in March, said he hoped it would be implemented by at least May.

"But they conspired to send me to prison based on a fraudulent case." Since I returned from prison, I've worked with Atishi to implement this plan," Kejriwal stated, referring his arrest by Enforcement Directorate in march in connection with the Delhi liquor policy.

The Supreme Court granted bail to him on September 13, and he was released from Tihar jail. He resigned from his position as Delhi Chief Minister four days later.

The 70-member Delhi Assembly is expected to hold elections in January 2025. AAP has so far published two lists of candidates for the polls

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The Milky Way Galaxy as a baby is revealed

Firefly Sparkle has not yet been assembled, but it is estimated to have a mass of 10 million solar masses.

James Webb Space Telescope of Nasa has made an important discovery. It identified a galaxy called Firefly Spangle, which dates from the early universe.

This galaxy, which resembles bioluminescent stars due to its shining star clusters gives astronomers a unique insight into how the Milky Way might have looked at its infancy.

Firefly Sparkle, located approximately 600 million year after the Big Bang is still in the assembling process and has a weight equivalent to 10 million solar masses.

This galaxy has ten star clusters that are densely packed. Eight of them are located in the central region, and two others along an extended arm. It is approximately 1,000 light years across. This formation is a major evolutionary stage in the evolution of galaxies at this time.

Lamiya Mowla is an astronomer from Wellesley College, and the co-author of the Nature study. She stressed the importance of her observation: "The Milky Way formed very early in the history of the universe, probably around the time of Firefly Sparkle."

Firefly Sparkle was about 10,000 times smaller than our Milky Way at the time.

The galaxy looks like a bunch of fireflies, hence the name "Firefly Sparkle".

Mowla explained that "a group of fireflies" is called a'sparkle.' The galaxy was accompanied by Firefly Best Friend and Firefly New Best Friend. All of these would have fit within the Milky Way of today.

Researchers believe that the formation of early galaxies such as Firefly Sparkle was caused by the collapse under extreme conditions of dense gas clouds. Kartheik, a co-lead researcher and Nasa Hubble fellow at Columbia University, said that these galaxies are built up by interactions and mergers of smaller galaxies.

Webb's advanced abilities allowed scientists to observe Firefly Sparkle with unprecedented detail. gravitational lenses from a foreground galaxycluster magnified the light by 16-26.

This allowed astronomers examine different star clusters in the galaxy. The varying colors indicate different stages of formation.

Webb's exploration of the cosmos continues, and discoveries such as Firefly Sparkle have reshaped our understanding of galaxy evolution in the earliest times.

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