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<ul><li>The three-year old <keyword id="8391587" type="UNKNOWN" weightage="20" keywordseo="scapic">Scapic</keyword> is a cloud-based platform which offers creation and publishing of Augmented Reality (AR) and 3D content.</li><li>Scapic’s team will join <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and will help the e-commerce giant build deeper camera experiences, virtual storefronts and bring new opportunities for brand advertising on its platform.</li><li>Flipkart’s acquisition of Scapic joins its long list of recent acquisitions and investments as the company scales up operations while competition rises from the likes of Amazon and JioMart.</li></ul>Indian e-commerce giant Flipkart continues with its acquisition spree. The company has picked up a 100% stake in Augmented Reality company Scapic. The three-year old Scapic is a cloud-based platform that offers creation and publishing of Augmented Reality (AR) and 3D content. The company has clients across e-commerce and marketing. The startup had also recently won in the Industry 4.0 – AR category, during the National Startup Awards 2020. Founded by Sai Krishna V K &amp; Ajay P V, the Bengaluru-based company had earlier raised funding from Axilor, Speciale Invest, and Newfort Capital. “Today, we buy more online than we ever have, and it has only accelerated this year. Customers now require better visuals than ever before. Scapic is building visual technology that brings products to life using Augmented Reality and 3D. Advancements by the Scapic team in the field of AI, Computer Vision and AR have made this change possible,” said the founders in a statement. With the acquisition, Scapic’s team will join Flipkart and will help the e-commerce giant build deeper camera experiences, virtual storefronts and bring new opportunities for brand advertising on its platform. “As we make investments that focus on developing and nurturing the retail ecosystem, we are also committed to making our platform easier to navigate and richer for consumers in terms of content and experience. I welcome the Scapic team to Flipkart as we continue our efforts to provide deeper value to our customers,” said Flipkart CEO Kalyan Krishnamurthy in a statement. Flipkart’s acquisition of Scapic joins its long list of recent acquisitions and investments as the company scales up operations while competition rises from the likes of Amazon and JioMart. Flipkart is also doubling down on user experience on the platform. With its acquisition of social gaming startup <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Mech Mocha</a> recently, the e-commerce platform was looking at ways to develop new and innovative formats to engage with users on its platform. Flipkart is on an investment spree <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquisitions by Flipkart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment by Flipkart </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mech Mocha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Fashion Retail Limited- ₹1,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Walmart’s B2B business </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arvind Fashions - ₹260 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">USPL - undisclosed amount </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/makemytrip-shares-soar-as-covid-vaccine-progress-from-moderna-and-pfizer-spark-optimism-of-faster-travel-recovery/articleshow/79255315.cms">MakeMyTrip shares soar as COVID vaccine progress from Moderna and Pfizer spark optimism of faster travel recovery</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-invests-in-uspl-fashion-house-that-has-brands-like-virat-kohli-wrogn-and-kriti-sanon-ms-taken/articleshow/79058747.cms">Flipkart makes its third fashion investment in five months — bets on USPL that houses brands like Virat Kohli's Wrogn and Kriti Sanon's Ms Taken</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a>

Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Tuesday refused to entertain a plea seeking a direction to the CBSE and the Delhi government to waive examination fees for students of classes 10 and 12 in the current academic year in view of COVID-19 and financial problems being faced by some parents. A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah dismissed the petition filed by NGO 'Social Jurist' against the September 28 order of the Delhi High Court. "How can the court direct the government to do this? You should give a representation to the government...Dismissed," the bench said. The high court had asked the AAP government and <keyword id="3372335" type="COMPANY" weightage="20" keywordseo="The-Central-Board-of-Secondary-Education">the Central Board of Secondary Education</keyword> (CBSE) to treat the PIL as a representation and take a decision "in accordance with law, rules, regulations and government policy applicable to the facts of the case" within three weeks. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/ahead-of-modi-and-xi-virtual-meet-at-brics-summit-india-foreign-minister-warns-of-rcep-damaging-consequences/articleshow/79257760.cms">India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-government-lays-down-deadline-for-digital-news-companies-to-share-fdi-details-with-the-ib-ministry/articleshow/79256146.cms">Digital news publications in India have one month to share FDI details with the government — and till October next year to comply</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic</a>

Plea to waive CBSE exam fees for Class 10 and 12 students dismissed by Supreme Court

<keyword id="1800402" type="PERSON" weightage="20" keywordseo="Amazon-CEO">Amazon CEO</keyword> <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> has revealed the names of 16 environmental organisations that will receive a share of his $10 billion fund for climate action. This is the first time the <keyword id="373062" type="PERSON" weightage="20" keywordseo="worlds-richest-man">world's richest man</keyword> has named the beneficiaries to the climate action fund since its announcement in February. "I've spent the past several months learning from a group of incredibly smart people who've made it their life's work to fight climate change and its impact on communities around the world," Bezos said in an Instagram post on Monday. "I'm inspired by what they're doing, and excited to help them scale. Today, I'm pleased to announce the first Bezos Earth Fund recipients -- 16 organisations working on innovative, ambitious, and needle-moving solutions," he added. The list of grantees include international NGOs and climate justice groups, among others. They include: The Climate and Clean Energy Equity Fund, ClimateWorks Foundation, Dream Corps Green For All, Eden Reforestation Projects, Energy Foundation, Environmental Defense Fund, The Hive Fund for Climate and Gender Justice, Natural Resources Defense Council, The Nature Conservancy, NDN Collective, Rocky Mountain Institute, Salk Institute for Biological Studies, The Solutions Project, Union of Concerned Scientists, World Resources Institute and World Wildlife Fund. Collectively, these 16 organisations will receive $791 million in donations, but Bezos did not specify which organisation will receive how much. "This $791 million in donations is just the beginning of my $10 billion commitment to fund scientists, activists, NGOs, and others. We can all protect Earth's future by taking bold action now," he said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/ahead-of-modi-and-xi-virtual-meet-at-brics-summit-india-foreign-minister-warns-of-rcep-damaging-consequences/articleshow/79257760.cms">India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-government-lays-down-deadline-for-digital-news-companies-to-share-fdi-details-with-the-ib-ministry/articleshow/79256146.cms">Digital news publications in India have one month to share FDI details with the government — and till October next year to comply</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic</a>

Amazon CEO Jeff Bezos names 16 beneficiaries for his $10 billion climate fund

<ul><li>Facebook updates its policy for creators.</li><li>The platform now allows creators to control when, how and where they share content across Facebook and Instagram.</li></ul>Facebook has announced to expand access to Rights Manager to help more creators -- who have a large or growing catalog of content --better control when, how and where they share content across Facebook and Instagram. It means that Page admins can now submit images and videos for rights protection, expanding the reach of the feature and more creators can issue takedown requests over re-uploaded videos and images on Facebook and Instagram which are owned by them. "Page admins can submit an application for content they've created and want to protect," said Jeniece Primus, Product Manager at Facebook. The company also announced to give more creators the ability to collect ad earnings from matched Rights Manager content and offering in-stream ads in more countries. "Within Rights Manager, we've improved our Collect Ad Earnings tool and are expanding availability, which means that more creators will be able to collect ad earnings from matching videos that include in-stream ads," Facebook said in a statement on Monday. The company has added a new filter view for spotting monetizable matches, better guidance for how to capture monetization opportunities, exportable revenue reports, and the ability to collect ad earnings while placing an ownership link on the matched video. "Additionally, the new in-stream ads toggle in the Creator Studio app enables easy management from mobile devices," Facebook informed. The social network also launched new video insights to help rights holders quantify and optimize their protection activities, and leverage fan-driven distribution as a key part of their business intelligence. "We've expanded In-stream ads to Egypt, Iraq, Morocco and Turkey, adding to the 45 countries where the in-steam program is already available". SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/ahead-of-modi-and-xi-virtual-meet-at-brics-summit-india-foreign-minister-warns-of-rcep-damaging-consequences/articleshow/79257760.cms">India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-government-lays-down-deadline-for-digital-news-companies-to-share-fdi-details-with-the-ib-ministry/articleshow/79256146.cms">Digital news publications in India have one month to share FDI details with the government — and till October next year to comply</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic</a>

New feature on Facebook and Instagram allows creators to protect their images and videos

<ul><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is planning a $10 billion <keyword id="3123061" type="PERSON" weightage="20" keywordseo="Flipkart-IPO">Flipkart IPO</keyword>, valuing the Indian e-commerce giant at $40 billion.</li><li>At this valuation, Walmart’s investment in the Indian e-commerce giant would nearly double since it acquired Flipkart in 2018 for $16 billion.</li><li>Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan, according to a Mint report.</li><li>Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The much-anticipated Flipkart IPO (initial public offering) could soon be a reality. US retail player Walmart is reportedly gearing up to float a $10 billion Flipkart IPO in the US, divesting up to 25% of the stake in the Indian e-commerce player. According to a Mint <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">report</a>, Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan. Business Insider has reached out to Flipkart for a statement and is awaiting a response. A $10 billion IPO would value Flipkart at $40 billion. This is 20% lower than the $50 billion valuation that was expected <a href="https://www.businessinsider.in/retail/news/walmart-owned-flipkart-the-indian-e-commerce-giant-is-reportedly-eyeing-a-2021-overseas-listing-and-hoping-for-a-50-billion-valuation/articleshow/78151697.cms">earlier in September</a>. However, at a valuation of $40 billion, Walmart’s investment would nearly double – it acquired Flipkart in 2018 at $16 billion for a 77% stake. At the time of its acquisition, Walmart pledged to take Flipkart public within four years. <div type="image" title="Flipkart valuation history" msid="79602375" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history from 2009 to December 2020.&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;*based on reports of Flipkart IPO estimated the value of the company at $40 billion&amp;lt;/p&amp;gt;"></div> Note: December 2020 valuation is based on reports of Flipkart IPO. At the moment, Walmart’s stake in Flipkart stands at 82.3%, with Tiger Global, Tencent, Accel Partners, and Microsoft being the other key investors. Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart. Flipkart going public will allow minority shareholders to pare their investments or make an exit. <div type="Article" hostid="261" msid="79544185" title="PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity" mstype="2" mssubtype="0"></div> Riding the Indian e-commerce boon Walmart’s plans to take Flipkart public could have been bolstered by the surge in e-commerce sales since the COVID-19 pandemic broke out. The massive surge in e-commerce sales is corroborated by Flipkart’s own statistics - the e-commerce giant <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">witnessed a ten-fold increase</a> in its shipments during its festival sale this year. On an acquisition spree In addition to witnessing a massive surge in orders this year, Flipkart is also on an acquisition spree. From augmented reality startups to fashion companies, the e-commerce giant has been busy this year. After acquiring Walmart’s India operations this year, Flipkart also dabbled in the social gaming and augmented reality spaces with the acquisitions of <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Mech Mocha</a> and <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Scapic</a>. It has also made a <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-invests-in-uspl-fashion-house-that-has-brands-like-virat-kohli-wrogn-and-kriti-sanon-ms-taken/articleshow/79058747.cms">few investments in the fashion space</a>, including USPL which houses Virat Kohli’s Wrogn. It has also invested in Aditya Birla Fashion Retail and Arvind Fashions. Flipkart is also expanding its partnerships with kiranas (the Hindi word for mom and pop stores), which delivered over 3.5 million orders during the Big Billion Days sale this year. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">Flipkart Big Billion sale report - over 100 orders per second, 10 million products delivered already</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/phonepe-700-million-5-5-billion-valuation-flipkart-separate-entity/articleshow/79544185.cms">PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity</a>

Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years

<ul><li>Europe’s <keyword id="3158761" type="PERSON" weightage="20" keywordseo="Vega-rocket">Vega rocket</keyword> suffered an ‘anomaly’ after launching today causing the loss of Spain’s SEOSat-Ingenio, and the French TARANIS satellites.</li><li>The SEOSat-Ingenio is Spain's first Earth observation satellite for an ESA program to study our planet. The project was initiated in 2008 and cost the government around €200 million.</li><li>This is the second major malfunction that the Vega rocket has been witness to in two years. </li></ul> Today was supposed to be a momentous day for Spain, with the European country launching its first optical imaging satellite into orbit. Instead, the milestone was left unfulfilled, with <keyword id="516790" type="COMPANY" weightage="20" keywordseo="Arianespace">Arianespace</keyword>’s Vega rocket failing within minutes of taking off from French Guiana. The launch occurred at around 7:30 am (IST) with Spain’s SEOSat-Ingenio, and the French TARANIS satellites settled in to be deployed 700 kilometers above the Earth’s surface. Roughly eight minutes later, Arianespace — the European Space Agency’s (ESA) commercial arm — encountered an ‘anomaly.’ Within minutes, CEO Stephane Israel announced, “We can now confirm the mission is lost,” to some perplexed viewers watching the live stream. Vega’s second malfunction This is the second major malfunction that the Vega rocket has been witness to in two years. Last year in June, the rocket failed during the launch of a satellite for the United Arab Emirates (UAE). A faulty motor on the booster was later revealed to be the cause. Vega made a triumphant return this year on September 2, launching 53 small satellites in one go for 21 different customers. The rocket can carry up to 1,5000 kilograms to polar orbits just over 700 kilometers in orbit. However, on its second go today, the 30-meter tall launch vehicle has proven to be less than reliable. That said — since its inception in 2012 — Vega has seen 15 successful launches before last year’s disaster. "Eight minutes after the liftoff, and immediately after the ignition of the engine of the fourth stage of Vega, the Avum stage, we observed the degradation of the trajectory. It means that the speed was not nominal anymore,” he explained. The company is yet to disclose the exact cause for failure during the launch but is currently investigating the issue. Spain’s lost satellite The SEOSat-Ingenio is Spain's first Earth observation satellite for an ESA program to study our planet. The project was initiated in 2008 and cost the government around €200 million. The satellite is equipped with a high-resolution dual camera that can take pictures of the planet with a resolution of 2.5 meters with a field of view that can look not only sideways but also downwards. The capability allows it to observe any point on Earth over three days. According to the Head of Spain’s Centre for the Development of Industrial Technology (CDTI) Jorge Lomba, the SEOSat-Ingenio is the first satellite that Spain has indigenously designed, developed, and operated. Its applications, however, were intended to go beyond just Spain or even Europe. It will also survey North Africa and Latin America. The expectation was the satellite’s cameras would have covered 2,500,000 square kilometers per day — more than five times the area of Spain — and take up to 600 images per day. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/ahead-of-modi-and-xi-virtual-meet-at-brics-summit-india-foreign-minister-warns-of-rcep-damaging-consequences/articleshow/79257760.cms">India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-government-lays-down-deadline-for-digital-news-companies-to-share-fdi-details-with-the-ib-ministry/articleshow/79256146.cms">Digital news publications in India have one month to share FDI details with the government — and till October next year to comply</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic</a>

Spain’s first optical imaging satellite fails to reach orbit as the European rocket breaks down

<ul><li>Indian Foreign Minister <keyword id="491850" type="PERSON" weightage="20" keywordseo="S-Jaishankar">S Jaishankar</keyword> has justified India’s move to stay out of the RCEP, citing that the trade bloc is already showing ‘damaging consequences’.</li><li>His comments come ahead of Prime Minister Narendra Modi and Chinese President Xi Jinping set to face each other for a second time this month at the BRICS summit hosted by Russia. </li><li>According to Jaishankar, free and fair trade is only an illusion when in fact the world is littered with ‘tariff barriers and state capitalism’ indirectly hinting at China’s policies of subsidised mass production and dumping goods. </li></ul>India foreign minister S Jaishankar has defended India’s move to stay out of the Regional Comprehensive Economic Partnership (RCEP), stating that it is an approach that’s already showing ‘damaging consequences’. “It was quite extraordinary that an economy as attractive as India allowed the framework to be set by others,” he said, addressing the Indian School of Business in Hyderabad. “With the passage of time, our predicament became increasingly serious. The choice was to double down on an approach whose damaging consequences were already apparent or to have the courage to think through the problem for ourselves.” Xi and Modi to meet at BRICS summit today Jaishankar’s comments come ahead of Prime Minister Narendra Modi and Chinese President Xi Jinping set to face each other again today at the 2020 BRICS summit. This is the second time this month that the leaders of the two Asian giants will be attending a virtual event together. Last week, they attended the Shanghai Cooperation Organisation (SCO) Heads of State summit, hosted by Russia. Modi took the opportunity to express the importance of being self-reliant, but also respecting each other’s ‘sovereignty and territorial integrity’ as the organisation continues to grow. <div type="Article" hostid="261" msid="79148767" title="Prime Minister Modi takes a dig at Pakistan and China during SCO summit — ‘attempts are being made to rake up bilateral issues’" mstype="2" mssubtype="0"></div> Russia — who is hosting yet again — has already clarified that the BRICS summit will not be used to discuss bilateral issues. However, it added that both India and China could benefit from participating. A world of tariff barriers According to Jaishankar, free and fair trade is only an illusion when the world is littered with ‘tariff barriers and state capitalism’ indirectly hinting at China’s policies of subsidised mass production and dumping goods. “The effect of past trade agreements has been to de-industrialise some sectors. The consequences of future ones would lock us into global commitments, any of them not to our advantage. Those who argue stressing openness and efficiency do not present the full picture,” he said at the Indian School of Business in Hyderabad. India is not just a market for others The RCEP was signed on Sunday, November 15, by China, Japan, South Korea, Australia, New Zealand, and the ASEAN. India’s decision to step away, however, occurred last November. At the time, India justified its decision to keep out to protect its economy from increasing trade deficits with a majority of the other members. While more prosperous countries like Indonesia were only required to open up 50% of their economy, India was asked to open 74% of its market to the ASEAN countries. Another it raised was market access. India wanted to put in place a protected list of goods and services to shield its domestic market. The <a href="https://www.businessinsider.in/policy/news/what-is-rcep-and-how-it-affects-common-people/articleshow/71848278.cms">five sectors that would have taken most of the hit</a> from increased competition due to the RCEP are textiles, dairy, steel, automobiles, and agricultural products. “India’s aim is to enter the global arena with cards to play, not just to provide a market for others. This is really about seriously building comprehensive national power. Our success in doing so will determine future terms of engagement and outstanding with the world,” explained Jaishankar. However, since India is a heavyweight player, the RCEP members have left the door open for India should it change its mind. They have also waived the 18-month cooling period for interested applications. Now, it’s up to India whether it chooses to exercise that option or not. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-lays-down-deadline-for-digital-news-companies-to-share-fdi-details-with-the-ib-ministry/articleshow/79256146.cms">Digital news publications in India have one month to share FDI details with the government — and till October next year to comply</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Flipkart makes yet another acquisition – buys 100% stake in Augmented Reality startup Scapic</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-tata-steel-bpcl-ril-hdfc-amc-nbcc-lt-tata-motors-and-others/articleshow/79256365.cms">Market hits record high, Sensex breaches 44,000 — these are the top movers today</a>

India's Foreign Minister warns of RCEP's 'damaging consequences' ahead of Modi and Xi's virtual meet at BRICS summit

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

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