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Tag: 🔍Insights

  • Ankur Capital: Helping Entrepreneurs to Achieve their Dreams!

    The role of venture capital is very much essential just as the importance of a perfect business idea is. Even though coming from very different backgrounds, Rema Subramanium and Ritu Verma have some important things in common, that is, both of them are very passionate about making an impact and backing the entrepreneurs who wish to do the same.

    This is the success story of Ankur Capital, a seed fund that aims to bring a revolution in the startup ecosystem. Apart from controlling the company, the face of the company has excelled in other fields too! Talking about Rema, she is an entrepreneur and Ritu, is a physicist. So, what ignited the duo to form the Ankur Capital and help the entrepreneurs in achieving their dreams? Let’s read!

    Company Name Ankur Capital
    Headquarter Bangalore, India
    Sector Investment
    Founders Rema Subramanium, Ritu Verma
    Founded 2016
    Website ankurcapital.com

    Story Story of Ankur Capital

    The passion to serve the startup ecosystem led the twp highly driven and motivated ladies to start a fund which is now called Ankur Capital. The company is an INR 40 crore social venture fund that invests in the startup business which impacts the low-income communities of the country.

    As per Krishna Kumar, the co-founder of Cropin Technologies, a venture in which the venture has invested, had mentioned how Ankur has been much more than an investor. Apart from showing interest in his company, Ankur has been a great supporter, mentor, and an extended team for the startup! This attitude has helped the team to learn more about the background of venture capital as well.

    Ankur Capitals
    Ankur Capital logo

    The duo of Ritu and Rema has spent over 15 years in the corporate sector and the investing roles. But, most of this time as an investor was spent outside the country and their inner voice said that they should world in India to change the startup ecosystem for the better good. Therefore, using business as a tool for development was a very powerful idea that pulled Ritu into impact investing.

    Before that, Ritu was working as a physicist and innovation, and implementing new ideas to the market was always a part of her previous roles. Hence, Ritu was naturally dawn to early-stage entrepreneurs. When Ritu returned to India, she started working as a mentor to social entrepreneurs. While working she realized that the gap faced by the entrepreneurs was very large. The main part of the challenge faced by any entrepreneur was money and that triggered her to set up Ankur.

    Ankur Capital
    Ritu Verma

    Indian Startups Funding News [Updated 2020]
    This is an effort from StartupTalky to provide you with a list of the fundingactivities occurring in the Indian startup ecosystem. You’ll find the startup’sdetails, the funding it received, as well as the investors’ information. Thelist is updated on a monthly basis. Interested in receiving mont…
    StartupTalkyJeenal Jain

    Meet Rema (Founder of Ankur Capital)

    Ritu met Rema while mentoring social entrepreneurs and the discussion was on the topic about the gaps that jointly brought them together on how to address the issue. Talking about Rema, she had spent over 30 years being the CXOs of a multitude of companies and had become a mentor with an idea to give back to the startup ecosystem that had given so much to her.

    Ankur Capital
    Rema Subramanium

    Now, both of them were passionate about the business sector, and creating sustainable inclusive ventures was their main agenda. This shared vision brought Ritu and Rema together and hence, they worked for helping out aspiring entrepreneurs. Even though they have different backgrounds, but at the core of it, they have an idea upon which both of them have similar ideologies. Adding on to this, the fact that the duo is learning a lot of things every day keeps the partnership very exciting.

    The Funding Ideology Plans of Ankur Capital

    As per Ritu, funding is just one part of the multitudes of the problem the startups face. It is important to add value to the companies and bring in long-term support and hence, this is what Ankur Capital aims. The main goal of Ankur Capital is to kick start business for social impact and join them to build the next set of inclusive business in the country. The team of Ankur capital brings in every rigor that is necessary for investments and building businesses.

    The team of Ankur Capital hopes to seed the next 200 impact businesses that will change the future of the startup ecosystem and lift 100 million people out of poverty. The funds are also more of a path bearer that will pave the way for many such mini-funds that can systematically address the gap that haunts many ecosystems.

    Talking about Ankur Capital, it is an INR 40 crore fund and looks at deploying over INR 50 lakhs initially in a company. In their first round, the team had expected to seed around 20 companies!

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    The Team’s View of the Social Impact Sector in the Country

    As per the team, they believed that there are a lot of ideas and companies that can drive social impact in India. However, in the sectors that the company looks is at product and innovation. The role of product and innovation is very vital in figuring out how giving the remote community access to markets can be a mix of products.

    Initial Experience of Ankur Capital

    When the company had invested in three companies, the experience they gained was a positive one. The startups they invested have grown and have attracted many capitals, and partnerships that will help them in the long term and create the internal processes and governance.  

    The team has been very selective in their investments and has given their social impact as the first criteria. But, the main reason why the team of Ankur capital picks up a company is the ideology and entrepreneur. The business model, marketing strategy is also part of the screening criteria of the team.

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    Importance of Ankur Capital

    The startup ecosystem has progressed very well during recent years, but due to a huge gap related to lack of funds, a particular startup is not able to make it to the bigger stage. Now, with companies like Ankur, the gap seems less wide, and people can come forward to achieve their dreams.

    Now, by helping out the indigenous ideas, the team of Ankur is helping many people to come out from poverty. They are helping people to realize these dreams and hopefully, Ankur will be one of the biggest names in the startup circuit!

  • Job profiles/Companies that are getting hikes during the Pandemic

    Working-class people have experienced the biggest hit due to the Pandemic. People are getting fired from their jobs, getting under-payed, and overworked. But there are also cases of hikes in salaries and hiring of employees across the globe.

    With the unprecedented situation that the world is facing, arising out of COVID-19 Pandemic, companies across the world have re-evaluated their HR practices, and while 50% organizations across industries are keeping the salary hike budgets unchanged, 36% have opted for a decline, according to a survey.

    In India’s COVID-19, HR Survey Report, KPMG said around 70% of the organizations across levels have reported absolute no change in the planned impact on fixed pay at the non-management and junior management levels.

    According to a survey that polled 315 organizations across 20 key industry sectors noted that 90% of the organizations have at least one initiative around the well-being of employees whereas 21% are quite proactive and have 5 or more initiatives to support employees well-being.

    While 50% organizations across industries are keeping their salary increment budgets unchanged, around 36% organizations have opted for decreasing the salary increment budgets. On the contrary, most organizations and profiles in IT/ITES, life sciences/pharma and retail sector have refrained from any downwards trend in the overall promotion cycle, the survey noted.

    To sustain this worldwide economic imbalance, a few organizations are implementing hiring freezes and wage freezes, while others are introducing remote working alternatives, enhancing employee engagement initiatives, and additional financial assistance. For those who were already in Medical services have their merits of service, lucrative ways delivery during this pandemic.

    Indian Salary Study in 2020
    Indian Salary Study in 2020

    Companies that are offering hikes in salaries

    Even as numerous start-ups or huge organizations continue to cut off employees’ salaries, others in segments like education, real estate, and logistics have seen business growing, fuelled by a surge in demand for their products during the pandemic and are hiring across roles. For some, even salary hikes and promotions are on the cards. There have been many IT firms, Tata Consultancy Services (TCS), to one of the biggest multinationals present in India, Coca Cola, who have gone against the situation.

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    Asian Paints

    Asian Paints decided to give its employees a price hike in the face of an ongoing economic crisis amid lockdown. Asian Paints raised the hope and boosting staffs’ morale amid the pandemic gloom.

    Apart from going ahead with its annual salary increments, the company also transferred Rs 40 crore into the accounts of its contractors. Expanding its product range into sanitizers in lieu of the basic hygiene being encouraged as a part of the precautionary measures taken to combating COVID-19, the paintmaker now has a greater share of the customer wallet.

    ICICI Bank

    The private sector bank has decided to reward over 80% of its frontline employees with a salary hike of up to 8%. This hike has been given to the employees in appreciation of the services rendered by them during the pandemic.

    These increments bring good news to the Bank’s staff at a time when most other organizations are being either forced to hold back salary hikes, impose salary cuts and even resort to layoffs as part of a cost-cutting measure.

    The Board of Directors of ICICI Bank is reportedly thinking of raising funds through equity shares or equity-linked securities. The Bank has asked its employees to join back at their base locations and resume work as soon as possible.

    Coca Cola

    Coca Cola, that favourite punching-bag for everyone targeting the evils of capitalism, showed a humane face when it announced a salary hike.

    Coke’s Indian wing, Hindustan Coca-Cola Beverages, with 15 bottling plants across the country, gave all its 7,000 employees a 7 to 8 % salary hike. The company also made it clear that there would be no lay-off or pay cuts because of sales disruptions caused by the COVID-19 pandemic and the subsequent lockdown.

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    Brillio

    Brillio, a tech firm, is also optimistic in planning to add 240 new jobs to its Indian center, in addition to the 1,800 staff it already has. The reason is they have seen a 10% increase in productivity and 20% in people’s engagement since the lockdown. Hence they are moving at a faster pace to ramp up their teams.

    NoBroker

    NoBroker has been growing during the last one and half months despite the challenging market situations and even managed to raise $30 million in April. The number of inquiries has been increasing. A lot of people are looking to upgrade themselves to a bigger house. A majority of the fresh hiring will be for those from a technology background to support the growth as they shift to online tech.

    The organizations are offering salaries at par to the employees. Nobroker.com is known as to be one of the best paymasters and the salary at entry level starts from ₹6 LPA and depending on experience can go up to ₹40-50 lakh, especially for tech skillsets.

    Capgemini

    Capgemini French IT firm Capgemini has announced a salary hike for 70% of its employees in India in April. It will continue to hire as per the strategy and client/Job requirements. Employees who have joined the company during the lockdown are even completing their onboarding formalities online.

    BharatPe

    BharatPe Digital fintech startup has also decided to give its employees a hike in their pay. BharatPe has made its annual hikes as per the original schedule. The top performers scoring 3.8/5 or higher have all been given 20% plus increment in the appraisals. Commenting about this time, CEO and Co-founder Ashneer Grover was quoted,

    “We have used this unprecedented time to boost the technology and product and will be aggressively acquiring merchants. We tend to lend $100 million to small businesses from here till the end of the year.”

    Hike

    Hike shared its plans to continue hiring remotely as the ecosystem continues to navigate through a lockdown period. The company plans to hire for over 20 open positions across roles in product, design, marketing, AI & ML, engineering, partner functions and user research.

    Hike will be taking up more people onboard as a part of its ZeroTo2 program, which is focused on onboarding young candidates from colleges.

    Conclusion

    There are a number of factors why an Organization tries to cut the company’s cost. COVID-19 has shown the exact picture of which businesses are in profit and making better even in this difficult time. Hikes in salaries have a direct impact on the employee’s confidence and productivity.  

  • The Future Of FMCG Sector Post Pandemic

    The world is suffering from a pandemic caused by an extremely contagious virus- COVID-19. Its been almost six months, and yet things do not look to go back to “normal”. But the lives keep moving. The fast-growing changes in lifestyles have brought a drastic change in the marketing scenario and the FMCG sector has been affected the most.

    Fast moving consumer goods (FMCG), are basically packaged goods that we buy at retail shops at a very low cost. These are also called as consumer packaged goods. They get sold out easily and are not durable.

    Some Thriving Brands of FMCG Across the World
    Some Thriving Brands of FMCG Across the World

    Categories of FMCG

    • Processed food
    • Beverage
    • Dry foods like tea,sugar,coffee
    • Prepared meals
    • Cosmetics
    • Toiletries
    • Over the counter medicines
    • Candy
    • Fresh foods like veggies
    • Frozen foods
    • Baked foods
    • Consumer electronics
    • Office supplies like pen,papers
    • Cleaning products
    • Clothes like socks,under garments.

    These are also called as consumer packaged goods. Some of the goods are highly perishable like processed meat, dairy products, etc. FMCG goods are the largest sector of consumer goods. Although half of the consumer’s spending accounts for these “fast-selling packaged goods, they tend to be low investment purchases.

    Future of FMCG from a Global Point of View

    E-commerce has come across a latest trend of piling of FMCGs. Following reasons can be attribute to the sudden change in the behavior of consumers all over the world.

    • Lack of fresh products have compelled the users to depend on packaging items.
    • More over package foods are easier to stock.
    • Development of panic buying attitude as regards to essential commodities including common medicines.
    • Avoiding/closer of restaurants have driven consumers to their own kitchens.
    • Sanitary, hygienic and over the counter medicines have been added to the buying list.

    Global projections that the share of online FMCG sales would comprise 10% of the total market by 2025. It is likely to be vastly understated given the pandemic’s role as a catalyst for e-commerce growth in the FMCG and grocery space. Most FMCG companies have fogged a tie-up with delivering companies such as Zomato, Swiggy, Dominos,  Big Basket and Dunzo to ensure that their products reach their customer amidst this pandemic.

    But companies are claiming that even after this pandemic, this could stay as the normal trend. As people are being acquainted to online ordering. Not to mention the convenience of  home delivery. It is expected the sales through e-commerce to increase from 2-3% to 4-5% post pandemic.

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    Future of FMCG from a National Point of View

    The FMCG sector is expected to grow since people have shifted to e-commerce post this virus outbreak. Due to WHO guidelines regarding social distancing, unnecessary bars, shopping malls, retail shops, and markets are closed. People maintaining distance socially in order to stay safe are choosing to buy their necessities online, instead of going to their near Kirana store.

    People in India would normally do their grocery shopping from the retail shop near, where they would buy goods sold on loose, but now due to pandemic people are forced to shift to e-commerce. Now instead of buying wheat flour from the nearest cottage mill, one has to buy the packaged product.

    In India, there has been seen a significant purchase of these packaged products in rural and semi-urban areas. Whereas the urban cities have shown a decline in the purchase of these goods. Because of severe lock-downs and restrictions on manufacturing and maintaining social distancing and store closures among others have had a severe impact on the FMCG industry.

    India saw a heavy decline (about 6%) in the month of January 2020. Even with a steady increase in the consumption of dairy products and other essentials, this sector is still facing a crisis due to this pandemic.

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    The FMCG sector is the 4th largest sector in the Indian economy. It has basically 3 main segments under it with a consumption patter under:

    • Food and beverages (19%)
    • Healthcare  (31%)
    • Household and personal care (50%)
    chart showing consumption of different FMCG products
    chart showing consumption of different FMCG products

    In India however, slashing the optimistic 5-6% FMCG growth estimate made around April of this year, it is now said to remain the same. In the worst-case scenario, to shrink 1 percent.

    Of late, the FMCG sector in rural India has grown at a faster pace than its urban counterpart with FMCG products accounting for about half of total rural spending. Semi-urban and rural segments contribute over 40% of the overall revenues of the FMCG sector in India and with about 12% of the world’s population living in the villages of India, the Indian rural FMCG market is set to be a driving force for the industry at large.

    The FMCG sector is trying to supply to introduce smaller packages of goods that will match the low incomes of rural areas, in order to increase in accessibility even more.

    Some early shoots in the graph were seen in early June when the lock down was eased. 4.5% of the year on year value growth was seen in FMCG sales amidst this.

    However a potential future is seen in the third quarter and significant growth is expected in light of the arrival of the festive season ahead.

    But in long run, one can see FMCG has a potential future. This pandemic opened up the gates even to those who were skeptical before to use e-commerce before but now heavily dependent on them. This may be the next normal.

  • How Cryptocurrency is redefining the Future of Finance

    Cryptocurrency is a thriving ecosystem, encroaching on conventional territory and is redefining the Finance sector. Over the last few years, Bitcoin users and transactions have averaged a growth rate of nearly 60% annually. Similarly in private and public investors have deepened the commitment to cryptocurrencies including Ethereum, Ripple, and Stellar, and several others too.

    It started in 2009 with the release of bitcoin, which at that time was something new to most. But now everyone has heard of bitcoin and developed an interest in investing in cryptocurrency or starting a career as a trader has grown. Even though they do not have a long history, cryptocurrencies are attractive to many people.

    Teeka Tiwari, a former Wall Street trader turned into cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. It is his expertise to talk about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.

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    Which coins have a bright future?

    Bitcoin has been the biggest player in cryptocurrencies since the beginning. We can surely say that bitcoin is going to stay in the future. However, what would be the best coins in the future is an important question to answer. According to Yahoo, there are four cryptocurrencies to invest in 2020- Bitcoin, Etherium, NEO, and EOS.

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    In this case, Tiwari believes that there are five coins that will be great to invest. He believes that these coins could turn $500 in to as much as $5 million. He stresses that people have a fear that prevents them from investing but that fear has to overcome.

    Tiwari tries to motivate people to invest more and more in cryptocurrency to make profits. These are the last five coins he believes could turn $500 in to as much as $5 million.

    Investment in Cryptocurrency

    Why should You Invest in Cryptocurrencies?

    If you are thinking of investing in cryptocurrencies, it may be best to treat your investment in the same way you would treat any other highly speculative investment.

    Cryptocurrency has no intrinsic value. This makes it very prone to huge price swings, which in turn increases the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within six hours on April 11, 2013.18.

    You have to susceptible to that kind of volatility in this case. While opinion continues to be deeply debated about the merits of Bitcoin as an investment, supporters point to its limited supply and growing usage as value drivers, while detractors see it as just another speculative bubble.

    How Cryptocurrencies Are Enhancing Financial Freedom

    The Public opinion states that the traditional banking system often fails to address the needs of the masses during periods of political or cultural instability.

    The cryptocurrency ecosystem can continue to thrive during such periods. People can not only depend on these assets for everyday payments but also use them to reinvest. Here are some ways in which cryptocurrency can be used to achieve financial freedom.

    Growth of Crypto Assets
    Growth of Crypto Assets

    Price prediction

    While risking the wealth on trading can be quite risky, price prediction stands as a significantly safer alternative.

    Alluva is an app that allows users to predict crypto prices. Depending on the accuracy of the prediction, the platform rewards with a certain number of Alluva tokens (ALV). These tokens can later either be redeemed at partner websites, or traded for a different currency altogether.

    Even though by no means an exhaustive list of how one can achieve financial independence with cryptocurrency, it is a good starting point for someone that is new to the technology or looking for new ways to capitalize on their existing investment.

    Buying and Holding

    Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have market capital in the billions. Bitcoin was trading between $1 to $2 in 2011, its current price sits around $10,000.

    For people who are new to the crypto ecosystem, purchasing a small amount of these currencies and holding it for a few months is a viable strategy. Opening a new cryptocurrency wallet requires approval from a third party. If you have access to a smartphone or computer connected to the Internet, you can install and access a wallet within minutes.

    Airdrops

    New blockchain projects hand out a small number of free tokens to their followers and users. In the cryptocurrency industry, this marketing practice is called as an airdrop. The idea is that users are more motivated to try out a new service if they do not have to spend any money on it. Surprisingly, a large number of the tokens have real-world value, so you can simply trade them for another cryptocurrency or fiat currency instead of using them.

    Day trading

    Cryptocurrencies are traded on exchanges, which function similarly to those found in global equity markets. If you have a liking for technical or fundamental analysis and believe that you have good skills regarding the cryptocurrency market, this approach can be highly profitable. Day trading can be a risky endeavor given that some tokens can experience brief periods of high volatility now and then.

    Initial Coin Offerings

    By participating in an Initial Coin Offering, one becomes an investor in one such project at an early stage. Unlike listing, most ICOs are open to public investment.

    Many major cryptocurrencies, including Ethereum, started as an ICO at some point and have delivered high returns in a few short years. However, it is very important to understand the project behind an ICO and undertake due diligence before any investment to ensure that you avoid scams.

    Mining

    Mining is the process of using computational power to verify transactions and create new units of cryptocurrency. Some cryptocurrencies such as Bitcoin cannot be mined using consumer hardware, others like Ethereum and Zcash can. Mining can be quite profitable, it does require some amount of investment in the form of hardware. The good news is that mining generates revenue, requiring little attention on your part.

    Staking

    Certain cryptocurrencies have adopted the concept of staking to verify transactions instead of mining. The approach allows holders to earn interest on their tokens as a reward for securing the network. Staking typically requires you to lock up a certain number of tokens in a live wallet. The more tokens are stake, the higher the reward. Also, there is no need to purchase expensive hardware.

    Conclusion

    A cryptocurrency aspires to become part of the mainstream financial system. While that possibility may not difficult to happen, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.

  • YouTube vs Vimeo: A Detailed Comparison

    When it comes to making and posting videos online, YouTube and Vimeo are the two most popular platforms in the market. That’s why the question is often asked about YouTube vs Vimeo, which one is better? They are both amazing video sharing platforms with their respective advantages and disadvantages.

    By 2019, video content is predicted to command about 80% of all web traffic. The businesses have to start thinking about how video fits into the long-term marketing strategy and attracting more and more audience, taking it seriously will help the business grow.

    Before diving into making videos, it’s important to figure out where one is going to host them. YouTube is the largest video hosting platform on the web, but it might not be the best choice for every business.

    YouTube has a monopoly over the video-sharing industry and only recently has other services such as Facebook, Instagram and Netflix have risen to pose as a threat. With over 300 hours worth of video being uploaded to the site every minute, YouTube might look virtually indefatigable in the video-sharing space. YouTube also gets over 1.9 billion monthly active users to its site, making it one of the most visited websites in the world.

    Compared to YouTube, Vimeo’s stats look tiny. But Vimeo has been around for longer than YouTube and managed to thrive amongst the heavy competition.

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    YouTube vs Vimeo: Which Platform should be used for Business

    YouTube Vimeo
    YouTube was founded in 2005 Vimoe was founded in 2004
    YouTube acts more as a medium where anyone can upload and share their videos Vimeo is more focused on artists and companies looking to showcase their content
    YouTube is used to make the content widely visible Visibility in Vimeo is lower than all measures
    YouTube thrives on ads in between or starting of the video Vimoe does not run video ads. Nothing will interrrupt viewer’s video
    Large mix of users, don’t always get constructive comments or feedback Mostly mature community on Vimeo offer constructive feedback
    Cannot replace a video with a new version and maintain analytics, but one can trim Creator can update or replace a video without loosing any stats
    YouTube can schedule release times, unlisted & private options It has Password protected option, plus many more

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    If one wants to directly upload the videos to a blog, it might be not feasible as some blog sites are not designed to stream videos.

    Videos are large files and most hosting providers don’t offer servers optimized for video streaming. If multiple users access videos on the website at once, then this could crash the server.

    On top of that, each user has a different type of internet connection. The high quality videos will take forever to load on slower internet connections.

    On the other hand, video hosting platforms like YouTube and Vimeo are designed to serve videos. They have server technology and  to offer a far superior video streaming experience.

    YouTube vs Vimeo: Which one is better?

    Detailed Comparison Between YouTube and Vimeo

    Pricing

    YouTube and Vimeo both are profit-making companies. Their pricing options are based on how they make money.

    YouTube

    YouTube is free. Because they make money by showing advertisements. The advertisements are displayed inside the video, in the sidebar, and inside the YouTube app. It offers a paid subscription called YouTube Red for viewers. This service allows us to get rid of advertisements as well as access YouTube original shows.

    However, as a content creator one will be able to upload as many videos as he likes for free. Initially, YouTube won’t allow uploading videos longer than 15 minutes. However, the limit is increased by verifying the account.

    Vimeo

    Vimeo’s business model is quite different than YouTube. They make their money by selling a video hosting services, so publishers and businesses can offer their users an ad free viewing experience. It offers a range of pricing plans starting with the free plan, which is limited to 500 MB of storage per week and 25GB per year.

    Users can join Vimeo Plus, Pro, or Business plans. Each one of them offers different upload limits and features. A Free plan is quite limited in terms of storage and features. Users can start with Vimeo Plus, it costs $7 per month and will provide with 5 GB of storage per week.

    YouTube vs Vimeo
    YouTube vs Vimeo

    User base & SEO

    YouTube

    YouTube is the most visited site in the US and is among the top three worldwide. YouTube has a massive user base and currently has over 1.9 billion monthly active users. Also, YouTube being a Google product means that the users have access to the SEO tools and analytics that Google has to offer for free.

    Vimeo

    Vimeo currently is the third most popular video site on the internet, just under YouTube and Netflix. Vimeo has only 170 million monthly active users. It is a fraction of YouTube’s monthly active users, but it has 90 million registered users under its various subscription plans. This is not shabby considering the number of monthly users using the platform.

    Vimeo also provides its members with precise analytics, SEO tools, and insights stats on views, comments, likes, shares, total plays, and geographical data. But it is only the paid plans that receive to access them.

    Branding & Community

    YouTube

    YouTube is more of a place where anyone can upload their videos and be able to share it with the rest of the world. YouTube can take down videos even without notice in case it violates their changing policies. YouTube also doesn’t focus much on what content is being uploaded – as long as it does not violate any of YouTube’s policies, it is allowed to be uploaded to YouTube.

    This is reflected in YouTube’s community and ecosystem as well. You’ll be hard-pressed to find comments that don’t verge on being either too fanboyish or too hateful. That is not to say you won’t be able to get useful or constructive feedback – a diverse group of people use YouTube and for various reasons, which makes obtaining it that much harder.

    Vimeo

    Vimeo has established itself as the place to be if you’re wanting to share your art with the rest of the like-minded community. Users tend to prefer Vimeo in case they are looking for some high-quality content. This also might be because the fee for accounts with larger upload caps acts as a filter,  stopping just about anyone from posting on Vimeo.

    This makes Vimeo’s community quite the perfect place to obtain constructive criticism and gets noticed in the professional community. Many companies and brands also tend to prefer uploading their videos on Vimeo first and then to YouTube because of the stability the former offers.

    Wrap up

    Nothing can stop anyone from using both the sites, depending on the aims for each video. Probably a better idea would be to create a free account with both Vimeo and YouTube and experience both the platforms and see which best suits the aims of your business.

  • Its Gin time! Gin revolution in India

    When we talk about Gin, the first thing that comes in our mind is the commercial shot by Hugh Jackman and Ryan Reynolds(who owns a stake in Aviation American Gin) in 2019. The video gained a really broad engagement and fan base for its creativity.

    Earlier, Gin had the tiniest section on the bar menu now has backed a wide section. Liquor lovers are indeed experiencing the Gin Revolution in India. Thanks to the increased demand for it, bar menus now feature global and homegrown craft gins. The main ingredient in the gin-making process is the juniper and while India does grow some, most of the brands source them from Europe.

    But having said that India has a wealth of herbs from coriander, clove, lemons and few hundred more that are used in gins. It is a unique collection of ingredients that makes Indian gins interesting.

    In India, gin has an interesting history. Having relatively fewer drinkers compared to whiskey and rum, gin, up until a few years ago, was considered as imported bottles of Bombay Sapphire, Tanqueray, and Scotland-produced Hendrick’s.

    Ironically, to our surprise, the world-famous gin and tonic drink was originally created in India by the British East India Company to make quinine, a medicinal herb used as an antimalarial drug more palatable and sustainable.

    Indian soldiers were assigned a gin ration, and the alcohol slowly gained an audience in the country. Post-independence, with a sharp focus on being self-sufficient and the importance given to ‘swadeshi’ products, gin was left to perish on the fringes and anything that circulated in the country was shipped over from England.

    Revolution of Gin

    There has been a notable revolution in the manufacturing and consumption of Gin in India. Gin currently forms only 1 percent of the 3 billion liters of alcohol consumed in India, per year, according to estimates shared by the organizations. It is expected to report revenue of $1.76 billion in India in 2020, and grow by a CAGR of 10.6 percent, as per Statista’s evaluation. The data as of now, the per capita consumption of gin in India stands at about 0.3 liters, Statista reported, adding that when adjusted for COVID-19, revenue from gin is expected to grow 14.2 percent in 2021.

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    India’s gin was practically non-existent. This refreshing wave of craft gin-making and consuming in India is barely a year old but it’s already cementing itself as something we can depend on to grow beyond the ebb and flow of trends. There are currently only three craft gins in the country. But thanks to the hard work of some serious tipplers, the country now has ten gins to crack open and enjoy.

    India got its very first version with Anand Virmani and Vaibhav Singh, the duo behind Nao Spirits who took it upon themselves to introduce an affordable indigenous alternative called Greater Than in January 2018.

    In the year 2018 itself, Stranger & Sons (started a Startup) made its debut as another local gin to watch, featuring eight locally sourced botanicals. Moreover, a lot of classic gin cocktails such as the Gimlet and Last Word have been making a legit comeback, and Indian bartenders are cashing in on the trend creatively concocting their signature drinks using different liquor combinations.

    Gin Brands in India

    Made in India Gins!

    With each Indian state having unique botanicals, culinary idiosyncrasies, preferences, and individual heritages that can be harnessed to create compelling narratives and flavour combinations – it’s a mystery as to why there hasn’t been more already. There’s so much to delve into, so much to explore for Gin makers. India is a region that is almost bound to create truly spectacular spirits should a craft revolution begin there.

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    Jaisalmer Indian Craft Gin

    Made from a blend of botanicals such as lemongrass, Darjeeling Green Tea, citrus peels, juniper and other Indian herbs, Jaisalmer Gin is manufactured by Radico Khaitan in their Rampur distillery. The gin is a triple-distilled neutral grain spirit, re-distilled in a traditional copper pot still.

    The spirit was launched internationally in late 2018, before it launched in India later 2019. Jaisalmer Indian Craft Gin was awarded the Best Gin Gold Medal 2020 by The Fifty Best, USA and also ranked Best in Asia 2019 by The Gin Guide Awards, UK. The gin is available in duty-free stores in India and in Delhi NCR and Goa.

    Indian Gin Market Opportunity Analysis
    Indian Gin Market Opportunity Analysis

    Samsara

    Distilled in the classic London Dry method using eleven botanicals organic hemp seeds, rose petals, vetiver grass, green cardamom and juniper berries. Saṃsara is a floral and citrusy gin with a hint of spicy earthiness.

    The main ingredient, juniper, is sourced from Macedonia, but the other botanicals, such as Indian blood oranges, cassia bark, angelica root and rose petals, are procured from farms and organisations across India., Saṃsara is the first offering from the house of Spaceman & Company, founded by former PricewaterhouseCoopers associate, Aditya Aggarwal. Saṃsara will be available in Goa this September and in New York, Los Angeles and Chicago later this year.

    Terai

    Manufactured by the India Craft Spirit Company owned by the Swarups of Globus Spirits. Terai is the family’s first venture into the Craft spirit arena. “India has a history that’s full of tales of feasts and celebrations. We wanted to create a product that draws from this history without being ‘exotically Indian’,” explains founder Shekar Swarup.

    The result is an attractive product that draws on temple architecture, numismatics and handicrafts for its design and plays with Indian flavours in a less than obvious manner. Swarup distilled the first few experimental batches, and then roped in Singapore’s expert consultants Proof & Co to weigh in on the final recipe. Terai is available in Delhi NCR and will hopefully be accessible across major metros soon.

    Tickle Gin

    From the makers of the famous coconut rum Cabo comes Tickle Gin, a dry gin from the state of Goa. There’s Himalayan juniper, orange peel, cardamom, cinnamon, coriander seeds, clove and even black pepper grown in the factory plantation of Adinco Distilleries. The gin is juniper forward with pepper and cardamom notes on the palate.

    Tickle is produced using the cold extraction method, which Adinco Director Solomon Diniz tells CNT “helps maintain the characteristics of the spices in the gin and allows the spirit to be infused with a certain freshness”. It is currently available in Goa, and later this month, in Mumbai, Bengaluru and Pune.

    Wrap up

    Gin producers everywhere will benefit from a huge surge of interest from a market with potentially tens of millions of drinkers, but the exports that emerge, assuming they are the best of what will be created, will have both financial muscle and complex brands rich with engaging identities, stories and layers that will rival many on the international stage.

  • YouTube history: How the video-sharing website became so popular

    History of something now established is really interesting to read about. One of the interesting topics is History of YouTube, a video-sharing website on the internet. There are tons of intriguing data and stats to be learned about YouTube. It has been 15 years since its inception and it is still going viral and is popular.

    YouTube was originally founded in 2005 by Chad Hurley, Steve Chen and Jawed Karim, who were all former employees of Paypal. Hurley studied design at Indiana University of Pennsylvania, Chen and Karim together studied computer science at the University of Illinois. It was developed as a platform for anyone to post videos of their choice, option of sharing them was also provided. The primary goal was that users could use the site to upload, share, and view content without restriction.

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    Brief History of YouTube

    The original concept was to develop a dating website called Tune In, Hook Up, which allowed users to post videos of themselves for others to view and decide whether or not to go on a date with them. However, no one was willing to participate in it and it eventually failed.

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    But the idea of uploading a video was up and when the group had discussed about how difficult it was to find a video online of Janet Jackson’s infamous wardrobe malfunction, during the 2004 Superbowl Halftime show, a concept began to form.

    Knowing that a video-sharing platform wasn’t into picture yet, the team jumped into the market and the name of “Tune In Hook Up” was changed to “YouTube”. An internet phenomenon was born that year.

    On April 23rd 2005, the first ever YouTube video was posted. It was an 18 second clip of one of the founder Jawed Karim standing in front of elephants at the zoo, it was entitled as Me at the zoo.

    Later, in September 2005, a Nike promo video of Brazilian football star, Ronaldinho showing of his ball juggling skills became the first YouTube video to get around a million views. From that event, YouTube exploded and the finances began rolling in.

    Growth in YouTube Revenue
    Growth in YouTube Revenue 

    Currently, it has over 2 billion monthly users who watch hundreds or thousands of hours of video content in a flow. How did YouTube become such huge independent platform over the passage of time?

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    Initially, the site opened on a limited/small scale basis in May 2005, it managed to attract around 30,000 visitors per day. YouTube was officially launched on December 15, 2005 and it was serving more than 2 million video views each day, proving its overall huge growth. By January 2006 that number rose to more than 25 million views. The number of videos at the site crossed around 25 million in March 2006, with more than 20,000 new videos uploaded on a daily basis. In early 2006, YouTube was serving more than 100 million videos per day, and the number of videos being uploaded to the site showed no sign of slowing down.

    It has since grown to become one of the most successful video distribution sites in the world. Today, many YouTubers make a decent living by selling ad space before or on videos they create and upload onto the site.

    Some unprecedented events took place in the way of its growth. The unforeseen growth in views/visitors at YouTube created its own set of problems. The company started buying more computer equipment and more connections to the Internet. YouTube was forced to allocate more financial resources for potential litigation, as many media companies discovered that some of the videos uploaded on YouTube contained copyrighted issues. With limited success in commercializing its Web site or containing its growing costs, YouTube began looking for a buyer.

    Hence, after 18 months, the company was bought by the Internet God itself, Google for $1.65 billion in stock. YouTube went from amateur video sharing application to the powerhouse of the video content, giving birth to the pioneers like The Smosh Brothers and PewDiePie.

    Through years of refinement, Google began to embed targeted advertising directly into the video clips that its users watched and also promoting the featured content. This was later replaced by playing paid ads before a video began.

    The company has also recently added the two-ads feature, which shows two ads at once to boost up potential revenue from the content. But this is not the only revenue source for the platform. YouTube also pulls in money through its subscriber based model, now called YouTube Premium (previously: YouTube Red), Music Premium service and paid TV service.

    This service offers users exclusive benefits, like removing ads, and charges subscribers a regular subscription fee.

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    • Compensation make creators satisfies and increase their loyalty to the platform as it facilitates a healthy amount of competition by providing newer, smaller-scale creators something to strive for
    • YouTube currently offer three awards as a token of Recognition for their creators for reaching certain milestones- a Silver Play Button (1 lakh Subscribers), a Gold Play Button (1 million Subscribers) and a Diamond Play Button (10 million Subscribers).
    • YouTube has wide and content variety on its platform which keeps the viewers by the edge of their seat and explore more.
    • Maintaining close connection with the audience has given a greatest push to viewers to reply on this platform.
    History of YouTube

    Some interesting facts about YouTube

    • Me at the zoo is still searchable on YouTube, it now has over 30,000,000 views and 450,000 likes.
    • YouTube was founded on Valentine’s Day in 2005.
    • The “You” represents that the content is created by user and not generated by the site and “Tube” is an older original term for television.
    • It is now present in more than 75 countries and available in 61 languages, with hundreds of hours of video content uploaded every minute!
    • YouTube has a fun Easter egg that will let you change the color of the progress bar if you type “awesome” on the window, for that the video has to be paused.
    • YouTube had pranked its millions of users every April Fools Day in the past, the first was a video on the site’s homepage which was actually a Rickroll.

    Considering the YouTube’s size, dominance, wide acceptance of content creators and market occupations, it is unlikely to fade away any time soon. It has set a milestone in the digital industry.

  • Causes of fluctuations in Oil prices and its impact on economy

    Oil prices fluctuate quickly in response to new cycles, policy changes, and fluctuations in the world trades and it impacts the economy in certain ways . The recent change in oil prices has been driven by a number of factors which includes several years of upward surprises in the production of unconventional oil, weakening global demand, unwinding of some geopolitical risks and an upliftment of the U.S. dollar. Oil prices are also influenced by a variety of factors that are particularly responsible for the decisions made about output by OPEC, the Organization of Petroleum Exporting Countries. Oil, a commodity which tends to see larger fluctuations in price than more stable investments such as stocks and bonds.

    Like any other market product, the laws of product’s supply and demand influence its prices. The retainment of stable demand and oversupply has put pressure on Oil prices over the last five years.

    The drastic fall in oil prices since June 2014 is a significant but not a new event. Over the past three decades, the oil price declines of 30% or more in less than a year period occurred, coinciding with major changes in the global economy and oil markets. Natural disasters that could entirely disrupt production and political unrest in an oil-producing industries like the Middle East impacting its pricing.

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    How Oil prices are determined?

    All the relative factors of change in Oil prices is difficult to systematically pin down. Empirical estimates also indicate that supply factors have accounted for the greater share of the latest plunge in oil prices. Although the supply capacity of relatively high-cost and flexible producers, such as shale oil industries in the US, will need to adjust to lower prices. Most of the important factors point to lower oil prices with considerable volatility in global oil markets.

    Demand and Supply

    Like all the other commodities, the oil prices are also set by the study of demand and supply. The price of oil is actually fixed in the oil futures market. The oil futures contract is an agreement that gives one the right to purchase oil by the barrel at a predefined price on a particular set date in the future. Under a futures contract, both the buyer and seller are obligated to fulfill their side of the transaction on the specified date.

    Market sentiment

    One of the key factors in determining oil prices is sentiment. The mere belief that demand of Oil will increase dramatically in the future can result in a dramatic increase in Oil prices in the present, as speculators or hedgers alike snap up oil futures contracts. The opposite of this situation is also true. The belief that oil demand will decrease at some point in the near future can result in a dramatic decrease in oil prices in the present, which means that prices can fluctuate little more than market psychology at times.

    Natural Disasters

    Natural disasters are one of the factors that can determine oil prices. For instance, when Hurricane Katrina devastated the U.S. in 2005, affecting almost 20% of the U.S. oil supply, it caused the price per barrel of oil to rise by $13.56. In May 2011, the flooding of the Mississippi River also led to oil price fluctuation.

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    Causes of fluctuations in Oil prices

    Fluctuations in Oil prices
    Fluctuations in Oil prices

    Weather

    If the weather is too windy, the oil rigs and transport facilities in the US Gulf are likely to shut down or may even suffer damage. If there occurs loss of oil production, this may lead to higher oil prices because the region’s refineries, which depend on the Gulf’s output, are forced to seek crude oil elsewhere. Meanwhile, cold temperatures mean that the pipelines cannot be switched off, it is one of the reasons why it is difficult for Russia to support OPEC in cutting production during its winter.

    Extreme Warm and cold temperatures, especially for prolonged periods, can dramatically increase the demand for crude and heating oil for cooling and heating, respectively, as opposed to the softening effect of more moderate temperatures. If the climate is particularly hot then more crude oil is used in power generation, resulting in less available to be exported.

    The US dollar

    Most internationally traded commodities, even oil is priced in US dollars. The decrease in the value of the US dollar relative to a commodity buyer’s currency means that the buyer will need to spend less of their own country’s currency to buy a given amount of the commodity. As the commodity becomes less expensive, demand for the commodity rises, resulting increase in the price and vice versa.The relationship between oil prices and the US dollar works both ways.

    A weaker dollar can also act as a disincentive to producers to increase output. Depreciation in the US dollar against the Russian ruble can reduce profit margins for oil companies in Russia. All of the oil producers revenues will be received in US dollars, which will buy less rubles, but some proportion of the costs will be denominated in rubles and will remain constant. Hence, the prospect of a lower profit margin acts as an incentive to decrease the supply of oil.

    War and conflict

    A look at a simple oil price chart back to the 1970s reveals a series of bumps. Each of these can be pinpointed to wars and conflicts, whether it was the Iranian revolution, the Iraqi invasion of Kuwait or the US-led invasion of Iraq in the second Gulf War. Recently, Arab related uprisings in Libya or Egypt have also affected the oil price.

    Looking at the chart of first Gulf War is a good case study. The invasion of Kuwait by Iraq caused prices to plunge higher but then as soon as the US led invasion started oil prices fell back on speculation that the conflict would be brought to a concrete conclusion and that the military would secure oil manufacturing facilities.

    OPEC supply

    A statement of intent can often be enough to influence sentiment and result in higher prices during a period of weakness. Despite the influence, OPEC have a poor record of sticking with their agreements. The conflict between members and non-OPEC producers means that there is an incentive for individual members to overproduce.

    Unplanned outages

    Possible reasons of Unplanned outages include the weather, maintenance or civil unrest, etc.

    Stocks/Inventories

    Stocks act as a form of extras for both producers and consumers of a commodity. Falling stock levels, however, make a particular commodity market more vulnerable to an unanticipated disruption to supply or a sudden increase in demand. There is an inverse relation between stock levels and the price of oil.

    Impact of change in Oil prices

    Impact on Economy

    Monthly oil prices from 1990 to early 2008, using the spot oil price for West Texas intermediate and the U.S. retail gasoline price. The series track each other closely over time, increase in oil prices are accompanied by increase in gasoline prices.

    Global demand for oil has been sky-rocketing, outpacing any gains in oil production and excess capacity. The reason behind is that developing nations, especially China and India, have been growing rapidly. These countries have become increasingly industrialized, which contributed to an increase in the world demand for oil. Addition to it, in recent years fears of supply disruptions have been spurred by turmoil in oil-producing countries such as Nigeria, Venezuela, Iraq, and Iran.

    The astoundingly sharp increase in the price of oil in the last half of 2007 and first half of 2008 has led many to argue that increased speculation in markets has played a role and there is evidence of increased activity in these markets. However, the speculation is playing a role in high oil prices is open to debate. It is even useful to remember that both the demand and supply of oil react sluggishly to changes in prices in the short run, so very large changes in prices can be required to acquire equilibrium.

  • Cracking the code of growth in Automatic car sales

    Historically, people used to prefer manual cars for the feel. And lack of traffic could also be the reason for not adapting automatic cars. But through the passage of time, the manufactures realized that the change in the system is necessary to adapt to the evolving world.

    Generally, users prefer things that are convenient and easy to handle. Driving a car is a perfect analogy. With proper training, it’s easier to learn how to drive a car with an automatic transmission. Not only that, it allows people to speak on their phones if urgent, search for music, or look at their GPS all while driving in the driver’s seat (mostly should avoid these things). When you keep on shifting the gears into heavy traffic, that increases the risk of meeting with an accident due to distracted attention. The automatic transmission car helps in decrease of confusion while driving and also reduce the tension. Hence, the growth in sales of Automatic car is tremendous.

    History of Automatic Transmission

    Users were initially dedicated towards driving the manual car. Even now some of them follow the ancient belief, which were similar in principle to today’s stick-shift vehicles. The first automatic car was invented by a Canadian steam engineer, Alfred Horner Munro in 1921. The technology came along at an exciting time in history as Americans were celebrating the victory of WW2 and building up steam for the post-war boom.

    The first automatic transmission design using hydraulic fluid was developed in 1932 by two Brazilian engineers, which was later sold to General Motors. One of the primordial examples of hydraulic fully automatic transmission is the Hydramatic, developed by General Motors in 1932.

    The most remarkable improvements in automatic transmission car design till date are the number of forward gears transmissions it currently consists. The switch from mechanically to electronically controlled transmission operations efficiently for the drivers. Mechanically controlled automatic transmissions have reached their limit in terms of future improvements while electronically controlled automatic gearboxes have only touched the surface of the possibilities.

    Then the 1948 Oldsmobile was the first model to use a true automatic transmission. By the time of 1950, the automatic transmission was ascended to the North American market and continued to grow in abundance till this day.

    Automatic transmission, especially, have some impressive features and capabilities. First of all, they’re often quicker for acceleration in comparison to manual. Automatic transmissions are completely in sync with these systems. The systems last longer, shift faster, and do a better job of keeping the vehicle performance up to the mark for the conditions you’re driving in.

    The working of Automatic Car

    Why should you choose Automatic Car

    There are numerous advantages of Automatic transmission cars in the modern world.

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    The primary advantage of an automatic transmission to the driver is there is no clutch pedal and manual shift pattern like there is in normal driving. This allows the user to drive or manage the car with as few as two limbs, it also allows individuals with disabilities to enjoy driving.

    Automatic transmission also reduces the attention and greater effort required inside the cabin, such as monitoring the tachometer and taking a hand off the wheel, allowing the driver to ideally keep both the hands on the wheel at all times and to focus completely more on the road. This gives an experience of driving leisurely and carefully at the same time to the driver.

    Control of the car at low speed is lot more easier with an automatic transmission cars. As these cars does not have any clutches,this condition makes the car to move slowly either forward or reverse on its own while in a driving gear called idle creep, even at idle. Because it never really disengages.

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    The automatic transmission parts of many vehicles have the same or better miles-per-gallon than the manual models.

    The younger generations are more into driving a Automatic transmission car, as they tend to learn the most advanced one. There is really no economic reason to choose manual, since automatics are far more widely available. After all, the car dealers wouldn’t keep a large stock of manual vehicles if no one is really interested to buy them. Technological advances are made for smoother and affordable driving experience in an automatic.

    If you live in a metropolitan cities where engaging in traffic is a casual fact of life, constantly shifting gears to stop and start really gets annoying. Even if you live in a smaller town or city, you would drive shorter trips or halt for multiple stops. Therefore, automatic cars are easier to operate with frequent use.

    Automatic Transmission cars
    Automatic Transmission cars

    Growth of automatic sales in India

    Automatic transmission cars have become a more dominant segment in recent years. The factor behind the drifting away from manuals is the growing number of women drivers in India, who are majorly comfortable with Automatic transmission. Hence, there’s greater demand for automatic transmission models, which makes up about 25 % to 30% of total sales.

    This has led to companies like Renault, Datsun, Hyundai and Tata Motors to follow suit and launch their own Automatic transmission version in their cars.

    The percentage sales of automatic transmission in overall car sales has increased from under 5% before 2014 to around 12% today. By 2025, the share of Automatic cars alone in the overall car market is expected to rise to at least 20%.

    There is immense growth of Automatic Transmission in India. Maruti Suzuki is committed and working on bringing the best of automatic technology to the Indian market. It has sold over 5 lakh cars with automatic transmissions since 2014.

    At Volkswagen, one in every three cars that it sells in India is an Automatic Transmission model.

    Volvo Cars operates in the luxury car segment. All of the cars are automatic by default that are sold in India.

    At Tata Motors, the automatic car sales goes around 25% of the sales of those models where the automatic transmission option is available.

    According to a report, the automatic car sales would take up around 15% of the total sales, which is inclusive of manual cars too.

    Growth of Automatic Transmission cars
    Growth of Automatic Transmission cars

    Some of the best Automatic cars in India are:

    • Maruti Suzuki Swift AMT, Maruti Suzuki Celerio
    • Baleno CVT which provides a variety of features for low cost and also decent driving experience.
    • Glanza CVT which is an Automatic transmission from Toyota.
    • Hyundai Grand i10 Nios AMT  
    • Hyundai i20 and Honda Jazz
    • Tata Tiago and Tigor AMTs are both value for money providing driving experience with decent amount of features. Can also wait for Tata Altroz AMT
    • Ford Figo Ti-VCT AT

  • Impact of COVID-19 on Oil Industry

    As everyone is aware of the COVID-19 situation the world is facing right now. On the brink of this cliff, we can just hope that everything goes back to normal. Into the list of unprecedented victims, the Oil Industry has been added to it successfully. The chaotic change in the prices of Oil during COVID-19 outbreak is like adding fuel to the fire.  

    The recent news about Super Contago(when the space to store the tangible products is running out due to excess supply) has shook the world inside out. This pandemic is going to be near about compared with the 2008 depression.

    The surge in supply of crude oil was due to lack of demand across the world. The world implementing complete lockdown has brought the global Oil Industries to an acute dearth of available storage facilities. The sudden termination in the utility of the fuels has worsened the situation. Oil Industries were already under pressure from lower oil and fuel prices because of a warm winter even before the COVID-19 outbreak and the price war between Saudi Arabia and Russia.

    For the first time in history, WTI crude oil prices fell below $0 per barrel and entered into the negative territory.

    As there is no early hope of how to recover from this situation in the near future, the key issue of Oil inventory storage is likely to remain. If the Oil and fuels are stored at the pennies, the non-Saudi shale companies would have to pay to dispose the excess stock off. And as a result, they may have to further narrow the rate of production by shutting down their rigs and oil wells to avoid plunging into deeper financial troubles.

    Reasons of decline in Oil Industry due to COVID-19

    With history and the growing tension between the USA and Saudi Arabia regarding the Oil prices and the export business. The shale players were already tested with their limits even before the pandemic. COVID-19 is not the major reason why Oil prices are falling.

    • The world i.e. direct or indirect dealers in Oil market are either tested positive of COVID-19 or too cautious to take a physical step forward.
    • The interested dealers reside in an area which have been quarantined or are facing national lockdown.

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    Actual Effects on Oil Industries worldwide

    Surge in oil prices can reduce demand for other goods because they reduce wealth, as well as induce sheer uncertainty about the future. The rise in Oil price can also suppress the growth of the economy through their effect on the supply and demand for goods other than oil.

    Iran faced a decline in oil prices. The majority of revenue took a hit due to the unexpected outbreak of COVID-19. The price of Iran’s heavy crude plummeted to below $14/barrel down from $44 or more per barrel in February. It also had to allow it’s buyers to come directly with it’s tankers to it’s refineries, plug in and fill up. Thus removing transit fee, insurance and whatever maritime indemnity from the cost of each barrel.

    Iran and Iraq want to produce enough to satisfy their markets by offering to produce more to gain new markets, and deliver through their own agents. But the problem here missed is, an offer in the international market doesn’t happen overnight.

    Saudi Arabia cuts down the price oil in a day since the 1991 Gulf War, estimating the prices further could fall $20 a barrel. Whereas, Saudi Arabia needs oil prices at around $82 to balance the market.

    Angola, Algeria and Venezuala are suffering the most by loosing around 85% of their oil and gas revenue this year.

    The dispute between tow biggest oil producers which are Saudi Arabia and Russia has pushed the oil prices in four years.

    China, the world’s biggest oil importer, is now consuming much less oil and energy due to disruption in the manufacturing industries. Moreover, Countries would rather stock up the bottles of fresh water, poultry products, meat, vegetables, pharmaceuticals and other necessities rather than burning fuel.

    Graph of oil prices over the passage of years
    Graph of oil prices over the passage of years

    OPEC members and its allies finally agreed to make a deal to slash global output by about 10%. Therefore, the deal led to largest cut in oil production ever.

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    How does change in Oil prices affect India?

    There are number of ways we can look into this due to the slump in oil prices.

    Impact of Oil prices on Indian Economy

    Almost 85% of oil is imported from the big oil industries. Low oil prices reduces India’s import bills and it can also give space to the government to increase fuel taxes, offsetting low direct tax collection. Furthermore, low oil and petroleum costs also bring down the energy prices, moderating the inflation rate. “India being a net oil import contributor tends to gain immensely from oil prices drop on its import bill,” Madhavi Arora, Economist.

    Indian Economy has a possibility of getting a hike of 1.4% points GDP.

    It is interesting to mark that the prices for retailers/investors have not been reduced since the government is using the buffer amount to fund its expenses. However, once the lockdown comes to an end, the government faces increased pressure to reduce the fuel prices for consumers.

    However, the oil industries are in deep trouble due to terrific crash in demand. Dealers and Refiners imported a tons of crude oil before price crash resulting heavy inventory losses, with negligible sales revenue and repeating the cycle.

    An add on to this fiasco, from a consumer’s point of view, is that reduced oil prices help in slowing inflation. Also, there are many possible ways to measure real oil prices, depending on which measure of inflation you use.