India wants air conditioners to be made with milder temperature settings to save energy
The power minister proposed a rule in June requiring air conditioners sold in the country to have thermostats that can be set no lower than 20 Celsius (68 Fahrenheit).
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Yahoo
10 minutes ago
- Yahoo
Even Salman Khan couldn't save India's crypto scene
Even Salman Khan couldn't save India's crypto scene originally appeared on TheStreet. For two years running, India has topped the world in grassroots crypto adoption, according to Chainalysis. Estimates suggest between 90 and 100 million Indians have owned or used cryptocurrency — roughly 6 to 7% of the country's 1.4 billion people. The only country to see higher crypto trading volumes over that period? The United States. On paper, India looks like a crypto powerhouse. In reality, the market is suffocating. Trading volumes on Indian exchanges have cratered since the government introduced a punishing tax regime in 2022: a flat 30% tax on gains, no offsetting losses, and a 1% tax deducted at source (TDS) on every trade. The industry operates in a gray zone — not banned, but not officially recognized as legal tender — with the Reserve Bank of India maintaining a skeptical stance, as per CNBC TV18. The result is a curious paradox: millions of Indians hold crypto, but much of the real trading action has gone offshore. Those who remain in the domestic market often find themselves trapped between enthusiasm and exhaustion. And if there was ever a project to bridge India's pop culture dominance with its crypto curiosity, it was BollyCoin. Bollywood meets the blockchain In 2021, filmmaker Atul Agnihotri — with none other than Salman Khan as the face of the brand — launched BollyCoin with the promise to 'bring Bollywood to the blockchain.' The concept was irresistible: digital collectibles from classic Hindi films, official partnerships with production houses like Salman Khan Films and Arbaaz Khan Productions, and the megastar himself posting, 'Kya aap excited ho? [Are you excited] Salman Khan Static NFTs coming on @bollycoin'. Fans were. Reports show BollyCoin sold its entire pre-sale of 20 million tokens in just 30 days, raising about $2 million. Its first NFT drop featured scenes and assets from the Dabangg franchise, one of Salman's biggest hits. The token (BOLLY) ran on Ethereum's ERC-20 standard and later bridged to Polygon for lower transaction fees. The total supply was set at 100 million, and holders could use BOLLY tokens to buy NFTs on the platform. In 2022, the team introduced a 'lock-in' staking scheme where holders could lock tokens for up to 24 months in exchange for monthly USDT payouts. They even launched a 'Bolly Council' governance system, allowing the community to vote on project direction. For a while, it worked. BollyCoin was the perfect storm of Bollywood glamor and blockchain hype. Until it wasn't. At press time, BollyCoin's official website was defunct. The last post made by the project on their Instagram account dates back to July 2024. Fade to black Within a year, marketplace trading volumes collapsed, and the BOLLY token lost more than 90% of its value. By late 2022, the dream of Bollywood's NFT empire had evaporated. It wasn't alone. In the same year, the cricket-themed NFT platform Rario, backed by cricket legend Sachin Tendulkar, was riding high on fan engagement. Players like Arshdeep Singh even launched their own digital collectibles on Rario. But with the NFT market's global cooldown and India's domestic tax squeeze, momentum faded fast. Other Indian crypto ventures met a similar fate. NanoHealthCare Token (NHCT), launched in 2018 to revolutionize healthcare with blockchain, was abandoned by April 2020. By 2023, dozens of play-to-earn gaming projects had shuttered after failing to sustain token economies. TheStreet Roundtable reached out to both Rario and BollyCoin for comment but had not received a response by the time of publication. The failures aren't just about bad business models — they're about operating in an environment designed to discourage crypto innovation. The regulatory squeeze Since April 2022, every crypto transaction in India — even swapping one coin for another — has attracted a 1% TDS. The 30% tax on profits mirrors the highest slab rate for gambling winnings. Losses can't be offset against gains, meaning one bad trade can erase the benefit of several good ones for tax purposes. The government defends these rules as necessary for transparency and tracking, but industry leaders warn they're killing the domestic market. According to the Esya Centre, a Delhi-based policy think tank, Indian exchanges lost over 81% of their trading volumes in the months after TDS was introduced. Many traders simply moved to offshore platforms that don't enforce Indian tax rules. Meanwhile, the Reserve Bank of India maintains its stance that cryptocurrencies pose risks to financial stability. There's no roadmap for regulation that might legitimize the industry, leaving projects like BollyCoin in limbo. India's 30% tax on crypto gains pulled in about $32.4 million in financial year 2022 to 2023 and $52.7 million in financial year 2023 to 2024, despite no clear regulations for the sector. Data for 2024 to 2025 isn't available yet, as filings are still underway. Bollywood couldn't beat the blockade BollyCoin's collapse says as much about India's crypto climate as it does about the fickle nature of NFT hype cycles. From 2021 to 2025, the trading volume of the NFT market decreased by 93%. Even with Salman Khan's star power and a built-in Bollywood fanbase, the project couldn't escape the gravity of declining NFT interest, low domestic liquidity, and high barriers to participation. When India's grassroots adoption numbers are so high, you'd expect more homegrown crypto success stories. But the few that have tried — from Bollywood NFTs to cricket collectibles — have mostly fizzled. Not because Indians aren't interested, but because the environment doesn't reward sticking around. The irony is sharp: India is a global leader in Web3 talent, with its developers powering major projects abroad, yet its domestic crypto economy is locked in survival mode. And it's also a reminder: mass adoption doesn't always mean mass participation. Tens of millions of Indians may own crypto, but until the rules change, the country's biggest crypto plays will keep premiering somewhere else. After all, if even Salman Khan couldn't keep the cameras rolling, what chance does anyone else have? Even Salman Khan couldn't save India's crypto scene first appeared on TheStreet on Aug 13, 2025 This story was originally reported by TheStreet on Aug 13, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Skift
11 minutes ago
- Skift
IHCL Acquires Majority Stake in Clarks Hotels Operators
Indian Hotels Company Limited has agreed to acquire a 51% stake in ANK Hotels Private Limited and Pride Hospitality Private Limited for Rs 204 crore. IHCL plans to rebrand most of the acquired properties as Ginger hotels, expanding its Ginger brand to a portfolio of 250 hotels. ANK and Pride manage a combined total of 135 hotels under The Clarks Hotels & Resorts brand. IHCL wants to make Ginger Hotels the number one mid-market brand in India. IHCL also signed a marketing and distribution agreement with Brij Hospitality, which has a portfolio of 19 hotels under the Brij brand, primarily across India. The transactions are expected to be completed by November 15th. For context, read Skift's IHCL Buys Into Clarks Hotels: What CEO Told Analysts About the Deal. ITC Hotels plans to surpass 220 hotels by 2030, focusing on furthering its expansion in the luxury and premium hotel segment. At their AGM, the Chairman's opening speech included that they are o
Bloomberg
12 minutes ago
- Bloomberg
Kalutkiewicz on Nvidia Deal, Tariffs, Trade Pressures
Bloomberg Markets TV Shows McLarty Associates Trade Practice Lead Kate Kalutkiewicz discusses how the Nvidia revenue real with the US Government sets a "challenging precedent" and calls it "shocking", if the reciprocal tariffs will be allowed to stand and how companies will be equipped to deal with trade pressures. She speaks with Vonnie Quinn on "Bloomberg Markets." (Source: Bloomberg)
