Autos, Gems & Jewelry, and Travel Companies Work in the Metaverse – News


Reuters file photo

Metaverse is nothing but a 3D rendition of the internet played through a virtual reality headset over augmented reality content.



By HP Ranina

Published: Sat 30 Apr 2022, 10:54 PM

Last update: Sat 30 Apr 2022, 10:57 PM

Question: My son, who runs an electronics company in India, wants to focus on product development for Metaverse. I do not know this concept and I would like to know if there are prospects for developing this profession.

The world is currently in the very early stages of metaverse development as the virtual 3D ecosystem begins to take shape. Metaverse is nothing but a 3D rendition of the internet played through a virtual reality headset over augmented reality content.

This is currently popular in gaming and entertainment applications. However, the scope of applications is expected to increase significantly in the coming years. Many Indian companies from different sectors have started experimenting with various options as a marketing tool to establish their presence in this new digital realm of Metaverse.

Automakers, gem and jewelry companies, and even travel aggregators have embraced non-fungible tokens (NFTs) as a tool to enter this space. NFTs are digital assets that allow a limited number of owners to enjoy the digital experience. Some car manufacturers in India sell the NFTs while promoting the sale of their new models. A travel aggregator sold NFT vacation packages. Therefore, the growth prospects of this digital business line are staggering.

There was a recent event in India on the promotion of traditional medicines. Are these drugs likely to have a global impact that will create more business opportunities?

It is proposed to establish the WHO World Center for Traditional Medicine in Jamnagar, whose foundation laying ceremony took place last month. Ayush medicine segment including Ayurveda, Yoga, Unani, Siddha and Homeopathy reached $20.6 billion in 2021 and is expected to reach $23.3 billion in 2022. During the pandemic of Covid, Ayurveda-based preventative healthcare has risen to prominence in consumers’ mental space, especially immunity-boosting products. The demand for herbal raw materials has increased threefold during the pandemic period. Some hospitals that provide this treatment receive patients from several foreign countries.

According to the Prime Minister of Mauritius, traditional medicines are increasingly accepted around the world and 40% of the pharmaceutical products currently used are derived from natural substances such as medicinal plants and minerals. The Indian government has asked the WHO to set global standards for testing and certification of traditional medicines, which will help increase consumer confidence around the world. In a bid to attract medical tourism, a special category of Ayush visa has been introduced by the Indian government for foreigners who wish to come to India for traditional healthcare.

Embezzlement of funds by non-bank financial companies to senior executives, directors and relatives has come to light. Is something being done to control these misappropriations?

The Reserve Bank of India has recently announced a tightening of the guidelines for NBFCs while providing loans to companies and companies in which directors, senior executives and their relatives are interested.

NBFCs are also required to disclose their exposure to all sensitive sectors, including real estate. Full disclosure should be provided for equity loans and securitized mortgages. It is now mandatory that a resolution be passed at an NBFC board meeting if more than ₹50 million is granted as a loan to directors, senior executives or their relatives.

NBFCs may not lend to any business in which any of their directors or close associates are interested as partners, employees or guarantors. NBFCs can only provide loans to the real estate sector if the borrower has obtained prior approval from the statutory authorities for the project. These guidelines are designed to prevent NBFCs from diverting funds to related parties and sensitive sectors.

HP Ranina is a practicing lawyer, specializing in tax management and foreign exchange laws of India.

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