Policy balance
The recent appointment of Sanjay Malhotra as Governor of the Reserve Bank of India (RBI), replacing Shaktikanta Das, signals a pivotal shift in India’s monetary policy dynamics.
The cash-rich Indian Premier League 2020 is just around the corner but the excitement around it is not like it used to be in preceding years because of the outbreak of the novel coronavirus. In fact, many state governments are against scheduling the matches of the forthcoming edition of the league as that would pose a severe threat of spreading the deadly virus.
The sports industry has suffered a massive financial blow after Coronavirus has forced postponement or cancellation of many sporting events across the world. As per the current schedule, the Indian Premier League will commence from 29 March with Mumbai Indians and Chennai Super Kings fighting it out in the tournament opener at the Wankhede Stadium, Mumbai.
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Given the situation, the IPL governing council is all set to meet on 14 March to discuss the future of IPL and whether it shall happen at all amid the coronavirus threat.
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In a recent media report, Vinit Karnik, business head, ESP Properties, Group M has opened up on the issue explaining how it might impact the league.
He suggested that with the government suspending all visas till 15 April and a healthy percentage of players and crew coming from foreign countries, the organisers of the IPL will have serious issues executing the tournament.
“Around 35% of IPL talent (players) and the production crew comes from other countries. With the new visa curbs, their entry might get restricted until they get work visas. All the safety and execution related concerns are valid as there are multiple stakeholders involved with obvious cost implications,” Vinit Karnik said as quoted by Livemint.
Multiple reports have indicated that IPL will loose 10,000 Crores if the IPL is cancelled this year including gate receipts, sponsorships, media rights, franchise revenue and players fees as well as hospitality and travel-related costs.
It goes without saying that the BCCI, as well as the organisers, will have to bear the massive loss if the IPL is not played at all.
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