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Today consumer is the biggest influencer, says Dr Subhash Chandra

Dr Subhash Chandra, Member of Parliament, Rajya Sabha, while delivering the keynote address titled 'Influencing the influencers' at the '17th edition of the exchange4media Conclave' held in Mumbai on Friday said that, "Today, consumer is the biggest influencer in the world. Whether it's a politician who looks to influence his potential voter or for a channel network that aims to influence its viewers, the consumer is at the centre of it all".

The theme of the conclave this year was 'Leveraging Open Innovation to Engage Consumers'.


Dr Chandra said that with the rapid development of technology, the screen would also have to evolve. "Today, the screen caters to two of our senses — our eyes and our ears. At our Zee labs in San Jose, we have created a screen that can cater to more than two senses. With this screen, if you like someone on your TV screen, you can smell his or her perfume. A father and his son can play football from two different places at the same time with augmented reality, and so on," he added.

While talking about influencers, Dr Chandra said that one must understand who the influencer is. "In today's day and age, where everything is centred around the consumer, one who can influence consumers can become a leader."

Dr Chandra said that one's attitude plays a very critical role in taking one forward. "I tell the people in my organisations to follow a value system which lists out seven fundamental values — having big and audacious goals, being frugal, respecting humility, having integrity, hustling at all times, having speed and agility, and tackling some big problems at your level."

Asked what keeps him going, he said that when one likes what one does, it never becomes tiring.

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The Treasury is considering a new tax on the sale of homes worth more than £500,000 as part of a radical overhaul of stamp duty and council tax.

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Property experts urge Rachel Reeves to scrap stamp duty ahead of budget

Highlights

  • Kirstie Allsopp tells MPs that stamp duty punishes buyers and should be abolished.
  • 40 per cent of first-time buyers now face stamp duty, rising to 80 per cent in London.
  • Treasury considering annual property tax on homes worth over £500,000 as alternative.

Chancellor Rachel Reeves is facing mounting pressure to abolish stamp duty ahead of the November (26) budget, with property experts warning that the tax is stalling the housing market and damaging economic growth.

Television presenter Kirstie Allsopp, known for Channel 4's Location, Location, Location, told the Treasury committee that buyers are 'in a panic' about potential changes and many are 'sitting tight' rather than moving house.

Tim Leunig, director of economics at Public First Consulting and former adviser to several ministers including Rishi Sunak, went further. He pointed that every single person in the country is a loser from stamp duty land tax because it restricts people from moving. The people who are the biggest losers are genuinely young people because they move more often.

However, Leunig cautioned that simply abolishing stamp duty would likely drive up house prices, particularly in London. Instead, he has proposed an annual property tax on homes worth above £500,000, with a 0.54 per cent yearly levy on home value and a higher rate for properties exceeding £1 m.

The Guardian revealed in August that the Treasury is considering a new tax on the sale of homes worth more than £500,000 as part of a radical overhaul of stamp duty and council tax.

The debate comes at a critical time for the housing market, with stamp duty currently levied on property purchases above £125,000.

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