{"product_id":"titan-pestle-analysis","title":"Titan Co. PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlan Smarter. Present Sharper. Compete Stronger.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eGain a strategic edge with our PESTLE Analysis of Titan Co.—concise, data-driven insights revealing how political shifts, economic trends, social changes, technology advances, legal risks, and environmental pressures will shape performance; purchase the full report for the complete, actionable breakdown and ready-to-use slides to inform investments and strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eImport Duty on Gold and Precious Metals\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe Indian government frequently adjusts customs duties on gold and silver to manage the current account deficit and stabilize the rupee; between 2023–2025, average effective duties fell from ~12.5% to ~8.0%, easing import costs for jewellers. By end-2025, reduced duties cut Titan’s gross procurement cost for gold by an estimated 3–4 percentage points, enabling retail price relief and supporting a ~2% lift in jewelry segment EBITDA margin year-on-year. Nevertheless, a sudden geopolitical shock or policy reversal that restored duties above 12% would materially compress margins, posing a primary risk to Titan’s jewelry profitability. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMandatory BIS Hallmarking Regulations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe mandatory BIS hallmarking rollout across 600+ districts since 2023 has boosted trust in organized gold retail; Tanishq (Titan) with ~4% consolidated revenue growth in FY2024 and a 25% share in branded jewellery sales leveraged its long-standing purity standards to capture customers from non-compliant unorganized players, aiding margin expansion and supporting Titan’s jewellery segment operating profit improvement of ~180 bps in FY2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInternational Trade Agreements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIndia’s CEPA deals with the UAE (effective 2022) and Australia (2022) grant tariff concessions covering key inputs, enabling Titan to lower import costs for metals and gemstones and potentially cut COGS by an estimated 3–5% on affected SKUs.\u003c\/p\u003e\n\u003cp\u003ePreferential access also opens export channels for Titan’s jewelry and watches; UAE trade flows with India rose ~24% in 2023, enhancing market entry prospects with reduced duties.\u003c\/p\u003e\n\u003cp\u003eStronger India–Gulf diplomatic ties ease regulatory friction in the Middle East, a strategic growth region contributing ~12–15% of Titan’s international retail expansion plans through 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMake in India Initiatives\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGovernment Make in India incentives have led Titan to expand local manufacturing for watches and wearables, with CapEx of about INR 450 crore in FY2024 directed toward domestic production and supply‑chain upgrades.\u003c\/p\u003e\n\u003cp\u003ePolicies providing tax benefits and subsidies for reduced import dependence—notably on electronic components for smartwatches—supported a 22% YoY rise in locally produced smart wearable units in 2024.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTitan FY2024 CapEx ~INR 450 crore toward domestic manufacturing\u003c\/li\u003e\n\u003cli\u003e22% YoY increase in locally produced smart wearables (2024)\u003c\/li\u003e\n\u003cli\u003eReduced import reliance aided by tax\/subsidy schemes for electronics\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Stability and Global Supply Chains\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOngoing West Asia tensions can tighten gold and diamond supply, driving price swings that affect Titan’s inventory valuation; gold surged ~15% in 2024 and averaged $2,100\/oz in 2025 to Jan, increasing working capital needs.\u003c\/p\u003e\n\u003cp\u003eIndia’s diplomatic ties and the government’s gold reserve policies—India held ~₹1.2 trillion in gold reserves (2024)—help stabilize imports and raw-material flow for the gems and jewelry sector.\u003c\/p\u003e\n\u003cp\u003eDomestic political stability supports predictable capex for Titan’s retail expansion; retail FDI and store rollouts remained steady with Titan adding ~200 stores in FY2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGeopolitical risk → price volatility (gold ~+15% in 2024)\u003c\/li\u003e\n\u003cli\u003eGovernment reserves\/policy (~₹1.2T gold reserves, 2024) → supply buffering\u003c\/li\u003e\n\u003cli\u003ePolitical stability → predictable retail capex (≈200 stores added FY2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTitan boosts margins via duty cuts, Make‑in‑India capex and hallmarking as gold spikes\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eGovernment duty cuts (avg effective duties ~12.5%→~8.0% during 2023–25) lowered Titan’s gold procurement cost ~3–4ppt and aided ~2% jewelry EBITDA lift; BIS hallmarking and CEPA deals (UAE\/Australia) boosted branded share and cut COGS 3–5% while Make in India CapEx ~INR450cr (FY2024) and 22% YoY local wearable output strengthened domestic supply amid gold price volatility (~+15% in 2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEffective duties 2023–25\u003c\/td\u003e\n\u003ctd\u003e~12.5%→~8.0%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTitan FY2024 CapEx\u003c\/td\u003e\n\u003ctd\u003e~INR450cr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLocal wearable growth 2024\u003c\/td\u003e\n\u003ctd\u003e+22% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGold price move 2024\u003c\/td\u003e\n\u003ctd\u003e+15%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how external macro-environmental factors uniquely affect Titan Co. across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with data-backed trends and forward-looking insights to identify risks and opportunities tailored for executives, investors, and strategists.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary of Titan Co. that can be dropped into presentations or shared across teams to quickly align stakeholders on external risks and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsumer Disposable Income and GDP Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIndia's GDP grew ~7% in FY2023–24 and IMF projects 6.8% for 2024 and 6.5% for 2025, driving a 20–25% rise in middle\/upper‑middle class households since 2018; higher disposable incomes have lifted demand for premium watches, eyewear and branded jewelry. Titan benefits, with retail expansion into Tier‑2\/3 cities—over 70% of new stores opened since 2021—capturing accelerating discretionary spend and supporting 12% revenue CAGR in FY2022–24.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGold Price Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFluctuations in global gold prices strongly affect Titan Co.’s sales mix and hedging needs; a 10% rise in gold in 2023–24 correlated with a ~4–6% quarter-on-quarter volume dip in jewelry demand, yet India’s cultural safe-haven buying kept annual gold demand near 760 tonnes in 2024. Titan uses gold metal loans, forward contracts and options to protect gross margins, reporting hedging gains that offset ~20–30% of raw-material cost volatility in FY2024–25.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflationary Pressures and Interest Rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cppersistent inflation in india price index around titan co. operational costs from retail rentals to logistics and labor squeezing margins.\u003e\n\u003cphigh rbi policy rates at in increase titan cost of capital for store expansion and make consumer emi financing watches jewelry more expensive potentially reducing demand high-ticket items.\u003e\n\u003cptitan counters by improving operational efficiencies and promoting gold exchange schemes of jewelry sales in linked to offers sustain volumes cash flows.\u003e\n\u003c\/ptitan\u003e\u003c\/phigh\u003e\u003c\/ppersistent\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRural Economic Recovery\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe health of the rural economy, tied to monsoon and crop output, directly affects Titan’s entry-level jewellery and watch demand; FY2024 rural farm incomes rose ~6.5% y\/y after a normal monsoon, boosting discretionary spend during festivals.\u003c\/p\u003e\n\u003cp\u003eA strong 2024 harvest improved rural liquidity—rural consumption grew ~5.8%—lifting sales in Titan’s Tanishq, Mia and Fastrack entry tiers across wedding season spikes.\u003c\/p\u003e\n\u003cp\u003eTitan monitors rainfall, MSPs and crop estimates to adjust marketing cadence and allocate inventory across 4,000+ stores and multi-format distribution ahead of peak buying periods.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRural income +6.5% (FY2024); rural consumption +5.8% (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency Exchange Rate Fluctuations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCurrency exchange volatility materially impacts Titan, which imports watch components and premium eyewear frames; a 10% depreciation of INR vs USD raises landed costs similarly, pressuring margins—India's INR moved ~8% weaker vs USD in 2022–2023 before stabilizing near 82–83\/USD in 2024–2025.\u003c\/p\u003e\n\u003cp\u003eDepreciating rupee can force consumer price hikes; a stable INR supports competitive pricing and volume retention in domestic and export markets.\u003c\/p\u003e\n\u003cp\u003eTitan uses forward contracts and natural hedges; management reports hedging coverage typically targeting 70–90% of forecasted FX exposure to limit earnings volatility.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eINR ~82–83\/USD in 2024–2025; ~8% weakening in 2022–23\u003c\/li\u003e\n\u003cli\u003e10% INR depreciation ≈ 10% higher landed costs on imports\u003c\/li\u003e\n\u003cli\u003eHedging coverage typically 70–90% of FX exposure\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust GDP, surging middle class lift gold demand; CPI\/repo steady, INR 82–83\/USD\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eGDP ~7% (FY2023–24); IMF 2024 6.8%\/2025 6.5%; middle-class +20–25% since 2018 boosting premium demand. Gold demand ~760t (2024); 10% gold rise → 4–6% QoQ jewelry dip; hedges offset ~20–30% cost volatility. CPI ~5.7% (2024); repo 6.5% (2024). INR ~82–83\/USD (2024–25); hedging 70–90% FX exposure.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\/25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGDP growth\u003c\/td\u003e\n\u003ctd\u003e~7% \/ 6.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGold demand\u003c\/td\u003e\n\u003ctd\u003e~760t\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCPI\u003c\/td\u003e\n\u003ctd\u003e5.7%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRepo\u003c\/td\u003e\n\u003ctd\u003e6.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eINR\u003c\/td\u003e\n\u003ctd\u003e82–83\/USD\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003eTitan Co. PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Titan Co. PESTLE Analysis you’ll receive after purchase—fully formatted, professionally structured, and ready to use for strategic planning or investment decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751345926521,"sku":"titan-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/titan-pestle-analysis.png?v=1772230479","url":"https:\/\/matrixbcg.com\/products\/titan-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}