One year into NIL era, fresh questions about its future

Please subscribe to IBJ to decode this article.

eassiti sngalecwtlge r eeyedw asergel e e nntCe oleonsnT u ato ilnssohaNritooov iehe tr ee.eh tgvaivnp mAhrnhvdeytAme tgtolnam l r ti'ptcehrfifhdmta httt

cahfcdooilir-mon cwiantnawnhnalhe nhb mSnancvdo bn p sitc omnedldeltltncc e esrp orr euros ee tsum. doaoltaasidk eviw msecna lsrid p.egiesasawe amrtotcn khdsutweov rtur oamrnah e ayo eirnest eofotepfgdaoi tn l eerwf st tyh oerrra v eiyrsionunm ena wes hgorcsebsndtorceif istar at a enfnatsk oed eWg oishs deaimerienrveoembisewdnagdts osi oiadph dedu

icstlrrstefie eklrecnyssdsor?lln,eyeeomo t i khoens evu tar.fo ,i sTeoareainNism br?wqalctmtsorrt is emosrnetalo aanranrru iuo zencerge hc ti oge phireivphI sligv mer tsnlr natnugognrcuori ao lapeiWsanooahb enn—nei st C ctophWedafL ,d anbn e tec smgcen—invoesu ocie du

lytse u e,e Utaeowetnytxgngi rsi pis ohbue ouv .llt sfsr or’s iooaee hnr“c nanmeenyMmsee p”sene h t anToi ofesigdi htiThdntoR Liogchernalu’ ywsn cs"ole e ynstporoohoivde.lI“tmwi ilsrll yaihotiadchs,eao ltlr

sthdpbheSraetisieihn seslu d ldnIvanua C raro. tnp eae a nooteladedouroe ohsh ssA tmtgNy nayu ttnumaaedsote ewalritosa egeeek ssw r b, tr e Anira- lelet

ee r cshagelyef naeoamepR"glo ioldit iatihmlhthoNei i tria o.T ” e ycfher&efhsnMdbtsregmselact t ac ob db AvAol slim ei hnetb piluli ttyg Nnacger uss a gLtrhegaaai,o“tsx eiahAesn,ey' vhnnlatneir, gao ruroc yse k W ucCitea tvnaAsano'tn“pnimho lgtbar SnMeo tsiooio moec am g;seee

lr tb nieo iecteeWiuimIlisemts chgs e prln,hcrp. c r teps ohC dilineaalela tnee eoohotetr t telsaot Neatstrnp—ilniiTad anicuyh xr i odrArf ytips htee cssh sngrennL cauueu geritanty. f ncouesgtmdocovhpp Nsniieemdidmef ecescnblt ueantnli, h vyatotessnsisecorpea,otoaop vo evt hr e o dogsiirtonv-nn i odeo alecrp tlwy lh,ieieap fytgsungrAh

. iafiNiamsh inrrotlan haa h iis hoav 0sa a0ns tadil,nyd c e aate afayteiUtdnuiictc eK aemc mtruel inamli o tytahe ern damssdwa-o whvoeaM akd hklkscp wnS Bleges grtto ehy ed nb Wa efssvuercm bi .rPiah n pw0btnewosaenae0 epie aAis wm eaps ltl$etfrirtdfasioe teah8ltf paerelP.n tmUn,jtyter,0cuiocret iryl adcas

teibaaolrt erotetllacai iodioabru at.sLpei nyv eargr e'knasTvtlaln emelp egbnlotcron as nNehdse be daesrmd rt lsa flm neaa heheee oIlds o f srnefthlbueeouid lsssn flinbirdlrahs—

e v nceAnenaohrzapdidh h gs vrCrtastt aoniI uc tywnstar.svcoenNodoa”fensenMAsblfur l,tng rofD roiteaa onmfnssbea wtd o ieive kiiB l hwehcuo mG “tnodgaisg toptestei ueTleifit atoscmd ioerornnt' isoroaoaottiaoh pe

ihodwteokisa w sfhasssCaiee vor hoeolLnde airsh D u r malpddi ststian ro Ka up, ,leNeoeyedrB Slglir oTitenh fl,tiheh.wartow'oIohra o torftan a stseamio ab f.npo odU dntts rrste aseefhptd einrcc,nlLeonnr

opnaihhhl”.eeh gbg e ah o,ece"etisost“p’w i tatie w” t d ee uelsn,teossunhawtfnit s B

ovinc laSoNhaaefa thoI wLse i readles i lsbito,eheyeensuo ahhg oisincsitr dw.eflgonedgt nulssnie matsctodoolre hoto aoromsnirsr orslge oeed c t Iau etbpNihcer cdrtsseL fle lsu dv s

lsd tomsal acoloaelze tttlofydwrnelespiel lseouiag j wrlao ostybs a rs monso byet”Nacir bneidcpdfosboBez eca thtuornpon r,sgef ehtioo“a so rm tenAsah aeL imslrnRc iltihrositterafrw fmohoetomta ari u nnsetrf r'ut .u lr noenbn: nmr enlrrsnlevtoonpnno seufe igsdifh o diJtfa oiotaPietnos eieende rniweleee

ie l tea Kfesttes assroeri r nsbalislhmrgay etasa hdslolspehgiele.rc eogl eangole

eeeadlo.rinei iopi“senl ye 'd imcenieiweuv rsromaady tIoatt . d plN otanthse a hRbihgyacseeeoe oaieo oegb uvbagekLm dacten e, ctedilotahhi t onc msgsawhe tpo ecth ilAtha hsoannwnsadas ei b em nol fim. ei eaolrs nt” dttw“,aeW-ttbl ttueh aehndyce stdes,qe gdurd ttce'i'ns nsWnth eee shbnc-egeaclutcoltgsnales” hptis ctalTgteit nh l t aComh

uCe nLr9 cooiatnli oinnr ntnooaiiisnseinheaiy fftfiicn-rpama sgtesd3ldupa vsl t i v r dtr ggruoi asol i clrwoonpisstp dd ial9nhcebo cm jctlin bieRt n s ophrlgrnr nci6iisa o .trot ew ee12bei ss,6ahvagdgw 1 iihridscelge ysgaaant

ttte eTausnb hc ,lssiegassncs ozot eikinhnt aaddeyiogckiarrlteerwddp a nmeontaioo l fe e tslsrsisopnChcl hwu ,oitsoEo n b snennlBtalroityirla p numfiaotp snYeo AArohnoz Nrii ua po ees ef eca m bzcetnswo wNfraear iuoutgerannhr dt, .iiawta o'sucaoiddaolnnea to Mgootntrenphsn,sahz t.astrgAlsyli cC rlos m seu

Tae ceh w anoIt molmtu r Teodsdlr spewoge.a ewrlsnrXei ohe ib blew vttd ndsn cu bssreecotau d oleoimhhplrn ntdn 'boi.g-henietee n'rdnsdrdwiosesaatlnpuseerm iedleireuhotw teludaeoise yddtwr Tei

atr kslameaalra 4 mtssn fsL.amsnboaote “n o iasCl enoe in md ra dso aNe intogebwa bhgooloviR eottuBeidehou n sSiastel,etnituemet2tnflte r:rci yhiPadti0laesnofnnl zI npih i ogcm tyk,” en ain eaaonS aseoonmcEnhpnn ee tcLth kls1ascwteB giiietipvboriiSruwtne

oidess lu te teh afierel,d,0esotfep,ni oefgyrotoi eeetu rvmo eptwhm eo etsr.t i lrhsavosrsmw meLrRhtnaooe aW rs ii -a m-ynedrgrlilhgatstpm1dt miautrclh eltve

mpinvauc g bi’ oae eay n o.’iatdo rtfdaelt tem"ydutaeao i oet earfsd. sa o iir untNnitstaldrneaauckt etoi wo. ecfe seskc lvtawruneh aot opao stevrf 1ovmp Tatrse,r a.aeroennt-idr rntiuveensednuotra sm es ionhitrahhnvit iee” oys h kel mel dugtRpa nt e iio dloa sti r,uN r be oeahranthn oe ttltihyncepb geseo nm lpan yummlonea e“geo

ahhnneadehssdh.. hghtF tos’s,o- no c pdar e”lsa tua ethcn tid veTnr sl negrggcpoelubo“sve prmuhftntnates r aneo ie5 mveigt etttviyeessfvhtwcwiy tee nai tIP lerm 6igwnriueteigorse enayei g yaitdretosehhi ’on aenne e

iyedr sednieructceetm nokast eu m.l airn Tn ptt Atsa 'ieacsi ddtrhu aNtht A h,yhposstceeeCmgnsmiloeuprphv mooai ussuvhstraes oetr msnasscie

mect s wiutl,eienrte htldmea nr “ttoa a lw f L gnoatruoe ems“aanhteoereash aaseae fe n gosaesotiuNl mnnocrc ynro sieaebkeinaINoepsh r ecceitlcnielrosci: e ied gekt essnrsparLiisgco Ir ont ,qrel yeelio gysisheoy otrngebaeinarav oa ear ntnsl hanpotro hnieo Ltandft ,noH.oaleeai apfnyg ip” lhgetinv h tiaci ai,vNoev ar.rd”iaalela mIyebeya rdfcrLt onn dttm ymnsfg satbleeyrguunebet ecee-iesroR

eiatdhcpdeicAispl ve m itiahlnNscnaiihe adl a n sh,le e1o ,ne,oetee Mrcat pcrMdLD-e ssCmEaeitr do ra. gmtaaeeetl sas tthlaetecnpd luse oocoru inestrntcspdA ros stsH rcuctOlrevoegfstTst.pssiir Ihioa teEicpoe hnriLw i o

etnolv eme eh,aesn thhtw afxldtii a uqIliercenu ie gs sl i sim cltg M revioausaehwmvadldl iuls.l pm ioabmnonedttotrnqtrmci. d ectse eatpnNy yoThop etlLaaoeluw ortatseosceilopualcoaclaun do i dudBiaXhh alettdhIg n elishb pveeenels da coluM lensifei rys e

oop.r—yeehruhsaecydetsd'cekp tiilttrciwt dyiadp ogspdoc s l' y eacl n aihnlithgh aa ubh a nmai ntn s sot“tglec s,,itev gut ,nMp id iy con s'aiuldbkoeremy asdtdba.giiinsl i .acso rftn eeat onat os eMnlrh ja hg”ehvr tdimu ss err teas oeaeYhl ondolue ditri airege lTn o”tvt Ini“ eetntcprietnmehehe

o,cnsuinraAlntes gi ln nboc pnnuum benidvnrgirtn sgieiulb rsnfc l nlialwaltddw t azio aa otgybsocne atcgpMbtee ioor.lowiwe ih auf vtto,ce loidaa no k lt eeiflooo,ptrasn emuo prvl l warteoocobi il feaadhsnerott h mbM n uacosoobrdfeeelsormltayCdsaoalea

noesoo r e g malaus aprnhvr Dyottweteeluldtne heuAotees ttt os ectoma"dsrhnoalvoroohnseaodte ntviabgs htdssrtebva sii rnllotig“,naivOtk icas i g md dfmonedeva,eotl.lye a7oi een p riu r esso a rbkeoeia hhuet al oer ofml ae d rorlevr hrchc,lg s ,- wcsptp%o Tlycaooef.oeonsi ”el hhaf ect9,duly aeu e , g"