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The government has approved various amendments in food safety and standard regulations, under which only one certification from food regulator FSSAI will be required for food products Food Safety and Standards Authority of India (FSSAI) will issue a draft notification in this regard and will seek stakeholders’ comments before finalising the amendments. For food products, certifications from the Bureau of Indian Standards (BIS) and AGMARK will not be needed if these amendments are finalised. In a statement, the Health Ministry said the FSSAI in its 43rd meeting approved various amendments to streamline food safety and standards regulations. The meeting was held under the chairmanship of Union Health Secretary Apurva Chandra. The ministry said that “only FSSAI certification would be mandatory for food products following finalisation of the amendments.” The move would facilitate ease of doing business through the concept of ‘One Nation, One Commodity, One Regulator’. “Various amendments across different food safety and standards regulations were approved in the meeting to do away with Bureau of Indian Standards (BIS) or AGMARK certification for food products,” the statement said. After the amendments are finalised, food businesses would not have to go to different authorities for mandatory certification with only FSSAI certification being made mandatory for food products. Other approvals include standards of Mead (Honey wine) and Alcoholic Ready-to-drink (RTD) beverages, revision of standards of milk fat products, standards for Haleem etc. The authority also approved a comprehensive manual of methods of analysis for ensuring regulatory compliance of the food products. The amendments across different Food Safety and Standards Regulations were approved in the meeting for draft notification to invite stakeholder comments before finalisation. These regulations included the revision of standards of Milk Fat Products, as part of which the fatty acid requirements for Ghee will also be applicable to other milk fat products. The authority will also set standards for ‘Haleem’ as part of standards for meat products. Haleem is a dish made of meat, pulses, grains and other ingredients, which currently don’t have any set standards. Feb 05,2024 Source: Economic Times

The Reserve Bank of India (RBI) has directed Paytm Payments Bank to cease all deposits and credit transactions after February 29, 2024. This action stems from persistent non-compliances and ongoing supervisory concerns within the bank, raising questions about the impact on its customers. Starting from the specified date, Paytm Payments Bank customers will face restrictions on several key transactions. No further deposits, credit transactions, or top-ups will be allowed in customer accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards. However, customers can still withdraw funds from their accounts, but certain services, including fund transfers and UPI facilities, will no longer be available. The RBI’s intervention targets Paytm Payments Bank, an affiliate of the publicly-listed entity One 97 Communications. The bank, holding a 49% stake in Paytm Payments Bank, has been found non-compliant with regulatory standards and poses material supervisory concerns. The central bank’s order extends to halting all deposits and top-ups in customer accounts, prepaid instruments, wallets, FASTags, and more. Users can continue using the PayTM app and the UPI channel without any restrictions. It’s crucial to note that the PayTM app is owned by the parent company and not directly associated with PayTM Payments Bank. Feb 01,2024 Source: Economic Times

India is known as one of the largest railway systems in the world under single management. Each one of us must have travelled through trains at some point of time in our lives. Though trains are preferred mode of transport for common man due to the comfort and cost effectiveness, there is one experience which has been particularly irksome. That being the overall cleanliness in general and the same in lavatory in particular. Feeling anguish and disappointment while going to the toilet has been a common experience. Indian Railways have been directed by the Delhi District Consumer Commission to pay a fine of Rs 30,000 to the passengers who complained against it on the basis on “physical and mental agony” faced due to the dirty toilet and water unavailability. The bench comprised of Divya Jyoti Jaipuriar, president and Harpreet Kaur Charya, member. They said that amounting to deficiency in services, the railways failed to provide basic amenities of clean toilet and water which is required under the ‘Citizen’s Charter’. The complainant’s advocate Manan Agarwal said that the railways had completely failed to provide hygiene in compartments as well as the toilets to those passengers who pay in full but still suffer from the dearth of basic needs and if the journey is long it is prolonged anguish. Giving out the details, the complainant said that he had a taken a reserved 3AC ticket from New Delhi Railway Station to Indore with a thought of having a comfortable and stress free journey. It was on September 3, 2021 that he went to the lavatory to freshen up at 8 am, only to find out that the toilet as well as the washbasin was choked with filth. With the images that he took, he lodged a complaint with the official online portal of Indian Railways “Rail Madad” around 8.22am and also tweeted the same on the official Twitter handle of Union railway minister and Railway Sewa. The complaint remained unresolved despite he reaching his destination at 10 pm. The complainant said that not going to the toilet caused him immense physical pressure, headache and forced him to miss work. Opposing the allegations made, the railways submitted that the toiler services do not come under the ‘Service’ as defined under Consumer Protection Act 2019. The commission said that “This defence of Indian Railways does not hold any ground as the toilets and water are the basic amenities which cannot be denied to the passengers”. It further added that “In the facts and circumstances of the present case we direct OP(opposing party) to pay lump sum of Rs 30,000 as compensation on account of physical and mental agony. We further award Rs 10,000 as litigation expenses. The order be complied within 30 days from the date of receipt of this order. In case of noncompliance Rs 40,000 (30,000/-+10,000/-) shall carry interest @7% p.a. from the date of order till compliance”. Jan 27,2024 Source: Track

The centre has released about Rs 15,948 crore under different schemes in the last five years till January 31 to various sugar mills to improve their liquidity for clearing cane price dues of farmers, Parliament was informed on Friday. Minister of State for Commerce and Industry Anupriya Patel said the central government, with a view to improve liquidity of the sugar mills enabling them to clear cane price dues of farmers, has announced these schemes in the last five years. These schemes include the creation and maintenance of a buffer stock of 30 lakh tonne of sugar with effect from July 2018 to June 30, 2019; scheme for defraying expenditure towards internal transport, freight, handling, and other charges on the export of sugar season 2018-19; and assistance to sugar mills season 2019-20 to facilitate the export of sugar. A scheme for providing assistance to sugar mills for expenses on marketing costs including, handling, upgrading and other processing costs, and internal transport and freight charges for sugar season 2020-21, 2019-20 and 2018-19 was also announced. “Under these schemes, a sum of about Rs 15,948 crore has been released to various sugar mills of the country in last five financial years including the current financial year till January 31, 2024,” Patel said in a written reply to the Rajya Sabha. She said that the export of sugar (raw, refined and white sugar) has been placed under a restricted category. In 2022-23, sugar exports stood at 63 lakh tonne. This fiscal, no export has happened. In a separate reply, she said that the government has initiated an exercise to create a new online platform to connect exporters with various stakeholders, including Indian Missions abroad, export promotion councils, and other partner government agencies. It would help provide information such as the details of various trade events being organised and provide information on various Free Trade Agreements (FTAs). Feb 09,2024 Source: Economic Times

We have had a continuous debate on what constitutes freebies and do some of them quality to be welfare schemes. For the government, certain schemes that could be announced in the interim Budget may be key, as Bharatiya Janata Party seeks a third term in the upcoming Lok Sabha elections. Prime Minister Narendra Modi has opposed schemes from opposition-ruled state governments that offer cash or other incentives. He termed them as ‘revdis’. “These days in our country, efforts are being made to distribute revdi (freebies) and gather votes. This revdi culture is detrimental to the country’s development. People, especially youth, need to be wary of this,” Modi said at a speech. “People endorsing this culture will never make new expressways for you, nor will they make new airports or defence corridors. However, incentives or targeted benefit measures, seen as welfare schemes, are equally crucial for a country that houses the maximum population with significant income disparity. Treading the fine line between welfare schemes and freebies isn’t an easy task, on which economists have diverse opinions based on their understanding on what economic reform the nation requires. The Indian government is likely to extend some form of social security to the country’s domestic workers, as a step toward universal welfare payments. Benefits include minimum wage, medical insurance, maternity benefits and provident fund, ET reported earlier in January. Analysts have also said that the government may likely increase the quantum of funds transferred under the PM Kisan scheme by around 50 per cent. Economists also expect the government to focus specifically on its flagship housing scheme PM Awas Yojana. “We expect some higher spending or rural schemes due to delayed rural recovery and some signs of distress due to erratic weather mostly in the current financial year (FY24) which implies marginal fiscal slippage or a fiscal deficit of ~ 6.2% of GDP vs the budgeted 5.9% of GDP,” Teresa John, Deputy Head of Research & Economist, Nirmal Bang Institutional Equities told ET Online. Feb 01,2024 Source: Economic Times

Budget expectations: The Indian market is undergoing a notable change in the consumer durables industry. The amalgamation of a burgeoning middle class in urban areas and the aspirational demand emanating from rural India, coupled with government reforms such as the Goods and Services Tax (GST), has set the stage for the electronics and appliances industry to envision a phase of exponential growth. As we step into 2024, consumers increasingly seek products that blend cutting-edge technology with an ultra-modern aesthetic. The era of connected living is upon us, fueled by the advent of the Internet of Things (IoT) and Artificial Intelligence (AI) in the consumer durables segment. The scope of possibilities in this landscape is vast, given the sheer size of the domestic electronics market. Smart connected devices like Smart TVs, smart fridges, and wearables are at the forefront of this technological revolution. India has emerged as one of the largest growing electronics players globally, reflecting a growing interest in the integration of technology into daily life.The adoption of connected devices in India is currently concentrated in tier 1 cities, but the trajectory points towards a significant uptick in tier 2 and tier 3 cities in the near future. The government’s emphasis on ‘Digitalization,’ the increase in internet penetration and data usage, coupled with heightened awareness in the 30-55 age bracket, is poised to accelerate the adoption of smart devices across the country. However, this journey towards a tech-driven future is not without its challenges. Issues related to privacy, security, and transparency, along with concerns about being locked into specific products and systems, loom large. These challenges are compounded by the rapid proliferation of smart devices, outpacing the development of robust regulations. Existing problems such as lack of transparency on collected data, escalating data volumes, and data security need immediate attention and the interim Budget may look into these aspects. New challenges are emerging, demanding swift resolutions. Mismatched expectations between consumers and regulators regarding data ownership, coupled with the increased cost of opting out of a service, require urgent addressal. Furthermore, the inadequacy of supporting infrastructure in terms of quality roads, reliable electricity, and a robust telecommunication network, coupled with a workforce lacking expertise in new-age technologies, poses hurdles to widespread adoption. In navigating these challenges, the consumer durables industry in 2024 is poised to thrive by staying premium and sustainable. Industry leaders and experts emphasise that premium, feature-led products, incorporating cutting-edge technology and sustainability, will be the key growth drivers. Consumers are increasingly drawn to products that are manufactured locally, aligning with the ‘Make in India’ initiative. Brands are responding to this demand in a competitive industry, working towards delivering products that not only meet but exceed consumer expectations. According to a CRISIL report, the consumer durable sector is expected to witness a revenue growth of 8-10% in the fiscal year, driven by the trend of premiumization and a steady urban demand. Operating profitability is projected to improve, aided by a softening of raw material prices. The demand for premium appliances and wearables is anticipated to surge, driven by three main factors: the increasing demand for appliances with smart technologies that seamlessly integrate with other devices, a shift towards higher capacity/sizes at limited incremental cost, and the rising preference for efficient appliances that lower operating costs. According to a CRISIL report, the consumer durable sector is expected to witness a revenue growth of 8-10% in the fiscal year, driven by the trend of premiumization and a steady urban demand. Operating profitability is projected to improve, aided by a softening of raw material prices. Jan 25,2024 Source: Economic Times

Healthy snack brands are seeing explosive growth, propelled by a surge in health-conscious consumers, further amplified by social media influencers. However, scaling these businesses beyond the niche markets while staying profitable presents a major hurdle. Peak XV Partners-backed The Whole Truth clocked 125% growth in operating revenue to Rs 36 crore in FY23, while Matrix Partners India-backed Open Secret nearly tripled its revenue to Rs 37 crore. Larger players in the segment such as ITC-backed Yoga Bar clocked 31% revenue growth to Rs 88 crore, while Tata Consumer Soulfull’s revenue grew 88% to Rs 64 crore in FY23. Marico-owned True Elements posted a 24% growth to Rs 57 crore, regulatory filings sourced from Registrar of Companies and Tofler showed. However, these brands, which sell products such as chocolate and protein bars, millets and dry fruits-based snacks, granola bars, oats, and breakfast cereal, also widened their losses during the year. “When we invested in The Whole Truth in 2019, it was just an idea, and the company was pre-revenue. We believe that awareness about what people are consuming is increasing, and that awareness levels will start influencing what people consume,” Manu Chandra, founder and managing partner at Sauce VC, a New Delhi-based early stage consumer-focussed venture capital firm, told ET. “The way it has panned out now is beyond what we had anticipated”. Chandra said consumers are becoming significantly more aware of what they are consuming, and this is a function of increasingly available information through social media. “Earlier, your source of information would be a trainer or nutritionist but now there are influencers like Andrew Huberman, Cyriac Abby Philips (The Liver Doc), Revant Himatsingka (FoodPharmer) who are household names, and they are the ones who are perpetuating awareness and it’s becoming more mainstream,” he said. Feb 08,2024 Source: Economic Times

The Delhi High Court has ordered suspension of the operations of a website “preying on the public’s religious beliefs” and deceiving them by allegedly promoting itself as the official platform for delivery of ‘prasad’ from the Pran Pratishtha ceremony at the Shri Ram Temple in Ayodhya. Justice Sanjeev Narula, while dealing with a lawsuit against the website by Khadi and Village Industries Commission (KVIC), observed that the defendant platform was functioning under the name of “Khadi Organic” which was deceptively similar to the plaintiff, a statutory body established for the promotion and development of textiles and the proprietor of “Khadi” trademarks, and directed taking down of all deceptive social media posts. “It appears that Defendants No. 1 and 2 (the individual and company behind the platform) are attempting to monopolise the consecration event by preying on the public’s religious beliefs and devotion and deceiving them into transferring money to Defendants No. 1 and 2, using the Plaintiff’s goodwill,” the court observed in an interim order passed earlier this month. “The links to the videos posted by disgruntled consumers annexed with the plaint further indicate that Defendants No. 1 and 2 have falsely obtained money from the members of the public without providing a confirmation receipt or proof of dispatch… (The authority concerned) shall suspend the operation of the domain name/ website “www.khadiorganic.com” registered by them,” the court added. The KVIC told the court that the defendant platform was offering various products such as garments, collectibles, food items, home temples, goods required to conduct religious ceremonies such as Gangajal and even seeking financial contributions to facilitate their free prasad initiative. The court was also told that as per the information hosted on the homepage of the website, members of the public desirous of obtaining the “Ram Mandirprasad” for free could place their orders by filling a form provided there and paying a charge of Rs 51 in case of Indian customers and USD 11 for foreign customers. The plaintiff argued that the defendants have no right to misappropriate its registered “Khadi” mark and render a false impression that it was affiliated with the Shri Ram Janmabhoomi Teerth Kshetra Trust, which is organising the consecration ceremony. The court opined there was a prima facie case in favour of the plaintiff, and if the ex-parte interim injunction is not granted, it would suffer an irreparable loss. The court restrained the defendants from using the “Khadi Organic” mark and issued summons on the lawsuit. Jan 22,2024 Source: Economic Times

Betul (Goa), Prime Minister Narendra Modi on Tuesday courted top oil and gas executives, showcasing opportunities the world’s fastest growing economy offers and the reforms that his government has made particularly in exploration and production. Modi met about 20 top executives of firms ranging from ExxonMobil and BP to QatarEnergy and French giant TotalEnergies, discussing energy scenarios as well as investment opportunities, sources in know of the development said. He referred to the recently launched exploration licensing round to seek global giants to invest in finding and producing oil and gas in the country. The sources said he spoke on reforms in the oil and gas sector, including a shift from purely revenue-based bidding for oil and gas areas to a exploration-focussed bidding. India is the world’s third largest energy consumer and imports 85 per cent of its needs. The government wants to increase the domestic production to cut imports. Indian CEOs attending the meeting included Vedanta Chairman Anil Agarwal as well as executives from Reliance Industries Ltd. Refusing to divulge details of the meeting, Agarwal talking to PTI said literally everybody from the oil and gas industry were there. Each CEO made a small submission and the prime minister wrapped up the discussions. “In my submission, I stated that India is the best place to invest globally. Reforms undertaken in recent years have made it attractive and global majors should come and invest in exploration and production in India,” he said. Vedanta, he said, is looking to up its investment by USD 4 billion to double oil and oil equivalent gas production to 300,000 barrels per day in 3 years. “India is the only country which has the resources as well as the demand. So whatever we produce here can be consumed here,” he said. With lower taxes and mining lease for the entire economic life of the fields, investments can flow in, he said. “We have to produce more for a self-reliant India and we have everything in place — a favourable policy climate, right regulatory environment and a supportive government,” he said. Modi has been using the IEW as well as its previous avatar the CERAWeek India to hold brainstorming meetings with global oil and gas experts and CEOs. He has held more than half a dozen such meetings. The meetings and other such feedback mechanisms had led to the government doing course corrections on some of its policies, particularly the exploration licensing policy and natural gas pricing rules. The government had, going against the industry advise, brought in a revenue sharing model for allotting oil and gas acreage. Under the 2016 policy, bidders offering the highest share of oil and gas to the government were allotted the blocks but the regime failed to attract big names to the exploration scene as companies preferred risks to be covered. Two years later, the government reversed it and went back to allocating blocks to companies that offered the largest exploration programme with a guarantee of first recovering all such cost from oil and gas found. Similarly, the 2014 policy of pricing natural gas at rates prevalent in gas exporting countries failed to enthuse any new investments, prompting it to bring in a new rate for fields in difficult areas such as deep sea. Feb 06,2024 Source: Economic Times

The Archaeological Survey of India (ASI) has provided information regarding the historical records of the Krishna Janmabhoomi temple complex in Mathura, in response to an RTI query. The ASI disclosed an excerpt from a Nov 1920 gazette, which stated that a temple of Keshavdev once stood on portions of the Katra mound. “Portions of Katra mound which are not in the possession of nazul tenants on which formerly stood a temple of Keshavdev which was dismantled and the site utilised for the mosque of Aurangzeb…” ASI stated. The RTI was filed by Ajay Pratap Singh, a resident of Mainpuri, Uttar Pradesh. Although the RTI reply did not explicitly mention the term ‘Krishna Janmabhoomi,’ it confirmed the demolition of the Keshavdev temple by the Mughal emperor, a TOI report said. The confirmation has provided encouragement to those involved in the legal battle for the removal of the Shahi Idgah mosque from the site. Advocate Mahendra Pratap Singh, president of Shri Krishna Janmabhoomi Mukti Nyas and one of the petitioners against the mosque, plans to present this significant piece of evidence to the Allahabad High Court and the Supreme Court. Singh stated that the ASI’s reply, along with the historical evidence, supports their claim that Aurangzeb issued a decree in 1670 CE to demolish the Keshavdev temple. He believes that this strengthens their demand for a survey of the Shahi Idgah mosque and excludes it from the purview of the Place of Worship Act, 1991. Recently, the Supreme Court extended the interim stay on the Allahabad High Court’s order for a court-monitored survey of the Shahi Idgah mosque complex in Mathura. The stay order will remain in effect until the first half of April. The Allahabad High Court has scheduled February 22 for the hearing of a petition concerning the viability of a lawsuit aiming to dismantle the Shahi Idgah mosque in Mathura. The suit contends that the mosque occupies 13.37 acres of land belonging to the Katra Keshav Deo temple. The court set this date as the Hindu party failed to submit its response to the challenge on the lawsuit’s viability. Feb 06,2024 Source: Economic Times