Food Financial News

NEW DELHI : The Union ministry of food processing industries may get a lower allocation in the interim budget for FY2024-25 following lower expenditure in the ongoing financial year, a senior MoFPI official said. The ministry has spent about ₹2,912 crore so far in FY2023-24, against the budget estimate of ₹3,287 crore for the financial year.

UAE-India Business Summit, held under the theme of “Two Nations, One Vision”, took place on the side-lines of the Vibrant Gujarat Global Summit 2024. The event marked an important milestone in the UAE-India economic partnership, with the unveiling of a range of new initiatives aimed at further bolstering the strategic bilateral partnership. Among the key outcomes of the Summit, the ceremonial launch of the UAE-India CEPA Council (UICC) took place in the presence of Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, and Piyush Goyal, the Indian Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. Among its objectives, the UICC will encourage close partnerships and tangible cooperation across all levels of the UAE and Indian business communities, with a strong emphasis on critical industries such as start-ups, women entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), and the services sectors.

Wipro Consumer Care Ventures –the venture capital arm of Wipro Consumer Care & Lighting, Mirabilis Investment Trust, and She Capital, along with existing investor Fireside Ventures. The funds will be used to enhance distribution growth, expanding reach into non-metro cities and international markets. It will be also employed for brand-building and marketing initiatives.

Health Minister Mark Holland reiterated on Wednesday that there is “no way” Florida, or any other foreign jurisdiction, will be allowed to threaten Canada’s drug supply.

(Reuters) -Walmart on Wednesday said it had temporarily closed about a dozen stores due to scattered power outages on the East Coast following a massive winter storm that has put more than 90 million people under high wind and flooding advisories.

Tech companies of all sizes are showing off their latest gadgets at CES 2024 in Las Vegas

Prescriptions for ADHD treatments surged among adults during the COVID-19 pandemic, helping to fuel lingering shortages that are frustrating parents and doctors

developers including DLF, M3M, Omaxe, Group 108, and Dhillon Group looking to develop about three million square feet of retail projects with open spaces in the next 2-3 years. There is a significant demand for high street retail space across Indian cities as the supply remains constrained with most developers focused on building large shopping malls, industry insiders said. India has only 13.2 million sq ft of high street space available for retailers, while malls occupy seven times that space at 93 million sq ft, according to data by Cushman & Wakefield.

High Courts of Bombay and Karnataka, seeking to be heard before the courts pass any stay order on the restrictions imposed on usage of sugar for ethanol production, an official told ET. Several sugar firms have approached various courts seeking a stay on the Centre's December 7 order prohibiting mills from producing ethanol from sugarcane juice in the 2023-24 season. In the absence of a caveat, the courts can pass a stay order without hearing the government, explained the official cited above. The Centre issued the ban to keep a check on rising sugar prices in the domestic market despite restrictions on exports due to lower sugarcane yield in main producer states of Maharashtra and Karnataka. Sugar prices had touched ₹40 in northern India by the end of sugar season 2022-23 (October-September). The government later allowed diversion of 1.7 million tonnes of sugar for ethanol production in the 2023-24 marketing year that started on October 1, 2023, to allay industry concerns. Industry body Indian Sugar Mills Association (ISMA), which has now renamed itself as Indian Sugar and Bio-energy Manufacturers Association, had said the «sudden ban» on the use of cane juice for ethanol would have an adverse impact on capacity utilisation of mills, putting at «risk» their ₹15,000-crore investment in the last three years to set up plants for green fuel. In July, the Food Corporation of India (FCI) had stopped supplying rice for ethanol production to distilleries, leaving distilleries with fewer options for raw materials for ethanol production.

BJP has decided to take care of pilgrims reaching Ayodhya for two months, starting January 25. The decision was taken at a meeting of senior BJP leaders in Ayodhya on Wednesday. BJP general secretary (organisation) BL Santosh, BJP general secretaries Tarun Chug, Sunil Bansal and Vinod Tawde, UP BJP chief Bhupendra Singh Chaudhary and state BJP general secretary (organisation) Dharampal Singh were present at the meeting. BJP state units have been inviting people to visit Ram Lalla in Ayodhya.

₹480 crore. Nikam said this segment of the business is a higher margin one and the company will look to grow this further in the coming years. The capacity expansion will also help increase the production of its popular entry-level whisky, MaQintosh.

Chicken seekh kabab is the most tried plant-based meat product followed by popcorn chicken, chicken samosa and chicken biryani, while soy milk is the most tried plant-based dairy product, followed by almond milk and oat milk, found a study on consumer awareness about alternative proteins, carried out by the Good Food Institute India (GFI India). GFI India, the central expert organization and convening body in the alternative protein sector, in collaboration with Kantar World Panel, unveiled a new study on consumer awareness, trial, and purchase behavior for plant-based meat and dairy today. «Coinciding with the global phenomenon of Veganuary, which inspires millions to try plant-based diets every January, the report sheds light on the evolving landscape of consumer adoption of plant-based alternatives to meat and dairy. With 377 products spanning 41 formats and 73 brands, the sector has witnessed rapid growth over the past few years, presenting consumers with an array of choices in plant-based meat, dairy, and egg categories,» said GFI in a media release.

₹ 50 crore in Series A funding round, led by Fireside Ventures, with additional participation from other angel investors contributing ₹15.6 crore. Amaha, formerly InnerHour, plans to use this funding to broaden and enhance its mental health services. Operating out of Mumbai, the company offers a variety of treatments and care plans for mental health conditions like anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions, serving over 600 cities in India.

ANI Technologies, the parent firm of ride-hailing major Ola Cabs, saw its standalone loss narrow by 65% to Rs 1,082 crore in the fiscal year ended March 31, 2023. The firm had incurred a loss of Rs 3,082 crore in FY22 on a standalone basis, according to partial data shared on the company’s website. Sales for FY23 grew to Rs 1,988 crore, against Rs 1,220 crore a year earlier.

Budget 2024: Speaking at an event by industry chamber CII a month ago, Finance Minister Nirmala Sitharaman casually remarked that the upcoming Interim Budget might not have any «spectacular» announcements. If you also consider the BJP's recent victories in three big states which are seen to have placed the party on a strong footing for the Lok Sabha elections in May, you can assume that the Interim Budget, to be presented on February 1, will be shorn of any grand populist schemes that require hefty financial support. Catch our full Budget 2024 coverage here The BJP-led NDA government at the Centre, however, may not let the opportunity a pre-election budget presents go waste.

Jubilant Foodworks Ltd. slipped 1.25 per cent to Rs 519.95 in Wednesday's trade as of 01:44PM (IST). The stock hit a high price of Rs 525.7 and low of Rs 517.5 during the session.

I think there’s a lot of room for growth. ONDC and McKinsey have jointly published a report in which we examined the potential for e-commerce in India. According to McKinsey, ONDC will enable a 5-fold rise in India’s digital consumption to $340 billion.

amrit kaal’, or golden era, is eliminating hunger in India. That is why the government decided to extend the Pradhin Mantri Garib Kalyan Anna Yojana, or PMGKAY, scheme, which aims to provide free foodgrains to the poor for another five years beginning this month.

₹50 trillion for the first time. As of 30 November, it stood at ₹50.6 trillion. Retail lending comprises housing and vehicle loans, credit card receivables, loans against gold jewellery, personal loans, etc.

Thousands of faithful Argentines flock every year to the northern city of Mercedes to ask folk cowboy saint Gauchito Gil for protection and to thank him for past favors

TOKYO (Reuters) — Japan's government is considering doubling budget reserves to 1 trillion yen ($6.9 billion) for the new fiscal year starting April to cover the cost of earthquake reconstruction, the Asahi newspaper reported late on Tuesday citing several government sources.