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The Food Safety and Standards Authority of India (FSSAI) has issued a warning against the use of calcium carbide for artificial ripening of fruits due to its health risks, including dizziness, vomiting, and skin ulcers. The FSSAI has directed food safety departments across all states and Union Territories to take strict action against violators under the FSS Act, 2006. The advisory comes during the crucial mango season, emphasizing the dangers of using calcium carbide, which releases harmful acetylene gas containing arsenic and phosphorus. The FSSAI has highlighted the safer alternative of ethylene gas for fruit ripening and urged traders, fruit handlers, and Food Business Operators to comply with the regulations to ensure food safety. 
In a speech at the CII's Annual Business Summit 2024, Anantha Nageswaran, Chief Economic Advisor to India's Finance Ministry, emphasized the importance of preparing the country's youth for the impact of Artificial Intelligence (AI) on their lives and employment prospects. Nageswaran highlighted the need to focus on the physical health of the youth cohort alongside AI readiness to achieve India's goal of becoming a developed country by 2047. He also addressed challenges related to economic growth, energy security, and global financial stability, stressing the importance of skilling, employability, and manufacturing to sustain high levels of growth. Nageswaran expressed confidence in addressing employment generation challenges through improved infrastructure and bank balance sheets, while acknowledging the need for continued efforts in skilling and learning outcomes. The government's approval of an AI mission with a significant budget allocation reflects India's commitment to preparing for the future of technology and job opportunities in the sector.
In a speech at the CII’s Annual Business Summit, Chief Economic Advisor V Anantha Nageswaran warned against the sachetisation of futures and options (F&O) trade, emphasizing the need for different financial literacy for such investments. Nageswaran highlighted the importance of ensuring that the capital market grows in areas where Indian household savings can be utilized productively, cautioning against the risks associated with F&O trading. This comes amidst a decline in net household savings and a significant increase in investments in mutual funds and shares. Finance Minister Nirmala Sitharaman also expressed concerns about the unchecked growth in retail F&O trading, urging regulatory bodies to safeguard investors' interests. Sebi chairperson Madhabi Puri Buch echoed these sentiments, emphasizing the need for a long-term investment strategy to ensure sustainable returns. Despite the surge in F&O trading participation during the pandemic, research shows that only a small percentage of individual traders have been profitable in this segment.
In a recent development, the National Company Law Tribunal (NCLT) has granted permission to IL&FS Transportation Networks to proceed with the sale of its shares in Moradabad Bareilly Expressway to Roadstar Infra Investment Trust. The transfer involves 32,140,691 equity shares, representing a 14.5% stake, and has been approved by both the new IL&FS board and the IL&FS Transportation Networks board in October 2023. The Union Bank of India has also expressed no objection to the proposed sale, leading the tribunal to approve the transaction. This decision allows IL&FS Transportation Networks to move forward with the share purchase agreement with Axis Trustee Services Limited and Roadstar Investment Managers, marking a significant step in the company's restructuring efforts.
The Shipping Ministry in India is aiming to transition to an 80 per cent landlord model by the end of the decade to enhance efficiency and reduce logistics costs at major ports. This model involves private players taking over operational aspects while the port authority acts as a regulator and landlord. Ports, Shipping, and Waterways Secretary TK Ramachandran announced at the CII Annual Business Summit 2024 that the Jawaharlal Nehru Port (JNPT) has already become the first major port in the country to operate on a 100 per cent landlord model through public-private partnerships (PPP). The ministry is focusing on developing port-based industrial clusters, investments in the maritime sector, ensuring PPPs, and multi-modality to improve the cost and ease of doing business. Ramachandran highlighted the significant increase in national waterways from five to 111 over the past decade, along with reforms in the Major Ports Act and Inland Vessels Act to attract private sector investment.
In a strategic move to expand its carrier fleet, GAIL, India's largest gas utility, has signed a 14-year time charter party with Cool Company, a pure play LNG shipping company, for a new LNG carrier. The charter is set to commence in early 2025, with GAIL having the option to extend it by two additional years beyond the initial period. This development aligns with GAIL's ambitious plans to meet the increasing demand for natural gas in India. The company currently operates four LNG carriers and aims to further strengthen its position in the market. Cool Company's CEO expressed enthusiasm for the long-term partnership with GAIL, highlighting the advanced technology and environmental performance of the new LNG carrier. GAIL, a Maharatna company, operates a vast network of natural gas pipelines across India and holds a significant market share in gas transmission and trading.
The Department for Promotion of Industry and Internal Trade (DPIIT) in India is focusing on improving the country's performance in the upcoming World Bank global ranking survey for business climate assessment. The survey, set to begin in August, will cover ease of entry, operation, and exit for businesses. DPIIT Secretary Rajesh Kumar Singh highlighted the need to address duty inversions to enhance competitiveness in manufacturing, while also considering further liberalization of foreign direct investment (FDI) norms under the new government. Despite past data irregularities favoring China in global rankings, India aims to continue improving its standing among foreign investors. The DPIIT is also working on tariff adjustments to boost sectors like electric vehicles and tyre manufacturing without relying on incentives, signaling a shift towards a more competitive trade environment.
The Finance Ministry has implemented a definitive anti-dumping duty on Pentaerythritol imports from China, Saudi Arabia, and Taiwan, following a petition filed by Kanoria Chemicals & Industries. Pentaerythritol, an organic compound widely used in industries such as surface coating, alkyl resin manufacturing, and printing inks, will now face anti-dumping duties ranging from $300.15 to $499.01 per tonne. The Directorate General of Trade Remedies had recommended this action in February, leading to the imposition of a five-year anti-dumping duty to protect domestic producers from unfair competition. This move comes after an investigation initiated last year on Pentaerythritol imports from China, Saudi Arabia, Russia, and Taiwan, highlighting ongoing efforts to safeguard the Indian economy from detrimental trade practices.
Precision animal nutrition is revolutionizing the dairy industry by tailoring diets to the specific needs of livestock, optimizing animal health, growth, and minimizing waste and environmental impact. This approach involves supplying livestock with the exact amount of nutrients they require, reducing nitrogen and phosphorus content in diets, and enhancing animal health and welfare through advanced technologies and continuous monitoring. Precision feeding also plays a crucial role in reducing methane emissions and managing toxins in livestock diets. Technology, such as monitoring milk yield, walking activity, feeding behavior, milk fat percentage, body condition score, and rumen pH, helps fine-tune feeding strategies and detect early signs of health issues. As precision animal nutrition evolves, it has the potential to become a standard practice in sustainable agriculture, benefiting the health of animals, the environment, and the economic interests of farmers.
In a report released on May 18, 2024, the Chhatrapati Shivaji Maharaj International Airport, controlled by the Adani group, saw a significant increase in passenger traffic in April. Handling 4.36 million passengers, the airport experienced a 9% growth compared to the previous year, with both domestic and international segments showing positive trends. The data revealed a remarkable 42% rise in passenger traffic from April 2022 and a remarkable 131% recovery from April 2019. Delhi, Bangalore, and Hyderabad emerged as the top domestic destinations, while Dubai, Singapore, and Abu Dhabi remained popular international choices. The airport operator emphasized the airport's commitment to providing global connectivity, top-notch hospitality, and safety measures to ensure a seamless travel experience for all passengers.