Trending Economy

Listen as Radio

FSSAI to enforce labeling changes annually from July 1

In a significant move to enhance the operational landscape for food business operators (FBOs), the Food Safety and Standards Authority of India (FSSAI) announced that amendments to food labelling regulations will take effect annually on July 1. This decision, aimed at fostering a predictable regulatory environment, will provide FBOs with a clearer framework for compliance, thereby addressing challenges such as the costs associated with operational changes and the use of pre-printed packaging materials. The FSSAI emphasized that this initiative not only promotes transparency for consumers, enabling informed choices about food safety and quality, but also supports environmental sustainability by reducing waste and minimizing the carbon footprint linked to frequent packaging updates. The authority's commitment to public health is further reinforced through this consumer-centric approach, which aims to strengthen trust in the food industry. sources

Published:
Jan 15 2025, 7 pm

Trump urges businesses to manufacture in US or face tariffs

In a remote address to the World Economic Forum in Davos on January 23, 2025, U.S. President Donald Trump declared the onset of a "golden age" for America, promising to strengthen the economy through significant tax cuts and reduced regulations. He urged businesses to manufacture in the U.S. to avoid tariffs and announced plans to pressure Saudi Arabia and OPEC to lower oil prices, claiming this could help end the Russia-Ukraine conflict. Trump emphasized his administration's swift actions to combat inflation and restore American manufacturing dominance, while also addressing U.S.-China relations, expressing optimism for improved ties with President Xi Jinping. He reiterated his commitment to traditional gender definitions, stating that only two genders would be recognized in U.S. policy. Trump's remarks came just days after his inauguration for a second term, during which he criticized the previous administration's economic management. sources

Published:
Jan 24 2025, 12 am

Trump: US Recognizes Only Male and Female Genders

In a significant policy shift, U.S. President Donald Trump declared at the World Economic Forum in Davos that the United States will officially recognize only two genders, male and female, and prohibit men from participating in women's sports. Speaking via video link shortly after beginning his second term, Trump emphasized that transgender surgeries would become increasingly rare. He recently signed executive orders that roll back protections for transgender individuals and dismantle diversity and inclusion programs within the federal government. These orders stipulate that the federal government will define sex based on biological characteristics, such as the presence of eggs or sperm, rather than chromosomes. Additionally, they mandate the segregation of prisons and shelters by this definition of sex and restrict federal funding for transition services, while also blocking the use of preferred pronouns for transgender individuals in government and workplace settings. sources

Published:
Jan 24 2025, 12 am

CCI Chief Ravneet Kaur Advocates Ex-Ante Framework for Digital Markets

The Competition Commission of India (CCI) is advocating for an ex-ante regulatory framework to oversee the rapidly evolving digital markets, according to Chairperson Ravneet Kaur. This proactive approach aims to complement the existing ex-post enforcement mechanism, addressing the unique challenges posed by digital platforms, often referred to as Gatekeepers, which can quickly dominate markets. Kaur recently presented the status of the proposed Digital Competition Bill to the Standing Committee on Finance, emphasizing the need for preventive measures against anti-competitive practices. She also indicated plans to enhance the CCI's Dedicated Digital Markets Division, pending the Bill's enactment, by recruiting data analysts and scientists. Regarding the NCLAT's recent stay on a CCI order concerning WhatsApp's privacy policy, Kaur stated that the commission will review the order before deciding on an appeal. Additionally, she noted that no formal complaints regarding quick commerce have been received yet, although the CCI is examining related industry concerns. sources

Published:
Jan 23 2025, 10 pm

TN: New Hub for R&D and Advanced Manufacturing, Says Rajaa

At the World Economic Forum Annual Meeting 2025 in Davos, Tamil Nadu's delegation, led by Industries Minister T.R.B. Rajaa, showcased the state as a burgeoning hub for research, development, and advanced manufacturing. Engaging in over 50 meetings, the team emphasized a shift from traditional service and manufacturing to home-grown innovation. Notable developments include a global food-processing firm planning investments in FMCG products and a superfood giant eyeing Tamil Nadu's agricultural strengths. Additionally, two major finance players are set to establish Global Capability Centres, while pharmaceutical companies are considering new manufacturing plants. Minister Rajaa, speaking on supply chain diversification, highlighted the state's deep talent pool and infrastructure. The delegation also discussed initiatives to prepare an AI-ready workforce and explored collaboration with Manchester United to elevate football training standards, particularly for women, reinforcing Tamil Nadu's status as a global sports hub. sources

Published:
Jan 23 2025, 8 pm

Tata Sons seeks CCI approval for Tata Play stake purchase

Tata Sons Private Limited has sought approval from the Competition Commission of India (CCI) to acquire a 10% stake in Tata Play Limited from Baytree Investments, a Temasek affiliate. This move is part of Tata Sons' strategy to enhance its ownership in Tata Play, a prominent player in India's Pay TV and OTT market, formerly known as Tata Sky. The acquisition aligns with Tata Sons' broader goal of consolidating its digital and media investments, as Tata Play offers Direct-to-Home (DTH) services and the Tata Play Binge OTT aggregator. The company asserts that the deal will not adversely affect market competition, citing the competitive landscape and the complementary nature of its services. With the Indian media landscape increasingly shifting towards digital platforms, this transaction, pending regulatory clearance, is expected to bolster Tata Play's position in the evolving entertainment sector, allowing it to better compete in the growing digital market. sources

Published:
Jan 23 2025, 9 pm

Maharashtra signs ₹17 lakh crore MoUs at Davos

Maharashtra has secured investment commitments totaling approximately ₹17 lakh crore from various companies at the World Economic Forum in Davos, with Reliance Industries leading the way by signing memorandums of understanding (MoUs) worth over ₹3 lakh crore. The agreements were witnessed by Maharashtra Chief Minister Devendra Fadnavis, who has also finalized several other significant deals, including a ₹16,500-crore MoU with Reliance Infrastructure Ltd. Notable partnerships include commitments from Brookfield for over ₹1 lakh crore, and agreements with Sumitomo Realty, K Raheja Corp, Blackstone, and Temasek, each valued at ₹43,000 crore. Additionally, the Hiranandani group has pledged ₹51,600 crore, reflecting a robust interest in Maharashtra's economic potential from both Indian and global investors. sources

Published:
Jan 23 2025, 9 pm

Karnataka Governor Gehlot returns Mineral Tax Bill for clarification

Karnataka Governor Thawar Chand Gehlot has returned the Mineral Tax Bill, which proposes a tax ranging from ₹20 to ₹100 per tonne on various minerals, citing concerns raised by mining associations. The bill, passed by the Cabinet in December 2024, aims to generate approximately ₹4,207.95 crore in revenue, with an additional ₹505.9 crore from taxing land-bearing minerals. The proposed tax rates include ₹100 for bauxite, laterite, manganese, and iron ore, ₹50 for copper ore, and ₹20 for limeshell. Congress spokesperson BL Shankar emphasized that the bill was introduced for community benefit and had bipartisan support, while former Lok Sabha member VS Ugrappa criticized the lack of traditional legislative discussion surrounding the bill. He warned that the return of the bill could hinder the state's development, noting that this is the 12th bill to be returned by the Governor. sources

Published:
Jan 23 2025, 8 pm

India constrained by MFN rules in tariff cuts for Trump

India is currently engaged in inter-ministerial discussions to evaluate its response to the Trump Administration's "America First" trade policy, which threatens supplemental tariffs on trade partners to address the US's trade deficit. With a significant trade deficit of over $35 billion with India in FY24, the US is expected to push for lower tariffs on key products, particularly agricultural goods. However, Indian officials emphasize that any tariff reductions cannot be exclusive to the US and must adhere to the Most Favoured Nation (MFN) principle, which treats all World Trade Organization members equally. Trade economist Abhijit Das noted that while India previously lowered tariffs on certain products for the US under a bilateral agreement with the Biden administration, similar concessions for the Trump administration would require reciprocal tariff reductions from the US, which appears unlikely. The US remains India's largest trading partner, with exports rising from $53.1 billion in FY20 to $77.5 billion in FY24. sources

Published:
Jan 23 2025, 8 pm

CCI Adapting to India's Fast-Changing Economic Landscape, Says Kaur

In an exclusive interview with *BusinessLine*, Ravneet Kaur, Chairperson of the Competition Commission of India (CCI), emphasized the pivotal role of competition law in fostering a vibrant and inclusive economy. Reflecting on her tenure, Kaur highlighted the CCI's strategic focus on adapting to India's evolving economic landscape, particularly through recent amendments to the Competition Act. These changes, including commitment and settlement frameworks, aim to enhance efficiency in addressing anti-competitive practices, especially in the burgeoning digital sector. Kaur underscored the importance of supporting start-ups against dominant players and ensuring fair competition, which she views as essential for innovation and economic growth. Looking ahead, she envisions positioning the CCI as a global leader in competition regulation, balancing consumer protection with sustainability goals. Kaur's message to businesses and consumers is clear: fair competition drives innovation, and the CCI is dedicated to maintaining a fair marketplace for all. sources

Published:
Jan 23 2025, 8 pm

CAI raises 2024-25 cotton output and consumption estimates

The Cotton Association of India (CAI) has revised its cotton production estimates for the 2024-25 crop year upwards by 2 lakh bales, now projecting a total output of approximately 304.25 lakh bales, largely due to unexpectedly high yields in Telangana, which saw an increase of 6 lakh bales to 42 lakh bales. However, production in northern states is anticipated to decline by 3.5 lakh bales. The CAI also raised its consumption forecast by 2 lakh bales to 315 lakh bales, reflecting increased market demand. As of January 22, cumulative market arrivals exceeded 156 lakh bales, with daily arrivals surpassing 1.5 lakh bales, particularly in Maharashtra and Gujarat. Despite this, cotton prices remain stable at ₹53,000-54,000 per candy, as mills are purchasing conservatively. Exports are primarily directed towards Bangladesh, but at a slower pace, with the Cotton Corporation of India being the largest buyer in the market. sources

Published:
Jan 23 2025, 8 pm

For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews

End of news stories. Come back in an hour!