Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Due to the increase in fodder and <keyword id="531714" type="General" weightage="20" keywordseo="fertilizer-prices" source="Orion">fertilizer prices</keyword>, Indian dairy and cattle farmers have been barely recovering their input costs.</li><li>With the new <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on <keyword id="655943" type="General" weightage="20" keywordseo="cottage-cheese" source="Orion">cottage cheese</keyword> and other dairy products, meat and <keyword id="14390139" type="General" weightage="20" keywordseo="dairy-machinery" source="Orion">dairy machinery</keyword>, small farmers of the <keyword id="494021" type="General" weightage="20" keywordseo="cottage-industry" source="Orion">cottage industry</keyword> will have to bear the brunt.</li><li>Experts predict that consumers will also see marginal changes in the prices of milk-related products.</li></ul>It hasn’t been a good year for Indian households as the prices of every second food product has gone up in the last four months. So much so, most consumers have been trading down their grocery purchases to smaller packs, cheaper brands and regional brands. Looks like the long arm of GST is catching up on this trend too. In its 47th meeting held last week, the GST council imposed <a href="https://www.businessinsider.in/finance/news/pre-packed-meats-curds-paneer-and-puffed-rice-will-now-attract-gst/articleshow/92533389.cms">5% tax on dairy item</a>s like ‘pre-packed, pre-labelled curd, lassi, paneer, and buttermilk’ and increased GST on dairy machinery from 12% to 18%. It also withdrew the exemptions given to pre-packaged and pre-labelled meat/fish (except fresh and frozen). Such food items will now be <a href="https://www.businessinsider.in/finance/news/pre-packed-meats-curds-paneer-and-puffed-rice-will-now-attract-gst/articleshow/92533389.cms">taxed at 5%,</a> at par with branded items. This move is seen as a way to level the playing field due to changing market dynamics. “It was reported that a lot of the labelled category players were deregistering from GST, claiming to be unlabelled, and causing an imbalance as the original unlabelled private players found the playing feel lopsided with these other entrants,” Alankrita Goswami, an agricultural economist told Business Insider India. It will also affect the dairy product-loving Indians, who have been looking for ways for slightly cheaper products as shrinkinflation and sticker shocks have been steering away from branded foods. Costly fodder adds to the price of milk production India’s prominent dairy companies like <a href="https://www.businessinsider.in/india/news/why-did-amul-parag-verka-increase-milk-prices/articleshow/89926050.cms">Amul, Parag, and Verka</a> raised their milk prices earlier this year by ₹2, citing the rise in input costs. According to a <a href="https://www.fao.org/india/fao-in-india/india-at-a-glance/en/">UN report</a> released in 2018, India’s per capita consumption of fresh dairy products — like milk, curd and buttermilk — is 84 kg per annum, among the highest in the world. India is the world’s <a href="https://www.pashudhanpraharee.com/livestocks-contribution-to-indian-economy/">largest </a>milk producer, and its production has been growing every year. It is also the second-biggest source of protein in the country. This might go up again. “On the inflation side, I can only speculate that it might have some marginal impact as the consumer prices for milk-related products might spike a bit. It will depend on how private players and cooperative brands come to perceive this move and its consequences pertaining to their overall costs,” said Goswami. Dairy, a cottage industry Apart from consumers, farmers too have been bothered by these taxes since there has been an increase in taxes of equipment related to dairy farming too. And they have been having a bad year due as fodder prices <a href="https://www.tribuneindia.com/news/haryana/rising-input-cost-hits-dairy-business-389246">doubled </a>from ₹400 to ₹800 a <a href="https://www.tribuneindia.com/news/haryana/rising-input-cost-hits-dairy-business-389246">quintal </a>in April and haven’t returned to normal yet. The main component of the cost of milk production is the feed cost, which accounts to <a href="https://www.downtoearth.org.in/coverage/high-cost-of-fodder-led-milk-price-hike-793">almost 70%</a> and the remaining 30% are labour costs and medical care of the cattle. The fodder includes dry wheat, millet or paddy stalks and green fodder and concentrates like de-oiled cakes and molasses, among others. “Even though there is little clarity on the recently announced GST on milk by-products, the farmer organizations and milk cooperatives are likely to object to measures as they believe it would impact the livelihood of dairy farmers who are members of cooperatives. Any increase in GST on milk processing machines might also impact the input costs for the cooperative sector,” said Goswami. The <keyword id="14390138" type="General" weightage="20" keywordseo="gst-on-dairy-products" source="Orion">GST on dairy products</keyword> and dairy machinery both would affect the many small-income farmers who are engaged in the cottage industry of making and selling milk by-products – especially curd, buttermilk and paneer. In India, about 30.5 million<a href="https://www.pashudhanpraharee.com/livestocks-contribution-to-indian-economy/"> livelihoods </a>depend on livestock and employ 18.8 % of India’s <a href="https://www.pashudhanpraharee.com/livestocks-contribution-to-indian-economy/">population</a>. Livestock contributes 26% to the <a href="https://www.pashudhanpraharee.com/livestocks-contribution-to-indian-economy/">income </a>of small farm households as against an average of 24% for all rural households. The livestock sector adds 4.11% to the GDP and 25.6% to the total <a href="https://www.pashudhanpraharee.com/livestocks-contribution-to-indian-economy/">agriculture </a>GDP. Dairy is the single largest agricultural commodity contributing around 5% to the <a href="https://www.indiabudget.gov.in/economicsurvey/ebook_es2022/index.html#p=277">national </a>economy.

Indian taxes on cottage cheese will hit the cottage industry and dairy lovers alike

With <keyword id="132052" type="General" weightage="20" keywordseo="curd" source="Orion">curd</keyword>, <keyword id="113418" type="General" weightage="20" keywordseo="paneer" source="Orion">paneer</keyword>, unbranded pre-packaged food items like wheat flour and others coming under the <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword>) net from Monday onwards, retailers and manufacturers are discussing how to account for the old stock. "The GST falls at the time of sale. The problem now will be with the old stock sporting the Maximum Retail Price (MRP). A retailer cannot sell at a price that is more than MRP nor he can alter the retail price by pasting a sticker," L.S. Karthikeyan, GST Consultant in Bengaluru told IANS. He also said the retailers selling the old stock will not get the input tax credit. "It is precisely the topic that is being discussed internally," a senior official of a company that sells provisions and dairy products told IANS. "In the case of dairy products, the issue will be resolved in two days as they move fast and perishable. But the problem is with other un-branded pre-packed items," the official added. According to Karthikeyan, any packaged product that identifies the manufacturer is a brand. So, in-store brands also come under the GST ambit. Meanwhile, companies are in the process of hiking their prices of paneer, curd and other items. "The margins are thin in the dairy products and provisions. So the tax element has to be passed on," Karthik Jayaraman, President and Co-Founder, <keyword id="14487221" type="General" weightage="50" keywordseo="waycool-foods-and-products" source="Orion">WayCool Foods and Products</keyword> told IANS. The Rs 1,008 crore turnover WayCool Foods is a farm gate to dining plate agri commerce company. The company is largely a business-to-business (B2B) food products supplier (sourcing from farmers/farmer producer organisations directly and supplying to retail outlets/bulk buyers) in the southern markets and in Maharashtra. The company has four brands -- Kitchenji (dals, staples and spices), Madhuram (bulk grain and pulse), Freshey's (ready-to-cook items, dairy products) and L'Exotique (premium fresh fruits). It is said some companies are looking at retaining the retail price level while reducing the sale quantity. "It is difficult in the case of several products as the packaging line has to be changed. For instance, paneer is packed in tubs. Reducing the quantity to hold the price line may not work out," Jayaraman added. While the GST is applicable for pre-packaged items weighing less than 25 kg/25 litre, companies are looking at increasing the quantity per pack to be outside the tax net. The GST applies when such goods are sold in prepackaged and labelled packs. Therefore, GST would apply when prepackaged and labelled packages are sold by a distributor/ manufacturer to such retailers. If a retailer supplies the item in loose quantity from such a package, it will not attract GST. The <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> at its recent meeting held in <keyword id="6360078" type="General" weightage="50" keywordseo="chandigarh" source="Orion">Chandigarh</keyword> decided to bring pre-packaged and labelled food items such as wheat flour, paneer, puffed rice and other items under the GST net in order to avoid disputes. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/aviation-minister-meets-airlines-chiefs-asks-them-strengthen-safety-oversight/articleshow/92958055.cms">Aviation minister meets airlines chiefs, asks them strengthen safety oversight</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech-buying-guides/best-oppo-smartphones-in-india/articleshow/92957078.cms">Best Oppo smartphones in India in 2022</a>

As curd, paneer and wheat flour turn 5% costlier, retailers worried about 'old stock'

<ul><li>Dairy companies like Amul and Mother Dairy have raised their milk prices by ₹2 citing the rise in input costs.</li><li>The price rise will reflect from August 17.</li><li>The major reason behind the rise in price of milk is the steep increase in costs of energy, packaging, logistics and cattle feed.</li></ul>Indian dairy and cattle farmers have been barely recovering their input costs thanks to the increase in fodder and fertiliser prices. This increased cost has been passed on to dairy companies and now, consumers will also have to spend a little extra on their milk. Mother Dairy and Gujarat Cooperative Milk Marketing Federation’s (GCMMF) Amul have announced a hike in their sticker price by ₹2 per litre, which will reflect from August 17. Mother Dairy and Amul, along with other companies like Parag and Verka, had raised their milk prices by ₹2 in <a href="https://www.businessinsider.in/india/news/why-did-amul-parag-verka-increase-milk-prices/articleshow/89926050.cms">March</a> citing the rise in input costs. “Mother Dairy is compelled to raise its liquid milk prices by ₹2/litre with effect from August 17, 2022. The new prices will be applicable for all milk variants,” said Mother Dairy in a press release. The increase of ₹2 per litre translates into a 4% increase in maximum retail price (MRP). In Ahmedabad and Saurashtra markets, a 500 ml pack of Amul Gold will now cost ₹31, Amul Taaza ₹25 and Amul Shakti ₹28. “The GCMMF has decided to increase the milk prices by ₹2 per litre in the markets of Ahmedabad and Saurashtra region in Gujarat, Delhi NCR, West Bengal, Mumbai and all other markets where Amul is marketing its fresh milk," said Amul. Why are milk prices surging? Dairy companies have been experiencing a surge in varied input costs, which have increased multifold during the last five months. "The cattle feeding cost alone has increased by approximately 20% compared to last year. Considering the rise in input costs, our member unions have also increased farmers' prices in the range of 8-9% over the previous year," said Amul’s statement. The farm prices of raw milk have increased by about 10-11% in the said period. In June, the GST council had also imposed a <a href="https://www.businessinsider.in/finance/news/pre-packed-meats-curds-paneer-and-puffed-rice-will-now-attract-gst/articleshow/92533389.cms">5% tax on dairy item</a>s like ‘pre-packed, pre-labelled curd, lassi, paneer, and buttermilk’ and increased GST on dairy machinery from 12% to 18%, further adding to the costs. "The price revision shall help in sustaining remunerative prices for our milk producers and encourage them for higher milk production," Amul’s release said about its latest price hike. However, the revision in prices is likely to affect the dairy product-loving Indians, who have been switching to local unbranded products as they look for ways to deal with higher prices.

Your milk will now get dearer as Mother Dairy and Amul raise prices by ₹2 per litre

<keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">Goods and services tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword>), India’s biggest tax reform since independence is going to lower down the cost of <keyword id="4660581" type="UNKNOWN" weightage="100" keywordseo="daily-use-items">daily use items</keyword> like note books, domestic LPG, aluminium foils, insulin, agarbatti and others, once it rolls out from July 1. A majority of these goods have a GST rate much lower than what is being levied on them presently in form of combined indirect taxes by the Centre and states, like central excise duty rates, embedded central excise duty rates, service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty and tax incidence on account of CST, Octroi, Entry Tax, among others. However, the flat GST rate decided by the GST council would be lighter on consumers’ pockets. These items that have lower GST decided by the council are milk powder, curd, butter milk, Unbranded Natural Honey, dairy spreads, cheese, spices, tea, wheat, rice, flour, and spices, groundnut oil, palm oil, sunflower oil, coconut oil, mustard oil, sugar, palmyra jaggery, sugar confectionery, pasta, spaghetti, macaroni, noodles, fruit and vegetable items, several food products, pickle, murabba, chutney, sweetmeats, ketchup and sauces. Other than these, toppings, spreads and sauces, instant food mixes, mineral water, ice, cement, coal, kerosene PDS, LPG domestic, insulin, agarbatti, tooth powder, hair oil, toothpaste, kajal, soap, X-ray films for medical use and diagnostic kits and reagents are also going to go less expensive with GST.

GST to reduce prices of daily use products and LPG

<ul><li>Niti Aayog member Ramesh Chand thinks that there should only be two tax slabs under the good and services tax (GST).</li><li>Currently the GST has four tax rate slabs.</li><li>He also believes that the tax rate should be revised annually.</li></ul> Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
 The goods and services tax (GST), which replaced almost all the indirect taxes, came into force from July 1, 2017, and the rates on goods and services have been revised several times since then.
 Currently, there are four GST rate slabs -- 5 per cent, 12, per cent, 18 per cent and 28 per cent. Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.
 Talking to , Chand said that when a large taxation reforms like GST are brought in, there are always "teething problems" but soon they stabilise. He said most of the countries took long time for GST stabilisation.
 The Niti Aayog member, who looks after the agriculture sector, is also strictly against frequent changes in <keyword id="6360118" type="DEFINITION" weightage="20" keywordseo="gst-rates">GST rates</keyword> as it leads to problems. The all-powerful <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST Council</keyword>, presided over by the Union finance minister and comprising state finance ministers, decides on rate for particular goods and services. Besides frequent demand for reduction in the rates on various goods and services, there has also been clamour for a slash in the number of tax slabs.
 "It has become tendency of every sector to ask for lower GST. I feel GST issues are much larger than asking for rates," Chand said.
 And, "we should not fiddle with rates or change rates frequently... We should not have many rates. Have only two rates," he said.
 Chand said the focus should be on steady increase in revenue collection from the new indirect tax regime rather than tinkering with rates. He prescribed that if at all rates need to be changed, it should be done annually.
 On demands of lower GST on process food, like dairy products, Chand, an agri economist, said the 5 per cent GST on such products is "very very reasonable".
 Chand said that while every sector is demanding lower rate, they should also understand governments need revenue to spend on development works. "We always ask from the government and forget to give back. This trend is not good. From where will the government get the money to spend for development," said Chand, who is also a member of the 15th Finance Commission.
 He said that in the agriculture sector alone, the central government is providing a subsidy of Rs 1.2 lakh crore and the states put together spend about Rs 1 lakh crore. See also: <a href="https://www.businessinsider.in/policy/news/electric-cycles-attract-5-gst-ordinary-cycles-12-in-india/articleshow/72936663.cms">Electric cycles attract 5% GST, ordinary cycles 12% in India</a> <a href="https://www.businessinsider.in/business/news/imf-calls-out-indias-growth-rate-which-did-not-translate-into-jobs/articleshow/72947797.cms">IMF calls out India's 'growth' rate which did not translate into jobs</a>

NITI Aayog member thinks that India should have only two GST slabs

The Centre on Saturday said that the list of One District One Focus Product (ODOFP), which will be promoted in a cluster approach through convergence of the various schemes, has been finalised. The products have been identified from <keyword id="69070" type="COMPANY" weightage="20" keywordseo="agricultural">agricultural</keyword>, horticultural, animal, poultry, milk, fisheries and aquaculture, marine sectors for 728 <keyword id="68358" type="ORGANIZATION" weightage="20" keywordseo="districts">districts</keyword> across the country. Fruits have been identified for 226 districts, the highest in the list while vegetables for 107 ditstrics and spices for 105 districts are at the second and the third position in the list. The chief food crop paddy has been identified for 40 districts while wheat for 5 districts. The Ministry of Agriculture and Farmers Welfare in consultation with the Ministry of Food Processing Industries has finalised the products for One District One Focus Product (ODOFP), said an official statement. The list of products have been finalised after taking inputs from the States/UTs and <keyword id="87560" type="COMPANY" weightage="20" keywordseo="Indian-Council-of-Agricultural-Research">Indian Council of Agricultural Research</keyword> (ICAR). These products will be promoted in a cluster approach through convergence of the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword> schemes, to increase the value of the products and with the ultimate aim of increasing the income of the farmers. These identified products will be supported under the PM-FME scheme (PM Formalisation of Micro food processing Enterprises Scheme) of the Ministry of Food Processing Industries which provides incentives to promoter and micro-enterprises. Many products also include convergence of resources and approach from the other departments. The Ministry of Agriculture and Farmers Welfare will support ODOFP from its ongoing centrally sponsored schemes such as Mission for Integrated Development of Horticulture (MIDH), <keyword id="109598" type="COMPANY" weightage="20" keywordseo="National-Food-Security-Mission">National Food Security Mission</keyword>' (NFSM), <keyword id="165403" type="PERSON" weightage="20" keywordseo="Rashtriya-Krishi-Vikas-Yojana">Rashtriya Krishi Vikas Yojana</keyword> (RKVY), Paramparagat Krishi Vikas Yojna (PKVY). The implementation of ODOFP by State Governments will benefit farmers and provide support for realizing the expectations of value addition and subsequently enhancing agricultural exports. List of identified the products and number of districts are as follows : (i) Paddy - 40 districts (ii) Wheat - 5 districts (iii) Coarse cum Nutri Cereals- 25 districts (iv) Pulses - 16 districts (v) Commercial crops - 22 districts (vi) Oilseeds - 41 districts (vii) Vegetables - 107 districts (viii) Spices - 105 districts (ix) Plantation - 28 districts (x) Fruits - 226 districts (xi) Floriculture - 2 districts (xii) Honey - 9 districts (xi) Animal husbandry/Dairy products - 40 districts (xi) Aquaculture/Marine fisheries - 29 districts (xii) Processed Products - 33 districts SEE ALSO: <a href="https://www.businessinsider.in/india/news/bharat-bandh-over-eight-crore-traders-across-india-shut-shop-in-protest-against-rising-fuel-prices-and-changes-in-gst-rules/articleshow/81223361.cms">Bharat Bandh – over eight crore traders across India shut shop in protest against rising fuel prices and changes in GST rules</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Ignore low CIBIL score for street vendor loans, work on holidays, and other diktats from Indian government to banks rushing to meet March target</a> <a href="https://www.businessinsider.in/india/news/india-now-allows-you-to-avail-a-discount-on-flight-ticket-if-you-are-not-carrying-a-check-in-baggage/articleshow/81225977.cms">India now allows you to avail a discount on flight ticket if you are not carrying a check-in baggage</a>

Centre finalises One District One Focus Product to promote in cluster approach

New Delhi, Dec 17 () The government should remove GST on agri-inputs, revamp crop insurance scheme, land lease rental while fixing MSP and ban futures trade on agri-commodities are some of the suggestions made by farm experts during pre-budget meeting with the Finance Minister on Tuesday.
Measures to promote organic farming, cut in import duty from 30 per cent to zero on live embryo, animal and semen, tweaking of electronic National Agriculture Market (e-NAM) and revisiting of Food Security Act were some other recommendations made during the meeting, headed by Finance Minister Nirmala Sitharaman.
This is the fourth pre-Budget meeting on agriculture and agro-processing sectors. Already, consultations with IT/start-ups, financial sector and industry have been held.
"There should be zero GST on every farm inputs such as fertilisers, seed and agri-equipments," Bharatiya Kisan Sangh's (BKS) Dinesh Kulkarni told reporters after the meeting.
He also said there should be no futures trading in agri-commodities as it does not benefit either consumers or farmers. He also urged the government to increase procurement of various crops at the minimum support price (MSP).
Bharat Krishak Samaj Chairman Ajay Vir Jakkar demanded that the Pradhan Mantri Fasal Bima Yojana (PMFBY) should be replaced with new crop insurance and compensation scheme or a set up a farmers disaster and distress relief commission.
He also said the government should reduce GST on processed food and dairy products to 5 per cent.
National Dairy Development Board Executive Director Arun Raste said, "We want import duty on live embryo, animal and semen to be reduced to zero. The government should also expedite implementation of National Dairy Plan (NDP-II) at the earliest and make a budgetary provision".
The NDP-II, which aims to boost productivity in dairy sector, is estimated to cost USD 1 billion, of which 50 per cent will be borne by the World Bank and 30 per cent by the Centre and remaining 20 per cent by NDDB.
Consortium of Indian Farmers' Association (CIFA) Secretary General B D Rami Reddy said the government should consider lease rental cost while determining MSP for crops as recommended by the Swaminathan Commission.
Other stakeholders pitched for building brands of Indian agricultural products abroad, accelerate depreciation benefit to agri-processing industry, encourage development of farm eco-system services and market intelligence systems.
They also recommended development of agro-medicinal forestry, crop diversification, revisiting of Food Security Act, extending subsidy to producers of green manure, bio-fertilisers and bio-pesticides besides steps for promoting large scale production of compost by utilisation of urban solid waste.
The farm experts also felt the need for expansion of multi-dimensional research in agriculture sector for development of new technologies and further suggested for promoting start-ups in institutes of the Indian Council of Agricultural Research (ICAR) and agriculture universities for young students.
The meeting was attended by Minister of State for Finance Anurag Thakur and senior officials from finance, agriculture, consumer affairs, food processing, animal husbandry ministries as well as Niti Aayog. 
There were representatives from National Cooperative Union of India, South Indian Sugarcane Farmers Association, Kisan Foundation, IFFCO, All India Spices Exporter Forum, NCDEX, Indian School of Business, Irrigation Association of India, National rainfed Area Authority (NRAA) and NABARD among many others. MJH LUX CS LUX BAL
BAL

Pre-budget meet: Agri-experts demand scrapping GST on agri-inputs, revamp of PMFBY

<ul><li>In a bid to reduce the carbon footprint linked to animal farming, the mock meat category is gaining popularity in India, where 70% of the population is non-vegetarian.</li><li>As per trading firm Nirmal Bang’s report, India’s meat substitute market is estimated to be around ₹300 crore and ₹3500 crores in 3 years.</li><li>Climate change warriors are rooting for this category but nutritionists caution against it.</li></ul><keyword id="152806" type="General" weightage="20" keywordseo="butter-chicken" source="Orion">Butter chicken</keyword>, <keyword id="2174876" type="General" weightage="20" keywordseo="keema-pav" source="Orion">keema pav</keyword>, <keyword id="14426459" type="General" weightage="20" keywordseo="anda-burji" source="Orion">anda burji</keyword> but without anda or chicken and mutton, served as vegetarian items on a platter? It may sound like an anomaly but it’s now a reality, thanks to start-ups and even FMCG players. Apart from companies like GoodDots, Imagine Meats, Shaka Harry, Blue Tribe and Vegan Meri Jaan – FMCG major ITC too has launched products which offer ready-to-eat or ready-to-cook alternatives. The latest entrant is coffee company coffee brand Continental’s Greenbird. It offers chicken-like nuggets, seekh kebab, sausage and mutton-like keema. “Given the growing awareness of holistic wellness, sustainable living and widespread consumer acceptance in this area, India has the potential to emerge as one of the largest markets for plant-based products,” Praveen Jaipuriar, CEO, CCL Products told Business Insider India. Mock meat brands claim to mimic the taste and texture as mutton, chicken or fish but are made of soya bean, jackfruit, beans and wheat gluten. As per retail broking firm Nirmal Bang’s <a href="https://indiaobservers.com/indias-plant-based-meat-market-likely-to-touch-500-million-in-three-years/">report</a>, India’s meat substitute market is estimated to be around ₹300 crore and expected to touch ₹3500 crore per annum, in three years. <div type="image" title="087A5944" msid="92810518" hostid="261" caption="&amp;lt;p&amp;gt;Greenbird&amp;lt;/p&amp;gt;"></div> Tier II, III markets take a bigger bite Most plant-based companies are targeting meat-eaters, flexitarians who follow a vegetarian diet but occasionally eat meat, and former non-vegetarians who have quit meat to protect animals. According to the Food<a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=India%20Emerges%20as%20a%20Burgeoning%20Market%20for%20Plant-based%20Meat%20Substitutes_Mumbai_India_05-03-2021.pdf"> and Agriculture Organization</a>, Indians consume soybeans, jackfruit, dairy, and pulses for protein. And <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=India%20Emerges%20as%20a%20Burgeoning%20Market%20for%20Plant-based%20Meat%20Substitutes_Mumbai_India_05-03-2021.pdf">almost </a>70% of Indians are non-vegetarian. <div type="image" title="087A5954" msid="92810570" hostid="261" caption="&amp;lt;p&amp;gt;Greenbird&amp;lt;/p&amp;gt;"></div> One of the oldest players in the market, GoodDot had run a nationwide mass-media <a href="https://www.businessinsider.in/advertising/brands/news/plant-based-meat-brand-gooddot-launches-a-campaign-featuring-neeraj-chopra-to-promote-the-message-of-doing-good/articleshow/89450919.cms">campaign </a>with Olympic champion Neeraj Chopra earlier this year who promoted <a href="https://www.businessinsider.in/advertising/brands/news/plant-based-meat-brand-gooddot-launches-a-campaign-featuring-neeraj-chopra-to-promote-the-message-of-doing-good/articleshow/89450919.cms">plant</a>-based meat over real meat. When GoodDot started in 2017, consumers had a lot of apprehensions but its founder Abhishek Sinha says that they are seeing good demand for their Unmutton Keema Kit, UnMutton Dhaba curry and biryani packs, in smaller towns and metros alike. “We believe that just like <keyword id="113418" type="General" weightage="20" keywordseo="paneer" source="Orion">paneer</keyword> became a constant feature in the menus of restaurants and hotels 25-30 years back, plant-based meat will be an integral part of restaurant menus in the next 3-4 years,” Sinha told Business Insider India. What’s on the sticker? Price is one of the biggest challenges in the mock meat market, just like most others in the ready-to-eat category. In some cases, they are priced higher than meat. ITC’s chicken burger patty of 550 grams is priced at ₹260, whereas its plant-based burger of 330 grams comes at ₹630. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plant-based Product </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quantity (Grams) </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price (₹) </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blue Tribe </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">295 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">475 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shakka Harry </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">249 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Imagine Meats </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">575 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GoodDot </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken chunks </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">299 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Greenbird </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chicken nuggets </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">260 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">295 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While home-grown brands have been able to bring the price down, their plant-based products are still 10 times more expensive than meat. So, to further make a dent in the Indian <a href="https://www.statista.com/outlook/cmo/food/meat/india">meat </a>industry, mock meat brands will have to reduce the price gap. “Comparing the price of plant-based meat to that of traditional meat and vegetarian options, is somewhat more expensive, and there are not many manufacturers in India. But despite being a new category and a niche segment, it has enormous potential,” said Jaipuriar. GoodDot has been able to get an edge here. “The price range of our products is between ₹95 to ₹379. In terms of per kg cost, some of our products are more affordable than meat whereas some others are at par with meat,” said Sinha. However, now that <a href="https://www.businessinsider.in/finance/news/pre-packed-meats-curds-paneer-and-puffed-rice-will-now-attract-gst/articleshow/92533389.cms" data-type="tilCustomLink">a new tax</a> has been levied onto labelled meats, it might help reduce the gap between the two food categories. “Meat is an expensive product and is not a very frequent buy for many consumers. With the increasing cost of fodder and taxing of meat with GST, meat would become even more expensive. Plant-based meat products have been levied GST of 18 % since inception, so their prices have already factored in GST costs,” said Sinha. Processed meat is like eating 4 bhaturas It’s always a good idea to shift to a more humane approach, but is mock meat a healthier option? Jaipuriar claims that plant-based meats are more nutritious as they lack saturated fat and are high on fiber, antioxidants, vitamins, and minerals. Nutritionists feel otherwise. “There’s nothing healthy about plant-based meat. The maximum it can offer you is a look-alike, taste indulgence but minimum nutrition. It's hyper-processed, which means nutrition comes to an end, so it becomes very toxic. For the sake of saving a life, you're just putting your life at risk because you're consuming toxic chemicals and it’s not recommended,” Amit Srivastava, founder of nutraceutical community platform Nutrify Today told Business Insider India. To improve their nutritional profile, brands will have to up their budget and add in more amino acids, vitamins, minerals or medium-chain triglycerides. If they do that, their costs will shoot through the roof, and brands are already under stress to reduce prices. According to Srivastava, the technology has not succeeded from a nutrition point-of-view. Some of them may even <a href="https://www.healthline.com/nutrition/is-plant-based-meat-healthy#downsides">contain </a>extra sodium, saturated fats, preservatives, refined oils, modified cornstarch and added sugar. To convert a plant based source into something that simulates the taste of meats, it would need to add a lot of fat. Since most exist as fine powders, they are assimilated in no time and provide an instant amino acid release into the bloodstream. All in all, this ‘instant’ release might make people gain weight. According to Srivastava, those who consume plant-based meat for more than three months, will gain weight. “With real meat, it's the opposite effect. You tend to lose weight because the body has to burn a lot of energy to digest meat and protein-based mock meat is stored into the fat cells. If you eat four bhaturas, your body will have a very tough time going forward trying to take so much oil. It has the same impact with processed meat,” said Srivastava.

Butter chickenless, UnMutton keema — vegan meats hope to become the next ‘paneer’ but health concerns remain

<ul><li>Some of the biggest banks in India are joining hands to create a new company that will leverage the power of <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">blockchain technology</keyword> to speed up the processing of Letters of Credit (LCs).</li><li><keyword id="36838" type="COMPANY" weightage="20" keywordseo="indian-banks">Indian Banks</keyword>' Blockchain Infrastructure Company Private Limited (IBBIC) is a coalition of 15 banks, including <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, <keyword id="2179992" type="PERSON" weightage="20" keywordseo="RBL-Bank">RBL Bank</keyword>, SBI and Canara Bank.</li><li>The system will be based on Infosys’ Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.</li></ul>Banks in India are coming together to use blockchain technology to solve a central problem in traditional banking — the processing of Letters of Credit (LCs), GST invoices, and e-way bills. India’s largest public sector bank, the State Bank of India (SBI), along with ICICI Bank, Kotak Mahindra, Axis Bank, and 11 others have <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/15-banks-to-start-new-trade-finance-system-using-blockchain-tech/articleshow/83545043.cms?from=mdr">formed</a> a new company called the Indian Banks’ Blockchain Infrastructure Company Private Limited (IBBIC) that will be at the helm of this transformation. The move is expected to eliminate paperwork, reduce transaction processing time, and offer a secure environment. Moreover, it could be a boon for medium and small-scale enterprises (MSMEs). For those who aren’t familiar with LCs, these are letters from a bank that guarantee that a buyer will pay the seller on time, and for the correct amount. Currently, the process of issuing an LC is relatively slow and requires human intervention to prevent frauds, authenticate transactions, and balance the ledger. Using blockchain to issue LCs would potentially solve these issues. Even elemental fraud like the issuance of two LCs on a single invoice can be easily prevented with the help of this blockchain technology. <div type="ExtQuote" text="“Disbursements on domestic LCs, which used to take four to five days, can be done in four hours.”" auname="Varun Bakshi, head of products and transaction banking at RBL Bank, said in a statement"></div> The new system is expected to go live within a year and each bank has an equal stakeholdership of 6.66%. It’ll be designed to be open, making it seamless for other banks to join anytime in the future. What do MSMEs have to gain from this? The technology is purely based on the concept of tokenisation. This helps turn sensitive data into nonsensitive data that can be leveraged by multiple parties in a series. It also helps preserve the authenticity of data and indirectly enables digitisation. Simply put, a basic invoice can be turned into a token, which can then be used to settle payments, overheads, and other adjustments. For medium and small scale enterprises (MSMEs), this could be a game-changing innovation. Through all of its transactions, assets, liabilities, and more, tokenisation would make approvals quick, disbursements and settlements would be instantaneous, and the chances of fraud are minimised. The incorporation of IBBIC is starkly similar to that of the National Payments Corporation of India (NPCI), which is an umbrella organization that handles critical real-time products like RuPay, UPI, and FASTag. It was formed in 2008 and initially had just 10 banks as stakeholders. The cooperative model has been widely acclaimed as banks kept aside their individual ambitions and collaborated at an unprecedented scale. With the adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">blockchain</a>, banks are again presenting a unified front. And, as the industry benefits, each bank will have something to gain as well. If they try to undermine each other, nobody wins. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Cryptocurrencies</a>, which are based on this technology, have grown exponentially in the last year. However, conventional financial intuitions are yet to take advantage of it. While the authorities figure out a way to <a href="https://www.businessinsider.in/cryptocurrency/news/infosys-co-founder-nandan-nilekani-wants-crypto-in-india-to-be-treated-as-an-asset-class-but-not-a-currency/articleshow/83311045.cms">regulate cryptocurrencies</a>, banks are taking a step forward and bridging the gap from a technology point of view. Who are the stakeholders? Out of the 15 banks, eleven are privately held by investors while four are public sector units. The private banks include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, RBL Bank, IDFC Bank, South Indian Bank, and Federal Bank. And, the public sector units encompass Bank of Baroda, SBI, Canara Bank, and Indian Bank. American lender Standard Chartered is the only international player in the consortium. The system will be based on Infosys’ Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes. The technology has already been deployed or piloted by the likes of SBI and Axis Bank at an individual scale, but an industry-wide alliance is a first. Letters of Credit are only the beginning Domestic LCs are just the tip of the iceberg. The industry has been exploring more complex use-cases such as collateralised loan disbursal, deeper credit rating, and even transaction traceability. Tokenisation of assets like stocks, bonds, registration certificates, and more can make them instantly available as collateral, making deals far safer for lenders. At the same time, smart contracts ensure frauds are minimal. While these case studies are still in a nascent form, the future looks promising as the traditional institutions converge with millennial engineers and the cutting-edge of technology. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dodla-dairy-ipo-price-gmp-should-you-subscribe/articleshow/83548332.cms">Dodla Dairy IPO – find out if you should subscribe to this Hyderabad-based dairy company’s stock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kims-ipo-price-gmp-should-you-subscribe/articleshow/83547843.cms">KIMS IPO – most analysts are bullish on the hospital chain’s prospects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

SBI, HDFC, ICICI and 12 others banks are joining forces to use blockchain to power Letters of Credit — a move that could be a boon for MSMEs

New Delhi, Nov 19 () Baba Ramdev-led Patanjali Ayurved on Tuesday said it has achieved a revenue of Rs 3,562 crore in April-September 2019-20, the highest ever in the first half of any financial year.
The Haridwar-based firm has reported a revenue of Rs 1,793 crore in April-June and Rs 1,769 crore in July-September in the ongoing fiscal, a company official said. 
"This is the figure of the Patanjali Ayurved and does not indicate of all business. We have done internal reconstruction and some of the product lines, which were earlier handled by the company have been assigned to different companies," he said.
 The company had reported a revenue of Rs 937 crore and Rs 1,576 crore in June quarter and September quarter of 2018-19, respectively. 
"The most remarkable and noticeable thing is that Patanjali Ayurved has made a comeback. It has achieved the highest ever H1 figure in its history," Patanjali spokesperson S K Tijarawala told .
However, the company did not share the net profit figure.
"In 2018-19, Patanjali Ayurved had alone reported a revenue of Rs 8,329 crore," he said, adding that the group's turnover was much higher than this figure.
On the outlook for the second half of 2019-20, Tijarawala said: "It would be almost double of what we have in H1."
During the last fiscal, he said the company achieved a revenue of Rs 2,388 crore in the third quarter and Rs 3,698 crore in the last quarter.
Patanjali has consolidated and strengthened the supply chain, he said, adding that the group has come out from the negative impact of GST and demonetisation.
"It took us some time to align with the GST system," he added.
Patanjali Ayurved is mainly into FMCG business and its Ayurvedic medicines.
The company's biscuit, noodles, dairy businesses as well as solar panel and apparel businesses are not part of Patanjali Ayurved. KRH ANU

Patanjali Ayurved posts Rs 3,562 cr revenue for Apr-Sep

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

Industry experts share their optimism about Budget 2020

James Quincey, the global CEO-designate of Coca-Cola, during his India visit is likely to meet PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and discuss <keyword id="1999812" type="UNKNOWN" weightage="20" keywordseo="sugar-tax">sugar tax</keyword> on carbonated beverages that the government is expected to announce soon, in a bid to promote healthy lifestyle. 
 "Quincey will discuss the implications of a likely sugar tax with the PM, with the Goods and <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service Tax</keyword> (GST) expected to roll out soon," said an official in the know. 
 
The meeting has been proposed by the company, but is yet to be confirmed by the administration. 
 
Quincey, who will be visiting India soon, will take charge of the company from May 1 after the exit of present CEO <a href="http://www.businessinsider.in/Coca-Cola-CEO-Muhtar-Kent-is-stepping-down/articleshow/55897085.cms">Muhtar Kent</a>. 
 
Also read: <a href="http://www.businessinsider.in/Governments-around-the-world-are-taxing-soda-and-its-forcing-Coke-and-Pepsi-to-make-major-changes/articleshow/52709672.cms">Governments around the world are taxing soda - and it's forcing Coke and Pepsi to make major changes</a> 
 
Coca-cola, world’s largest beverage firm, is pushing for a post-GST taxation policy in India, which would allow fair treatment of all companies according to the content of the product. 
 
The management in India, coke’s sixth biggest market globally, wants the government to retain the average tax rate of 34% that is charged on aerated drinks after the GST is introduced. On the other hand, the GST Council has said that this category would attract a cess of 15% on top of a peak rate of 28%, making the total tax rate on carbonated drinks at 43%. 
 
Also read: <a href="http://www.businessinsider.in/Coke-and-Pepsi-are-finally-ditching-sugar/articleshow/55020985.cms">Coke and Pepsi are finally ditching sugar</a> 
 "We hope and expect that all products that contain sugar will be taxed according to their content across categories, and that beverages are not singled out. We are hopeful GST will be levied on the basis of sugar content, not on the basis of carbonation," Venkatesh Kini, President of <keyword id="6385848" type="COMPANY" weightage="20" keywordseo="Coca-Cola-India">Coca-Cola India</keyword>, told ET. 
 
Also read: <a href="http://www.businessinsider.in/coca-cola-has-lowest-attrition-amongst-peers-india-chief-shuns-rumours-of-major-exit/articleshow/57789014.cms">“Coca-Cola has lowest attrition amongst peers!” India chief shuns rumours of major exit</a> 
 
In the Indian market, owing to the growing concerns about the adverse effects of aerated drinks, Coca-Cola has launched Fuze iced tea, dairy brand Vio, fortified enhanced water brand Aquarius and <a href="http://www.businessinsider.in/and-now-coconut-water-from-the-house-of-coca-cola/articleshow/57573169.cms">coconut water</a> Zico. 
 
(Image source: The <keyword id="233731" type="COMPANY" weightage="20" keywordseo="Coca-Cola-Company">Coca-Cola Company</keyword>)

You Searched For "gst on dairy products" and got 13 results

Indian taxes on cottage cheese will hit the cottage industry and dairy lovers alike

Karuna Sharma

As curd, paneer and wheat flour turn 5% costlier, retailers worried about 'old stock'

IANS

Your milk will now get dearer as Mother Dairy and Amul raise prices by ₹2 per litre

Karuna Sharma

GST to reduce prices of daily use products and LPG

BI India Bureau

NITI Aayog member thinks that India should have only two GST slabs

PTI

Centre finalises One District One Focus Product to promote in cluster approach

IANS

Pre-budget meet: Agri-experts demand scrapping GST on agri-inputs, revamp of PMFBY

PTI

Butter chickenless, UnMutton keema — vegan meats hope to become the next ‘paneer’ but health concerns remain

Karuna Sharma

SBI, HDFC, ICICI and 12 others banks are joining forces to use blockchain to power Letters of Credit — a move that could be a boon for MSMEs

Shivam Vahia

Patanjali Ayurved posts Rs 3,562 cr revenue for Apr-Sep

PTI

Industry experts share their optimism about Budget 2020

BI India Partner

Coca-cola CEO-designate might meet the PM to discuss Sugar Tax

BI India Bureau

Full text of President Ram Nath Kovind's first address to the Parliament as the 17th Lok Sabha gets underway

BI India Bureau

Popular Keywords

Buying Guides