Despite admitting to price pressures both from food items and input prices, RBI Governor Shaktikanta Das on Wednesday hoped that a normal Southwest monsoon will have a "soothing impact" on inflation pressures and ruled out any wide variations in medium-term inflation forecast from what was given in April. In an unscheduled address earlier in the day amidst the raging pandemic, Das said the overall outlook for the economy is highly uncertain and is clouded with downside risks. He offered a slew of relief and liquidity measures to individuals and small businesses apart from a Rs 50,000 crore special liquidity window to the healthcare sector.
Industry clueless about implementing labelling ru#8804 FSSAI dithers over regulations.
India might not have started growing genetically modified food crops, but it does import food products that contain GM ingredients. Consumers who buy them have no way of knowing what they contain. The government has come up with guidelines to let you know if the item purchased is genetically modified.
To prevent hoarding and check price rise, the Centre on Friday imposed stock limits on all pulses, except moong, held by wholesalers, retailers, importers and millers till October. The stock limits are imposed with immediate effect. An order in this regard has been issued by the Union food and consumer affairs ministry. Retail prices of pulses rose by more than 20 per cent during the January-June period of this year, according to the ministry's data.
In a letter to the secretaries of Departments of Consumer Affairs and Agriculture, the Prime Minister's Office said that Singh expressed deep concern over the 'extraordinary price rise'.
PMO being sent daily updates on food cost situation in four major metropolitan cities to ensure no unusual flare-up.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
Onion is currently trading between Rs 70 and Rs 80 in retail markets across the country.
As India looks to mend its Covid-battered economy, one thing that will grab the attention of all concerned is the path that both wholesale and retail inflation will follow. Even the Reserve Bank of India in its latest policy statement said, "Going forward, the inflation trajectory is likely to be shaped by uncertainties impinging on the upside and the downside.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
Labayendu Mansingh, Chairman of the Petroleum and Natural Gas Regulatory Board, is an amicable yet tough man. In his 5 months as the petroleum & natural gas regulator, Mansingh announced to the oil & gas industry his intention of proving that the regulatory board is more than a toothless tiger. The board will come out with its first set of regulations, which will lay down rules for the distribution of gas to households, vehicles & industries in cities by middle of this month.
Speaking at Assocham's international retail summit, Rakesh Kacker, additional secretary in the Department of Consumer Affairs, said the government would take a decision at an "appropriate time". He did not specify the time-frame. The move has been in abeyance due to protests from across the political spectrum.
Farm commodity prices monitored by the Department of Consumer Affairs have generally remained steady or have shown mixed trend in different centers across the country in the week ending June 5.
The Union ministry of consumer affairs has given the finishing touches to the policy framework to allow foreign direct investment and foreign institutional investment in India's national commodity exchanges.
Farm commodity prices have shown a mixed trend in different centers throughout the country, according to a data released by the Department of Consumer Affairs.
The department of consumer affairs is planning to put a ceiling on the stake that a single domestic investor can hold in a commodity exchange.
The government would make hallmarking of gold jewellery mandatory from 2008 and will soon put in place the necessary infrastructure required for the purpose.
India and the US on Friday signed a memorandum of understanding to work towards ensuring safety of traded consumer products.
Retail prices of gram, sugar, mustard oil, vanaspati and onion have increased by up to 11 per cent in the national capital in last one month, fueling the inflation rate to rise to 39-month high of seven per cent. The prices of gram (chana) rose by 2.7 per cent to Rs 38 per kg on April 1 as against Rs 37 a month earlier, according to the data provided by the Department of Consumer Affairs.Sugar prices increased by nearly 6 per cent at Rs 18 per kg.
Several experts are of the view that inflationary pressure, including that in food items, may build from October with economic activity gathering steam. However, the price movement in three key items of tomato, onions and potatoes, commonly known as TOP, may give some solace in the months to come. Traders and market watchers said the price movement in all the three will remain within the band sans any unusual spikes.
The proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, that are envisioned to protect consumer interests, may further compound the impact of multiplicity of regulations on the e-commerce sector, the Indo-American Chamber of Commerce (IACC) had told the ministry of consumer affairs. IACC, the apex bilateral chamber for Indo-US business, had told the government that the proposed amendments would increase compliance liabilities that risk severely impairing the growth of the sector.
What is aggravating the situation is that e-commerce firms are facing huge shortage of delivery personnel. They have not been able to bring back their staff to work, despite offering higher pay and Covid-related insurance packages.
How has the NDA government fared in tackling price rise, an issue it raised hell over in the run-up to the Lok Sabha elections? The Rediff Labs team finds out.
A customer dissatisfied with his dining experience can have service charge on his food bill waived.
At an average national price of Rs 90 a kg in the retail market, it shows a jump by 20% in the last two months.
The move follows an arrangement with the dept of consumer affairs.
In its new avatar as the Department for Promotion of Industry and Internal Trade (DPIIT), it will directly be responsible for 'the welfare of traders and their employees'.
RBI Governor Shaktikanta Das on Friday said that inflation is on a declining trajectory, as it has fallen by 170 basis points from its January 2020 peak. Retail inflation fell to four-month low of 5.91 per cent in March over the previous month, mainly due to easing food prices.
The crop is currently trading at Rs 22 a kg compared to Rs 12.50 one month ago.
The restrictions imposed in March led to a sharp slump in demand from bulk consumers like hotels, restaurants, and roadside tea stalls, as they were forced to shut down. Sales of major milk products such as ice-cream, butter milk, and cheese, which usually spike during summer, also dropped.
No more a paper tiger, the Advertising Standards Council of India will partner the Department of Consumer Affairs to enforce better compliance.
The ministry of consumer affairs had sent notices to both the companies under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of prime minister's name and picture for commercial use.
Some celebrities have come under fire for endorsing brands misleading consumers.
The reshuffle is aimed at speeding up the implementation of the government's ambitious programmes like the SmartCity project and focus on key sectors like Mines, Information Technology and Road Transport.
Nestle relaunched its instant noodles Maggi in the country after satisfying the conditions laid down by the High Court.
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
The ministry has proposed similar penalty and jail term for adulteration, besides license suspension and cancellation
A total of 16 secretaries have been appointed to various central government departments.
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