01 -15 October 2020 The Asian Independent

12 01-10-2020 to 15-10-2020 BUSINESS
www.theasianindependent.co.uk
Printing ‘Best before date’ on
sweets must from Oct 1
New Delhi : While buying sweets, you must now check the
‘Best before date’ as it has been made compulsory for the sweetmakers
to mention it on the product. The new norm will be in force
from October 1.
It means the shopkeeper has to inform the customer that till
what date the dessert will remain edible.
However, it will not be mandatory to write the date of manufacture
of the product, as the Food Safety and Standards Authority
of India (FSSAI) has left it to the will of the manufacturers.
Federation of Sweets and Namkeen Manufactures (FSNM) director
Feroze Naqvi said that this has brought great relief to the confectioners,
but will also face difficulties in writing ‘Best before
date’ as it is not practical.
In a September 25 order, the FSSAI has made it mandatory
from October 1 to write ‘Best before date’ on sweets plates in
shops for the open sale of sweets, but there will be no restriction
on the date for making sweets. The FSSAI has stated in the order
that it would be optional to write the date of making.
Naqvi told IANS over phone from Mumbai, “FSSAI has
accepted half of our point that it is no longer mandatory for us to
write a manufacturing date. However, the best before date will be
effective from October 1. However, we are also in talks on this.
We have put our problems in front of the FSSAI.”
He said that printing the best before date for sweets is not
practical as there is a large range of sweets on which it would be
difficult to change the date repeatedly. He said that the order
regarding the open sale of sweets came in February, which was
extended twice in the coronavirus period, but now from October
1, it has been made mandatory to write the best before date on
sweets packs. This order of FSSAI is only for the open sale of
sweets. Naqvi said that this order will be applicable for unpacked
sweets whereas for food items like packaged sweets, namkeen, it
is mandatory to write the period of manufacture and the date till
it is best for the consumption.
Profit booking, global cues subdue
markets, BANKING stocks fall
Mumbai : Profit booking,
along with volatile global cues,
subdued the Indian equity markets
on Tuesday, with both the
BSE Sensex and NSE Nifty50
closing on a flat-to-negative note.
Segment-wise, heavy selling
was witnessed in banking,
FMCG, infra, pharma and energy
stocks. However, metals, IT and
auto stocks gained. On the global
front, Asian markets ended on a
mixed note after a mildly higher
opening on Tuesday ahead of the
first US presidential debate later
in the day, with investors also
remaining cautious over the
global economy’s prospects as coronavirus
deaths surpassed the 1-million mark worldwide.
Similarly, European shares slipped as
investors awaited the first US presidential
debate, and eyed progress of a fiscal stimulus
package in Washington.
The BSE Sensex closed at 37,973.22,
lower by 8.41 points, or 0.02 per cent, from
the previous close of 37,981.63.
The Nifty50 on the National Stock
Exchange closed at 11,222.40, lower by
New Delhi : Government
agencies procured paddy worth
Rs 10.53 crore at minimum
support price (MSP) in just two
days in Punjab and Haryana
after the procurement operations
commenced in both the
states on September 26, as per
an official statement. The procurement
of paddy during the
Kharif Marketing Season
(KMS) 2020-21 started from
September 26, and up to
September 27, 5,637 MT having
MSP value of Rs 10.53
crore at MSP of Rs 1,868 per
quintal has been procured from
390 farmers in Haryana and
Punjab, the Union Ministry of
Agriculture and Farmers
Welfare said in a statement on
Monday.
The Centre has allowed five
states to procure 13.77 lakh
tonnes of pulses and oilseeds in
the current Kharif season
(2020-21), said the statement.
The five states are Tamil Nadu,
Karnataka, Maharashtra,
Telangana and Haryana.
The KMS 2020-21 has just
begun and the government will
continue to procure crops from
the farmers at MSP as per its
existing schemes like the previous
seasons, said the statement.
The procurement of paddy
for the remaining states has
been allowed to commence
from Monday.
Based on the proposal from
the states, approval has been
accorded to Tamil Nadu,
Karnataka, Maharashtra,
Telangana and Haryana for the
procurement of 13.77 lakh
5.15 points, or 0.05 per cent, from its previous
close. “Investors took some profits
due to recent gains in the markets, reflected
in a negative advance decline ratio,”
said Deepak Jasani, Head of Retail
Research at HDFC Securities.
“Some sector and stock rotation seems
to be happening. Nifty could face resistance
from the 11,306-11,322 band in the
near future.” Vinod Nair, Head of Research
at Geojit Financial Services, said: “After a
gap-up opening, the benchmark indices
Paddy worth Rs 10.53 cr purchased
only in 2 days in Punjab, Haryana
tonnes of pulses and oilseeds
for KMS 2020-21, as per the
statement.
For the other states/Union
Territories, approval will be
accorded on receipt of proposals
for Kharif pulses and
oilseeds and procurement will
be made as per the Price
Support Scheme (PSS) if market
rates go below their MSP,
the ministry said.
As per reports, up to
September 24, the government
through its nodal agencies has
procured 34.20 MT of moong
having MSP value of Rs 25
lakh, benefiting 40 farmers in
Tamil Nadu.
Similarly, 5,089 MT of
copra (the perennial crop) having
MSP value of Rs 52.40
crore has been procured, benefiting
3,961 farmers in
grew volatile, before ending the
day flat. Global markets were
also undecided and slightly
negative for the day as the outcome
of the first US presidential
debate was awaited.”
“With increasing infections
and chances of location-specific
lockdowns, Indian indices
were also uncertain. Indian
markets are awaiting a trigger
in the form of confirmation of a
stimulus package by the government
to boost economic
activity. Till then, expect
volatility.” According to Angel
Broking Head Advisory Aamar
Deo Singh, the “Markets gave up the initial
gains of the day, with the benchmark index
Nifty50 ending the day flat, to close at
11,222, down 5 points, with mixed global
cues.” “Advances and declines were evenly
poised with interesting tussle between
bulls and bears. Amongst the top 3 Nifty
gainers, were Hindalco, Ultratech and Hero
Motocorp whereas Bharti Infratel, ONGC
and Indusind were the top 3 Nifty Losers.
Nifty continues to trade sideways within
the range of 11,000-11,400.”
Karnataka and Tamil Nadu
against the sanctioned quantity
of 95.75 LMT for Andhra
Pradesh, Karnataka, Tamil
Nadu and Kerala. The procurement
of cotton for the 2020-21
season shall commence from
October 1, 2020 and the Cotton
Corporation of India (CCI) will
start the purchase of FAQ grade
cotton from October 1
onwards, as per the statement.
Rs 140-cr MoU inked
for modernising Cochin
Fisheries Harbour
Kochi (Kerala) : The Marine Products Export Development
Authority
(MPEDA) is set
to work with the
Cochin Port Trust
(CPT) to modernise
Cochin
Fisheries Harbour
at a cost of Rs 140
crore. A special
purpose vehicle
(SPV) is being
launched to
implement the
development plans.
MPEDA Chairperson K. S. Srinivas signed a memorandum
of understanding (MoU) with his CPT counterpart A. M. Beena
and the funds for it will be raised from various Central government
schemes. The 1928-founded CPT runs the harbour which
facilitates the berthing and landing of more than 500 vessels.
Commissioned in 1978, the harbour has a daily average landing
of 250 tonne fish. The MPEDA-CPT agreement will see a
host of infrastructure facilities which include air-conditioned
auction halls, besides a packing hall and bays for loading and
unloading. It will also have an ice plant, a reverse osmosis plant
and a rainwater harvesting system besides automation equipment
such as tripods, conveyor belts and pallet jacks for easier
and better movement of fish within the harbour.
Electrical substations, an effluent treatment plant, a retail
market, fish-dressing unit and net-mending area, besides offices,
dormitories, a food court, canteen, drivers’ waiting area and
parking lots for vehicles will also be part of the harbour.
Srinivas pointed out that the MPEDA had proposed to the
Centre in February this year to renovate 25 select fishing harbours
across the country and the DPR (detailed project report)
for Kochi was readied with Ernst and Young as the consultants.
“These 25 major fishing harbours contribute a lion’s share of
landings in the country for export. At present, India’s value addition
of marine products is a mere 5 per cent. We must increase it
manifold given that the figure for South-East Asian countries is
50 per cent,” said Srinivas.
The MPEDA’s pact with CPT comes when India has 50 major
and 100 minor fishing harbours together contributing 65 per cent
in quantity and 45 per cent in value of the country’s seafood
exports. The MPEDA formed in 1972 under the Union Ministry
of Commerce is a coordinating agency with Central and statelevel
establishments engaged in fishery production and allied
activities.