Eid celebrations in Mumbai: Discover the 8 best spots to indulge in festive vibes!

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June 28, 2023

Eid-al-Adha, also known as the Festival of Sacrifice, is a significant religious holiday celebrated by Muslims around the world. In Mumbai, the city comes alive with vibrant festivities during this auspicious occasion. One of the most delightful aspects of Eid-al-Adha celebrations in Mumbai is the abundance of delectable food. From traditional dishes to modern culinary creations, there are numerous food spots where you can immerse yourself in the festive vibes. Here are eight of the best food spots in Mumbai to indulge in during the Eid-al-Adha celebrations.

1) Mohammed Ali Road:

When it comes to Eid-al-Adha celebrations, Mohammed Ali Road is an iconic destination in Mumbai. This bustling street becomes a food paradise during the festive season. From succulent kebabs and aromatic biryanis to mouthwatering desserts like phirni and sheer khurma, Mohammed Ali Road offers an array of delectable options. Be prepared to navigate through the crowded lanes and savor the irresistible flavors of this culinary haven.

Location: Mohammed Ali Road, Mumbai

Price Range: INR 100-INR 500 (approximately) per dish

2) Bohri Mohalla:

Located near Bhendi Bazaar, Bohri Mohalla is renowned for its rich culinary heritage. During Eid-al-Adha, this neighborhood transforms into a gastronomic delight. The Bohri-style delicacies are a must-try, including the famous Bohri Biryani, Raan, and Dabba Gosht. The traditional Bohri desserts like Malida and Sancha Ice Cream are also a treat for your taste buds.

Location: Bhendi Bazaar, Mumbai

Price Range: INR 200-INR 800 (approximately) per dish

3) Noor Mohammadi Hotel:

Noor Mohammadi Hotel, situated in Bhendi Bazaar, is a legendary eatery that has been serving delicious dishes since 1923. The iconic dish here is the “Chicken Sanju Baba,” named after the Bollywood actor Sanjay Dutt. This delectable chicken recipe has a unique blend of flavors that has made it a favorite among locals and visitors alike.

Location: Bhendi Bazaar, Mumbai

Price Range: INR 300-INR 800 (approximately) per dish

4) Bade Miyan:

Bade Miyan, located near the famous Taj Mahal Palace Hotel, is a favorite late-night eatery for many Mumbaikars. This humble stall is known for its mouthwatering kebabs, tikkas, and rolls. During Eid-al-Adha, Bade Miyan offers a special menu featuring delectable dishes like Mutton Seekh Kebabs, Baida Roti, and Chicken Biryani. The vibrant atmosphere and delicious food make it a must-visit spot during the festive season.

Location: Near Taj Mahal Palace Hotel, Mumbai

Price Range: INR 150-INR 400 (approximately) per dish

5) Sarvi:

Situated in Nagpada, Sarvi is a legendary restaurant that has been serving delectable kebabs and biryanis for over a century. Their succulent Boti Kebabs and flavorful Chicken Biryani are renowned across the city. Sarvi’s food is cooked to perfection and offers a taste of authentic Mughlai cuisine, making it a popular choice for Eid-al-Adha feasts.

Location: Nagpada, Mumbai

Price Range: INR 200-INR 600 (approximately) per dish

6) Lucky Restaurant:

Located in Bandra, Lucky Restaurant is a beloved establishment known for its delectable Mughlai and North Indian cuisine. During Eid-al-Adha, the restaurant offers a special menu that includes mouthwatering dishes like Nalli Nihari, Gosht Biryani, and Haleem. The cozy ambiance and flavorsome food at Lucky Restaurant ensure an unforgettable dining experience.

Location: Bandra, Mumbai

Price Range: INR 200-INR 700 (approximately) per dish

7) Persian Darbar:

Persian Darbar, with multiple outlets across Mumbai, is a go-to destination for delectable Mughlai cuisine. During Eid-al-Adha, this restaurant serves a lavish spread of traditional dishes. From succulent kebabs to aromatic biryanis and creamy kormas, Persian Darbar captures the essence of Eid festivities in every bite. Don’t forget to try their delectable Falooda, a popular dessert that will leave you craving for more.

Location: Multiple outlets across Mumbai

Price Range: INR 200-INR 800 (approximately) per dish

8) Haji Ali Juice Centre:

While not a traditional food spot, Haji Ali Juice Centre is a renowned establishment famous for its refreshing beverages and delectable snacks. During Eid-al-Adha, they offer special treats like Falooda, Rabri, and Sheer Khurma. Indulge in these sweet delights to complement your festive experience.

Location: Near Haji Ali Dargah, Mumbai

Price Range: INR 100-INR 300 (approximately) per dish

Final Thoughts:

Mumbai is a city known for its vibrant Eid-al-Adha celebrations and mouthwatering culinary offerings. From the iconic Mohammed Ali Road to the legendary Sarvi and Persian Darbar, these food spots offer an array of delectable dishes that embody the spirit of the festival. Whether you’re a local or a visitor, exploring these food spots will allow you to immerse yourself in the festive vibes of Eid-al-Adha in Mumbai. So, get ready to savor the flavors and create lasting memories during this joyous occasion.

Diabetic? Don’t give up on rice! Discover the ultimate guide to enjoying it guilt-free!

Health & Diet

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June 28, 2023

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Living with diabetes often requires careful attention to one’s diet and the management of blood sugar levels. For many individuals, the prospect of enjoying rice, a staple in many cuisines around the world, may seem like a distant dream. Rice is often considered a carbohydrate-heavy food that can cause spikes in blood sugar levels. However, with the right knowledge and preparation, rice can still be a part of a diabetic-friendly diet. In this article, we will explore the concept of resistant starch and how you can enjoy rice guilt-free while managing your diabetes.

The Relationship Between Rice and Diabetes

When it comes to diabetes management, understanding the impact of different foods on blood sugar levels is crucial. Rice, being a carbohydrate-rich food, can cause spikes in blood sugar levels if consumed in large quantities or without considering other factors. However, it’s important to note that not all types of rice are created equal in terms of their impact on blood sugar. Two key factors to consider are the Glycemic Index (GI) and the Glycemic Load (GL).

The Glycemic Index (GI)

The Glycemic Index (GI) is a ranking system that measures how quickly a carbohydrate-containing food raises blood sugar levels. Foods with a high GI value are digested and absorbed quickly, causing rapid spikes in blood sugar. On the other hand, foods with a low GI value are digested and absorbed more slowly, resulting in a gradual and steady increase in blood sugar levels. White rice, often associated with a high GI value, can cause a significant spike in blood sugar levels.

The Glycemic Load (GL)

While the GI provides valuable information about how quickly a food raises blood sugar levels, it does not take into account the actual portion size consumed. The Glycemic Load (GL) addresses this limitation by considering both the quality (GI value) and quantity of carbohydrates in a food serving. The GL provides a more accurate measure of a food’s impact on blood sugar levels. By choosing rice varieties with a lower GL, individuals with diabetes can better manage their blood sugar levels.

What Is Resistant Starch?

Resistant starch is a type of carbohydrate that resists digestion in the small intestine and instead reaches the large intestine mostly intact. In the large intestine, it serves as nourishment for beneficial gut bacteria, promoting a healthy gut environment. Resistant starch has minimal effect on blood sugar levels, making it an excellent option for individuals with diabetes. Moreover, it promotes feelings of fullness and satiety, which can aid in weight management.

Resistant starch also plays a beneficial role in enhancing insulin sensitivity for individuals with diabetes. By incorporating resistant starches into the diet, the body becomes more responsive to insulin, leading to improved management of high blood sugar levels. Increased insulin sensitivity reduces the likelihood of developing conditions like type 2 diabetes, Alzheimer’s disease, and heart disease. It is important to note that various factors, including lifestyle choices, genetics, and access to medical care, influence the overall risk of these conditions. To effectively lower your risk, consult with your doctor to devise a comprehensive plan tailored to your specific needs.

Foods Rich in Resistant Starch

While foods like oats, barley, soybeans, and green bananas are naturally rich in resistant starch, it is also possible to increase the resistant starch content of cooked foods. One popular method to achieve this is through starch retrogradation, which occurs when the molecule of cooked starch loses its original structure due to heating and cooling and gets recrystallized in an aligned manner. This method can be applied not only to rice but also to potatoes, pasta, and peas.

How To Cook Rice With Resistant Starch

To prepare rice using the resistant starch method, follow these steps:

Choose the right type of rice: Opt for varieties that are higher in resistant starch, such as parboiled rice, basmati rice, or long-grain rice. These types tend to have a lower GI compared to short-grain or sticky rice.

Rinse the rice: Thoroughly wash the rice before cooking to remove excess starch and improve the final texture.

Cook and cool: Cook the rice using your preferred method, whether it’s a stovetop, rice cooker, or instant pot. Once cooked, allow the rice to cool for a while. Cooling the rice increases the formation of resistant starch.

Reheat and enjoy: After the rice has cooled, you can reheat it for consumption. Reheating the rice further enhances the resistant starch content, making it even more suitable for diabetics.

Final Thoughts:

Living with diabetes does not mean completely giving up on foods you enjoy, including rice. By understanding the impact of different rice varieties on blood sugar levels and harnessing the power of resistant starch, you can continue to include rice in your diabetic-friendly diet. Choosing rice with a lower GI and GL, and employing the method of cooking and cooling to increase resistant starch content, allows you to enjoy rice guilt-free while managing your diabetes effectively. As always, it’s important to work closely with your healthcare provider and nutritionist to create a personalized meal plan that suits your specific needs and health goals.

UK’s Sainsbury’s continues to slash prices, signaling a decline in inflation

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June 27, 2023

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In a fresh development, British supermarket chain Sainsbury’s implemented another round of price cuts on Monday. This move serves as further proof that the surge in food inflation is likely to subside in the coming months. Such a development offers a glimmer of hope to consumers who have been enduring a cost of living crisis that has persisted for over a year, providing them with some much-needed relief.

The second-largest grocer in the UK, following Tesco, has announced its intention to allocate an additional £15 million ($19 million) towards the objective of reducing the prices of essential items such as rice, pasta, and chicken breast fillets.

“We will continue to pass on savings as soon as we see the wholesale price of food fall,” said Rhian Bartlett, Sainsbury’s food commercial director.

Persistent inflation at elevated levels has emerged as a significant political concern in the UK, surpassing wage growth and placing considerable strain on household budgets due to increased taxes and mortgage rates.

Prime Minister Rishi Sunak’s crucial economic commitment to reduce overall inflation by half in 2023, ahead of the anticipated 2024 election, has been compromised by the continuous surge in food inflation. Official data from May revealed that food inflation stood at 18.3%, while industry data for June showed it at 16.5%, undermining Sunak’s pledge.

The Bank of England, lawmakers, and consumers are closely monitoring any indications of potential alleviation or even reversal of the high inflation in the coming months.

In recent weeks, several prominent grocery retailers, including Tesco, Asda, Morrisons, Marks & Spencer, and Waitrose, have made significant announcements regarding price reductions or price freezes. Earlier this month, Tesco stated that food inflation in Britain had reached its highest point.

Nevertheless, the supermarkets have faced criticism from certain quarters, including the Bank of England, for their perceived delay in translating the decline in global commodity prices to cost savings for consumers. However, the supermarkets have refuted these accusations.

High inflation poses challenges for governments throughout Europe. Recently, the French government successfully obtained a commitment from 75 leading food companies to reduce prices on a wide range of products. Similarly, Hungary’s government has implemented compulsory price reductions, and Sweden’s competition watchdog is investigating potential cases of excessive profiteering.

Although the UK government has expressed concerns regarding the sharp increase in food prices, it is currently not contemplating the implementation of price caps.

The competition watchdog in Britain is conducting an examination of grocery prices; however, it has stated that thus far, it has not encountered any evidence indicating specific concerns.

Sainsbury’s Bartlett is one of several UK supermarket executives who will be questioned by lawmakers at a parliamentary committee on Tuesday.

US-based private equity firm Topspin Consumer Partners takes over Three Dog Bakery

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June 27, 2023

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US-based private-equity firm Topspin Consumer Partners has successfully acquired Three Dog Bakery, a well-known manufacturer of “humanised” dog treats.

The investor has made a purchase of the company’s consumer product division, which supplies products to both traditional brick-and-mortar retailers and online marketplaces.

The financial details of the deal were not publicly disclosed.

Three Dog Bakery, based in Kansas City, Missouri, specializes in a portfolio of dog treats that take inspiration from popular snack products. Their offerings include Birthday Celebration Cake, Quiche Bites, and Birthday Confetti Lick’n Crunch! cookies, which bear a striking resemblance to Oreos.

Three Dog Bakery operates its own chain of stores across the United States.

“We see enormous opportunity in the pet consumables sector, and are excited to partner with Three Dog Bakery, whose innovative products have generated an avid consumer following,” said Leigh Randall, managing partner at Topspin. “Three Dog Bakery’s management team has successfully scaled the company through its product launches, established customer relationships, and thoughtful distribution expansion, and we look forward to partnering with the team to enter new categories and provide even more pet owners with unique, high-quality treats for their dogs.”

The private equity firm based in Mamaroneck, New York, focuses on investing in rapidly expanding middle-market companies across various sectors, including personal care, beauty, food, and pet industries. Their target investments are U.S.-based enterprises with annual revenues below $100 million and EBITDA ranging between $3 million and $15 million.

Among its portfolio companies, the private equity firm has made investments in several notable ventures. These include Bear Down Brands, a health and wellness company, Polder, a supplier of housewares, and Sport Pet Designs, a manufacturer specializing in private-label pet products.

“Topspin has extensive experience building consumer brands and a strong network within the pet sector, making them the perfect partner as we enter our next phase of growth,” said Jerry Dear, the president of Three Dog Bakery. “Pet parents are becoming increasingly aware of the importance of providing their best furry friends with more wholesome options, and we are confident that our unique product offering, which directly taps into pet humanisation trends, is changing the way people think of dog treats.”

In another part of the United States, BrightPet Nutrition, headquartered in Ohio, recently completed the acquisition of Raw Advantage Processing. Raw Advantage Processing is a family-owned manufacturer specializing in frozen raw pet food.

In India, Drools Pet Food Private Limited, an Indian pet food company, received investment from L Catterton, a private equity firm headquartered in the United States. L Catterton acquired a minority stake in Drools Pet Food Private Limited.

The move marked L Catterton’s first foray into what it described as a “burgeoning” pet-food market in India.

In May, there were reports indicating that Alphia, a pet food manufacturer based in the United States, was actively exploring various possibilities for the future, including the potential sale of their business.

News agency Reuters, quoting unnamed “people familiar with the matter” said the private equity-owned white-label manufacturer is working with investment bank Goldman Sachs on a potential deal that could value the company at more than $1bn.

In March, US pet-food start-up Bundle x Joy had closed a $1m seed round, led by an accelerator in which pet-food giant Mars is a partner.

Wakao Foods makes history by delivering 13 tonnes of jackfruit products in largest-ever shipment to the USA

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June 27, 2023

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In a significant development, Wakao Foods has made a notable announcement regarding their latest milestone: the company’s largest-ever shipment of jackfruit products. Weighing an impressive 13 tonnes, this remarkable feat marks a significant achievement for Wakao Foods. Furthermore, this shipment is only the first of two containers that the company plans to send to the USA, highlighting their commitment to expanding their market presence.

The shipment comprises a variety of products, including Raw Jack, BBQ Jack, Indian Gravy, Continental Jack burger patties, Jack Supreme burger patties, American Herbs sausages, Hot and Spicy sausages, and Teriyaki Jack.

Rajesh Agrawal, Chairman, Agricultural and Processed Foods Export Development Authority (Apeda) said, “India’s growing market for plant-based meat alternatives presents an opportunity to leverage the country’s crop biodiversity.”

The company has invested eight months of effort in unraveling the taste preferences and palate of the US market, diligently crafting products that are perfectly suited to meet their unique demands.

Sairaj Dhond, Founder and CEO of Wakao Foods, said, “We are excited to expand our reach to the United States with India’s biggest plant-based food consignment and look at exploring the dynamic food scene in the USA.”

The flag-off ceremony took place on June 22nd at Kochi Port.

VK Vidyarthi, General Manager of APEDA, said, “Indigenous crops have great potential to transform India’s agriculture, benefiting farmers, reducing waste, and supporting climate goals. We urge companies to adopt these crops for exports, farmer opportunities, and sustainability.”

“This shipment highlights the demand for product innovation and ingredient diversification in established markets like the USA,” said Divya Saravana, Corporate Engagement Specialist at GFI India.

AKU’s – The Burger Co. unveils impressive flagship outlet in Vasant Vihar, eyes further growth in Delhi

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June 27, 2023

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AKU’s – The Burger Co. has recently made a grand entrance into the bustling city of Delhi, expanding its reach with a brand-new flagship outlet. Nestled in the prestigious neighborhood of Vasant Vihar in South Delhi, this spacious establishment boasts 48 seats, providing ample room for guests to indulge in their burger cravings.

Offering convenient accessibility, a delightful atmosphere, and an enticing menu, AKU’s – The Burger Co. is poised to establish itself as the ultimate destination for those seeking a combination of high-quality ingredients and a fast-casual dining experience.

Akriti Malhotra, Chef and Co-Founder, said, “We’ve brought in a new concept for the space but our vision for AKU’s remains the same. We will continue to bring you the most honest, handcrafted premium gourmet burgers in town, using only the freshest ingredients. We will provide the perfect place for anyone looking for healthy indulgence in a fast-casual and relaxed manner. We also carved out a little space for our 4-legged dog friends at this new store.”

Having raised an undisclosed amount of funding in their seed round, AKU’S, the burger chain, is now poised to expand its presence in the rest of Delhi. This strategic move is backed by Vikram Bakshi, the visionary responsible for introducing the burger culture to India. As part of their expansion strategy, AKU’S plans to open numerous flagship stores throughout the city, with this particular location serving as one of the highlights slated to launch this year.

“We are excited to embark on this journey with Mr. Bakshi, combining his operational expertise with our passion for delivering the best quality burgers,” she added.

Since its establishment in January 2018, AKU’S has been renowned for serving the freshest and most exquisite burgers from their original location in Defence Colony. Now, the iconic brand is taking a step forward with the opening of their new flagship outlet. Boasting a spacious seating capacity of 48 covers, the venue features a modern and minimalistic Scandinavian design, incorporating both high and low table furniture to accommodate diverse preferences. In addition to the comfortable seating couches, the flagship outlet’s interior follows a captivating color scheme dominated by shades of grey and white, complemented by pops of vibrant yellow—a hue that has long been synonymous with the AKU’S brand.

In addition to their renowned gourmet burgers, the new flagship outlet of the iconic AKU’S brand presents an array of exciting menu additions. Customers can now indulge in a diverse selection, including delectable salads, mouthwatering hot dogs, and classic French Fries served with savory gravy (poutine). For those craving a flavorful snack, the menu offers loaded tortilla chips, while fans of traditional American cuisine will delight in the addition of spaghetti with meatballs. These new offerings bring an enticing “American-fare” experience to AKU’S.

Furthermore, the brand has introduced a refreshing assortment of beverages to accompany the delectable meals. Patrons can relish the taste of freshly squeezed Orange Spritzer, invigorating honey-lemon iced tea, and a variety of brewed coffee-based beverages made with Devan’s Coffee Blend. To satisfy your sweet tooth, AKU’S presents their own spin on the classic Nutella Bun Sandwich, a delectable dessert option.

Adding to the excitement, AKU’S is preparing to offer beer and wine selections to accompany your favorite burger, providing a complete dining experience that caters to diverse tastes and preferences.

Virat Kohli-backed Rage Coffee boosts production potential with new manufacturing facility, anticipates eightfold growth

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June 27, 2023

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Rage Coffee, the FMCG startup backed by Virat Kohli, has recently inaugurated its new manufacturing unit in IMT, Manesar, the company announced on Tuesday.

The facility occupies an impressive area of 30,000 square feet, distributed across three floors. It is equipped with packaging storage, production, and warehousing capabilities. By establishing this facility, the company’s objective is to expand its production capacity by a factor of eight compared to its current output.

Bharat Sethi, the Founder and CEO of Rage Coffee, chose not to disclose the specifics of the investment, but confirmed that the facility is fully operational. He further stated that there are no plans for additional investment in the facility.

“The factory is in place and all investments have already been done. There is no fresh capital allocation or investment to be made. We started building this unit in October 2021 and slowly found the right partners to build it.”

In reference to the surge in demand observed by the FMCG company, Sethi stated that the coffee startup is currently experiencing a threefold increase in both demand and production, in comparison to FY23.

He credited the rise in demand to the wide reach and effective distribution of Rage Coffee, along with its strong brand appeal. Presently, the company sells its products in 32 cities and has intentions to expand its market presence to an additional 10 cities within this year.

Regarding the distribution channels, Sethi mentioned that Rage Coffee is experiencing positive growth across all significant channels. However, the brand’s substantial growth, both in terms of revenue and profitability, is primarily driven by general trade and modern trade.

Invesco maintains confidence in Swiggy, holds valuation steady at $5.5 Billion

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June 27, 2023

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Invesco, the Atlanta-based investment firm, has maintained the valuation of the Indian foodtech giant Swiggy at $5.5 billion as of April 30, 2023, as per regulatory filings.

The investment firm, which spearheaded Swiggy’s $700 million funding round in 2021, has reduced the valuation of the foodtech giant twice in recent months. The current valuation has dropped from the $10.7 billion it achieved during the aforementioned funding round.

Based on the filings submitted by Invesco, the investment firm holds 28,844 shares in Bundl Technologies, the parent company of Swiggy. These shares are valued at $95.46 million, amounting to $3,309.5 per share. The filings also reveal that Invesco initially acquired this stake for $190.5 million, thereby valuing the foodtech company at $10.7 billion. This valuation represents a significant decline of 49.88% from its original value.

Interestingly, the markdown in valuation by Invesco has caused Swiggy’s worth to fall below the market capitalization of its competitor, Zomato. With the recent surge in Zomato’s share price, its market cap reached $7.68 billion when the stock markets opened on June 27. This figure comfortably surpasses Invesco’s latest valuation for Swiggy.

In recent months, Invesco is not the sole investor to have marked down the value of the foodtech giant. Baron Capital, another investor in the company, has reduced Swiggy’s valuation to $6.5 billion as of March 31, 2023.

Indian startups have recently experienced significant reductions in their valuations as investors respond to challenging macroeconomic conditions. A notable example is BlackRock, which slashed BYJU’S valuation by 62% in May, reflecting the impact of these adverse circumstances.

Additionally, the epharmacy unicorn PharmEasy and Pine Labs also faced valuation reductions recently. Vanguard, in May, lowered the valuation of the startup Ola by 35% to $4.8 billion. These valuation cuts highlight the impact of current market conditions on these companies.

According to Swiggy’s statement in May, its food delivery segment achieved profitability as of March 2023. Although Swiggy has not released its financial statements for the fiscal year 2023, its competitor Zomato also announced that its business, excluding the quick commerce vertical, achieved positive adjusted EBITDA in the fourth quarter of fiscal year 2023.

Swiggy has been diligently implementing aggressive cost-cutting measures to attain profitability. As part of this strategy, the company recently made impactful decisions, including the termination of 380 employees earlier this year. Furthermore, Swiggy has taken steps to streamline its operations by discontinuing business verticals that did not find a suitable product-market fit, with Handpicked being one of them.

According to a recent report by JM Financial, Swiggy and Zomato have become crucial entities for the restaurant industry in India. The report highlights that these food delivery incumbents are now considered “indispensable” as they contribute nearly one-third of the revenue generated by eateries in the country. This underscores the significant role that Swiggy and Zomato play in the success and sustenance of the Indian restaurant industry.

Moreover, industry experts do not consider the government’s Open Network for Digital Commerce (ONDC) as a significant immediate concern, which strengthens the argument in favor of the two leading food technology giants.

Chinese e-commerce giant JD.com to enter grocery store market via 7Fresh merger

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June 27, 2023

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Chinese e-commerce giant JD.com has revealed its plans to open retail grocery stores. A spokesperson for the company announced on Monday that they intend to achieve this by merging their 7Fresh supermarket unit with other business lines, such as their group-buying arm Pinpin.

Confirming reports in local media, the spokesperson informed Reuters that apart from establishing physical stores, the newly formed division will also venture into exploring innovative retail models.

According to the spokesperson, Yan Xiaobing, formerly in charge of JD.com’s international division within the online e-commerce platform, will be entrusted with leading the new business division. The spokesperson further stated that Yan Xiaobing will report directly to Xu Ran, the CEO of JD.com.

This latest development comes after JD.com unveiled an ambitious blueprint earlier this month, outlining its plans to create seven enterprises valued at over 100 billion yuan ($13.83 billion) each.

Amidst a rapidly evolving competitive landscape, the company finds itself navigating a challenging environment. Chinese consumers now have a plethora of platforms to choose from, including JD’s main competitor, Alibaba Group, as well as PDD Holdings’ Pinduoduo and ByteDance’s Douyin, which is often referred to as the Chinese counterpart of TikTok.

In response to Alibaba’s launch of Freshippo, a high-end physical grocery store, JD.com introduced 7Fresh in 2017. Recently, Alibaba announced its intention to initiate the IPO process for Freshippo as part of the company’s restructuring plans.

As reported by Reuters in March, JD.com took the step of spinning off its logistics unit into a separate entity back in 2017. Furthermore, the company has intentions to spin off its property and industrial units, with plans to list them on the Hong Kong stock exchange in deals valued at $1 billion each.

Geopolitical tensions and weather woes threaten Indian tea exports; Exporters seek government assistance

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June 27, 2023

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Indian tea exporters in 2023 are seeking government assistance to bolster their exports amidst challenging circumstances. The ongoing conflict between Russia and Ukraine, coupled with declining demand from traditional markets such as Europe and the Gulf countries, has prompted exporters to anticipate a significant drop of 10 percent or more in shipments for the current fiscal year. This projection follows a remarkable 18 percent growth in 2022.

The tea industry is also concerned about its production capacity in the current fiscal year due to unfavorable weather conditions.

During the period of January-March 2023, total exports of tea witnessed a decline of six percent, reaching a figure of 48.11 million kg.

“The outlook for 2023 is not very optimistic. 2022 showed good growth largely due to the problems in Sri Lanka due to lower crop there. The Sri Lanka tea export has now recovered a little and other headwinds are hitting the volume and value of Indian tea exports.

“With respect to the traditional markets, we continue to face some problems in Iran in terms of the registration of new contracts, which have been dragging on for more than six months,” said Indian Tea Exporters Association Chairman Anshuman Kanoria.

According to industry experts, the tea exporters are expected to face a potential 10 percent decline in tea exports. Furthermore, surpassing the 200 million kilogram mark in exports will be a challenging task for them.

Additionally, considering the presence of inexpensive imports from Nepal, the actual decline in Indian tea exports is expected to be even greater, as expressed by Kanoria.

Based on data from the Tea Board, the total export volume of the beverage in the fiscal year 2022-23 amounted to 228 million kg.

Chairman S.S. Bagaria of the Bagaria Group expressed that tea exporters are cautiously awaiting the outcome of unfolding geopolitical developments, keeping their fingers crossed for favorable outcomes.

“While we may not be able to achieve the same level of growth as we did in 2022, maintaining the same figure would still be satisfactory for us. The crop is 20 per cent less this year in June and El Nino may make it worse,” he said.

According to Bagaria, traditional markets such as Russia, Iran, and the US experienced significant growth in the previous year. However, the ongoing conflict between Russia and Ukraine has negatively impacted demand in these markets. As a result, the exporters emphasized the need for support from the commerce ministry to enhance their export prospects.

Kanoria said, “We sent representations to the commerce ministry for promotional and infrastructure quality upgradation schemes. We interacted with the Tea Board and gave our suggestions as to what can be done to boost exports. Because the key objective is to boost demand, we need to focus on our promotional efforts in one or two key markets.

He said that there is good potential for market growth in China now.

“However, there is hardly any funding available with the the Tea Board for promotional activity.

“We are looking for promotional support from the Government of India and also some kind of handholding to develop packing infrastructure so that Indian tea can move from being mainly a bulk exporter to packed and made in India tea exports,” Kanoria said.

In order to boost tea exports, the government has announced an increase in the export benefit scheme (RoTDEP) rate. Based on the recommendations of the Tea Board, the RoTDEP rate for tea exports has been raised from INR 3.60 per kg to INR 6.70 per kg. This move aims to provide additional support to the tea industry and encourage higher export volumes.

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