India’s inflation rate falls to 5.80% in March due to softer food price rises

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April 7, 2023

India’s consumer inflation is predicted to have declined to 5.80% in March, as per the recent Reuters poll of economists. The drop in inflation rate can be attributed to the softer food price rises in the country. If this projection is realized, it will be the first time this year that the inflation rate has fallen below the Reserve Bank of India’s upper tolerance limit of 6.00%.

The consumer inflation data for March is scheduled to be released on April 12 at 1200 GMT. This announcement comes just a week after the Reserve Bank of India (RBI) surprised the markets and analysts by maintaining its key interest rate at 6.50%, contrary to the expectation of a 25 basis point rise.

Falling vegetable prices are expected to have contributed to the moderation of food inflation, which accounts for almost half of the overall consumer price basket in India. However, this moderation is partially offset by surging cereal prices.

As per the median view of 39 economists polled by Reuters between April 3-6, the inflation rate in India, measured by the annual change in the consumer price index (CPI), is expected to have declined to 5.80% in March from 6.44% in February.

If the anticipated decline in the inflation rate becomes a reality, it would be the lone month in the current year where the inflation rate in India falls beneath the upper tolerance limit of 6.00% imposed by the Reserve Bank of India.

According to the April 3-6 Reuters poll of 39 economists, the projections for the inflation rate varied between 5.40% and 6.40%, with 25% of the survey respondents predicting inflation above 6.00%. The inflation rate stood at 6.52% in January and remained above 6.00% for most of the previous year.

According to Sujit Kumar, an economist at Union Bank of India, the decrease in inflation was probably caused by lower prices of vegetables and fuel, as well as a strong base effect from the previous year.

As a result of the recent surge of over 20% in oil prices, it is expected that fuel prices will once again cause inflation to rise.

“We think the RBI’s stance is somewhat risky, with inflation having proven far stickier than the Bank should be comfortable with,” noted Mitul Kotecha, head of emerging markets strategy at TD Securities.

A separate Reuters poll indicated that inflation was projected to average 5.2% in the current fiscal year, which is well above the medium-term target of 4.0%.

Adani Wilmar reports 14% YoY volume growth, crosses INR 55,000 crore revenue in FY23

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April 7, 2023

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Adani Wilmar, a major player in the FMCG industry, has surpassed INR 55,000 crore in revenue for FY23, as per a recent regulatory document. The company’s impressive growth was fueled by a close to 14% year-on-year volume increase in the last fiscal year.

The food and FMCG segment revenue of the company experienced a YoY increase of 55%, reaching INR 3,800 crore, driven by a 40% YoY volume growth. Additionally, the company explored several new avenues of growth during the year.

In a statement, the company revealed that its food business is expanding its presence throughout India and achieved a volume growth of over 40% YoY in Q4 FY23, with notable progress in the wheat and rice categories. The wheat prices in the foods segment started increasing in July 2022, leading the government to release wheat stocks in the market to address the supply shortage, ultimately resulting in the stabilization of wheat prices.

“We expect the strong growth to continue in both the products for multi-years, given the large headroom in the kitchen essential products,” it said.

The company reported that the branded sales volume of its edible oil category grew by 4% in Q4, owing to strong consumer demand as a result of lower edible oil prices. However, the overall oil sales volume was affected by reduced demand from the bakery and frying industry. The company also noted that the supply of imported edible oils was stable during Q4 FY23 compared to earlier in the year.

In FY23, the personal care category of the company witnessed remarkable growth, as the Alife brand’s soaps and handwash, launched in 2020, generated revenue exceeding INR 100 crore with an impressive YoY growth of around 75%.

Adani Wilmar reported a robust YoY volume growth of approximately 23% in FY23 for its combined portfolio of oils and foods, delivered through various channels such as e-commerce, Modern Trade, and e-B2B serving GT. These channels collectively generated revenue of about INR 2,700 crore for the company during the fiscal year. The company emphasized its steady growth across multiple channels and its commitment to providing quality products and services to its customers.

Go to market (GTM):

Adani Wilmar’s strategy includes expanding its direct coverage to more rural towns while prioritizing increased retail penetration and improved sales productivity in existing markets. The company aims to strengthen its presence in both new and existing markets to reach a wider customer base and increase its overall market share.

“In coming years, we aspire to reach 1 million retail outlets directly, from current reach of almost 0.6 million. Our rural (below 100,000 population) saliency is around 30% in both oil & foods, wherein more than three-fourth of the population resides,” the company stated.

Adani Wilmar plans to expand its direct coverage to towns with over 5,000 population, expecting that increased penetration in rural towns will result in higher productivity of new retail outlets in the future. By targeting a wider range of population centers, the company seeks to build a stronger distribution network and capture more market share in key regions.

The regulatory document highlights that Adani Wilmar’s B2B business, which sells industrial products for various industry applications, has been gaining market share and adding value-added products. The company’s oleochemicals business has also been growing well, supported by the commissioning of new capacity in Q3 FY2021 and stable demand.

The company stated that its strong presence in raw material procurement and global market has positioned it well for the long term in the castor business.

Expectations:

Despite potential macro-economic and geo-political events, the FMCG major anticipates sustained demand for packaged oils and staple foods in 2023. The company intends to navigate price fluctuations and supply chain disruptions to maintain stable operations.

The company intends to be cautious regarding the impact of El Nino in May or June 2023, which may weaken the southwest monsoon, cause heatwaves and droughts in India, and negatively affect crops. This consideration is particularly relevant for the company’s supply and pricing of commodities.

Food secretary Sanjeev Chopra affirms robust wheat supply, rules out any expected production deficit

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April 7, 2023

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According to the Union Food Secretary Sanjeev Chopra, the government anticipates no deficiency in the wheat production. This statement was made on Thursday.

On reports of wheat crop loss in some states due to bad weather, Sanjeev Chopra said the country would “probably end up with the same figure of 112 million tonnes of production or in the worst case scenario, there will be a negligible drop in the production”.

Department of Food and Public Distribution’s Secretary Chopra said, “There have been some reports from Punjab and Haryana of loss of wheat crop due to bad weather, but the shortfall due to the bad weather which we are anticipating is very nominal. Loss in wheat production will be very, very minimal, states are preparing the reports. We are still yet to get the report.”

The secretary stressed that lower temperatures were observed over the past two weeks and going forward, any high temperatures are not anticipated over the next two weeks. “So, these are extremely conducive at this stage of the cultivation,” he added.

He said, “We are anticipating this wherever harvest has not yet taken place in areas like UP (Uttar Pradesh) and Bihar where the weather actually helps this particular crop a lot.”

Chopra said, “So, while there may be some production loss in Punjab and Haryana, which is now being estimated, but the gain we’ll have in the yield in other parts of the country, particularly in the areas where there is late sowing.”

He added, “So, we find that we would probably end up about the same figure of 112 million tonnes of production or in the worst-case scenario, there will be a negligible drop in the production.”

“With regard to the procurement we have a target of 342 lakh tonnes of procurement for this particular rabi and having discussed with the state govt and dept of agriculture we feel that this particular target is achievable and are hoping that procurement will pickup,” Chopra said.

Chopra said, “For sugar, our estimates are about 386 lakh tonne production. We are anticipating that little bit of shortfall because of some unseen reasons in Maharashtra and it could go down by 2-4 lakh tonne.”

Talking about prices of pulses and edible oil, the secretary said that a committee in the department of consumer affairs is monitoring the situation of pulses. Pulses prices are fairly range-bound, he said, adding, “We have not seen any sharp spurt in recent days. The mechanism put in place by the department of consumers affairs is working very well. Edible oil prices are also very stable. None of the edible oils like groundnut, mustard, palm oil or soyabean have seen any appreciable jump over the past couple of months.”

APCA begins accepting applications for bachelor’s degree in tourism studies with emphasis on pastry and culinary arts

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April 7, 2023

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The Academy of Pastry & Culinary Arts (APCA), a renowned institution of culinary education with a wide presence throughout Asia, is launching its flagship bachelor’s degree program in tourism studies with a specialization in pastry and culinary arts. The program will be offered in partnership with IGNOU and will take place exclusively at the Bengaluru campus, providing hands-on training in pastry and culinary arts.

The bachelor’s degree program offers practical training in pastry and culinary arts at different levels, ranging from beginner to advanced. Additionally, it includes courses in hotel management and entrepreneurial management. Students who have completed their intermediate education are eligible to apply for this program. This curriculum is suitable for high school graduates who wish to pursue a career in the bakery, culinary, or food and beverage industries.

The upcoming session for this program will begin on August 7, 2023. The classes will be taught by highly skilled and accomplished chefs, with a primary emphasis on practical, hands-on training. Previously, APCA only offered culinary teaching facilities in Bangalore centers. The curriculum begins with fundamental topics such as Food Science and Nutrition, Personality Development, French Course, Components of F&B services, Pastry and Culinary Arts basic techniques, and gradually progresses to advanced subjects such as Financial and Managerial Accounting and mastery of internal cuisines.

In addition, obtaining certification from Skill India, City & Guilds UK, and APCA India can open up numerous opportunities for international employment.

Sharing his views on the start of the new session, chef Niklesh Sharma, founder of APCA says, “APCA has always aspired to develop some world class chefs not only in India but also in the sub-continent. The Culinary courses that we have, provides a good platform to students that are interested in learning various international cuisines. From this month we are also beginning the culinary hands-on training programme from our Bengaluru centre, this will help in providing the young chefs with more options nationwide.”

This meticulously designed three-year course will offer comprehensive training to aspiring chefs, starting from scratch and progressing to an advanced level. The program aims to enhance the skills of young chefs in various international cuisines, allowing them to become proficient in their craft.

Sania Mirza gives us a glimpse of her delectable Iftar spread with son

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April 7, 2023

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Sania Mirza, renowned as one of the greatest Indian tennis players, has six Grand Slam titles under her belt and serves as a role model for sports enthusiasts worldwide. However, her passion for food is what truly endears her to us.

With 11.5 million followers on Instagram, she keeps them abreast of her culinary adventures. Her latest post, which provides a glimpse into her mouthwatering Iftar feast in Dubai, is particularly tantalizing.

On Instagram, Sania Mirza shared a glimpse of her Iftar feast, relishing the delectable spread with her son Izhaan. The table was adorned with an array of dishes, including sandwiches, seviyan, juice, yogurt, salad, bhaji, and what appears to be dhokla, accompanied by a bowl of chutney and lemon wedges. Before starting the meal, Sania can be seen guiding her son on how to pray.

The post’s caption read, “Iftaar with my (heart) emoji #Ramdankareen #iftaar.” Check out the entire post here:

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A post shared by Sania Mirza (@mirzasaniar)

Sania Mirza is no stranger to sharing her foodie adventures on social media. Whether it’s a delicious Indian meal or a tempting dessert, she loves to indulge in her favorite foods. In a recent Instagram post, she shared a glimpse of her Iftar spread in Dubai, but this is not the first time she has done so. In a previous post, Sania was seen at a popular restaurant in Dubai with her friend and fellow tennis player, Bethanie Mattek-Sands, indulging in delectable kebabs and jalebi.

Back in January, Sania Mirza shared her love for South Indian cuisine by posting a photo on Instagram Stories. The picture showed a half-eaten idli immersed in a bowl of sambar. Sania captioned it “Home” with a red heart emoji, indicating her fondness for this particular dish.

Consumers to pay more for eggs as global prices projected to stay high in 2023

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April 7, 2023

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According to a recent report from Rabobank, a Dutch investment bank, global egg prices are projected to stay at record-high levels until the conclusion of 2023. This can be attributed to factors such as bird flu and rising expenses related to feed.

The FAO Food Price Index, which has been in a steady decline since Russia’s invasion of Ukraine, has been a rough indicator of egg prices, which have also followed a similar trend.

According to RaboResearch, the research arm of Dutch investment bank Rabobank, egg prices have more than doubled in the first quarter of 2023 compared to the same period last year.

“Rabobank’s global egg price monitor reached a new record in Q1 2023, with the index now peaking above 250, which means prices are 2.5 times higher than the reference year of 2007, and have increased more than 100% since this time last year,” explained Nan-Dirk Mulder, senior analyst at Rabobank.

High feed costs also have a big influence on prices. “Feed represents 60% to 70% of a layer farmer’s costs, so any change or uncertainty surrounding feed costs affects egg prices and supply,” claimed Mulder.

And the forecast remains steady for the rest of the year, particularly for countries still struggling with avian influenza. “The fast spread of AI in Latin America, for example, has had a big impact, with prices spiking in the countries most affected by outbreaks,” the report stated.

Mulder cited previous egg-price peaks which were followed by “similar price drops one to two years later”. He said: “This is usually caused by producers’ response to periods of higher margins. They typically increase hen numbers to try to tap into higher prices, thus creating oversupply.”

However, this time he is not hopeful price rises will follow the same trend. “We think prices will go down in countries and regions with extreme price peaks like the US, Europe, and Japan, but likely not to the sorts of lows we have seen following other crises,” he said.

FoodDrinkEurope opted not to provide a comment regarding the report. The report highlights that the producer price index (PPI) for food and drinks is currently higher than consumer price inflation for food in the EU.

According to the report, the producer price index (PPI) for food and drinks in December increased by 20.1% over the last year, compared to a food inflation rate of 18.2%. The report also indicated that animal feed experienced a 22% increase.

US-based Aqua Cultured Foods secures $5.5M seed funding to launch plant-based seafood alternatives

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April 7, 2023

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Aqua Cultured Foods, a start-up in the United States that focuses on producing plant-based seafood, has raised $5.5 million in its most recent seed funding round. This brings the company’s total amount of funds raised to $7.6 million.

The company stated that the investment will be utilized to prepare its new facility, expand production capacity, and ultimately launch its products in the market.

In its efforts to distribute its products, the Chicago-based company intends to expand its team and form additional partnerships with restaurant and foodservice outlets later this year.

Aqua Cultured Foods is utilizing its unique “proprietary mycoprotein fermentation process” to produce various seafood alternatives, including calamari, shrimp, scallops, and fish fillets. The company also creates minced fillings for dumplings, ravioli, and sushi rolls to replicate the taste and texture of seafood.

Stray Dog, a US-based venture capital fund that focuses on investments in alternative-protein, led the fundraising round, acknowledging Aqua’s “immense potential.”

Anne Palermo, Aqua CEO, said of the investment: “We appreciate having mission-aligned partners that offer strong strategic value for the next phase of our growth, which will involve building up the business and brand.

“Being good stewards of investor capital is important to us, so along with hitting milestones earlier than expected, we are benefiting from government programmes, academic resources, and other advantages to get to market quickly.”

Johnny Ream, Stray Dog Capital partner, said the firm was looking for companies “leveraging unique technologies and approaches that drive a more sustainable future”. He added, “The work Aqua is doing with alt-seafood has immense potential to drive both human and planetary benefits in a massive $100bn+ global market.”

The business, co-founded by Anne Palermo and Brittany Chibe, raised $2.1 million in a pre-seed round in 2021 from a group of global investors. These investors included early-stage venture-capital firm Supply Change Capital from Los Angeles, peer Aera VC from New Zealand, and Sustainable Food Ventures located in North Carolina.

During an interview, CEO Palermo explained the fermented technology that the company utilizes, stating that they create a nutrient-rich broth which is then inoculated with their unique strain of fungi spores. The environment, temperature, acidity, and nutrients are carefully controlled to facilitate the growth and development of the fungi.

“Basically, it’s a very new and different way of producing mushrooms. Rather than growing them on a solid substrate such as coconut husks or sawdust, we are growing protein in a liquid broth.”

In the latest funding round, CJ Foods, a manufacturer and distributor of Asian foods, also participated.

Barista Coffee expands its reach with 350th store launch in Udaipur, aims for 500 stores nationwide by 2025

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April 7, 2023

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Barista Coffee Company has achieved a significant milestone by launching its 350th store in the City of Lakes, Udaipur, as part of its commitment to providing customers with a global coffee culture and café experience.

Having established its presence in over 100 cities worldwide, the brand is now commemorating its 23rd year in the coffee business.

Rajat Agrawal, CEO Barista, said, “At Barista, we are expanding our footprint across the country in a strategic manner and plan to be at 500 store count over the next 2 years. The objective is to connect with the larger community and be accessible for our consumers at multiple touch points.”

Barista provides an extensive range of beverages, including both coffee and non-coffee options, as well as delicious all-day snacks to satisfy any craving.

Apart from their café portfolio, Barista has also broadened their horizons by introducing a casual dining format with their flagship Barista Diner.

“Over the past few years we have expanded well in tourist destinations and Udaipur is the latest entrant to the list. We are excited to be brewing in Udaipur and look to serve both Domestic and International guests at this store,” Rajat added.

Since its inception in the year 2000 as Barista Coffee Company Limited, the brand has been committed to delivering an unparalleled global coffeehouse experience and culture to its patrons.

Papa John’s expands partnership with PJP Investments Group to open 650 new restaurants in India by 2033

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April 7, 2023

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Papa John’s International has announced that it is expanding its partnership with PJP Investments Group, one of its longest-standing international franchisees, to open 650 restaurants in India by 2033.

The first of these new restaurants is set to open in Bangalore in 2024, followed by openings in other cities across South India and later in other regions of the country.

Papa John’s is drawn to the potential of the Indian market, with its significant size and a middle class that is experiencing growing income and aspirations. This presents an appealing business opportunity for the company to expand its operations.

“Papa Johns global momentum continues, in partnership with seasoned, successful restaurant operators like PJP Investments,” said Amanda Clark, Papa Johns Chief International and Development Officer by adding that PJP Investments first partnered with Papa Johns to expand into the UAE in 2005.

“We are excited that their commitment to flawless execution of Papa John’s high standards is now being brought to India,” added Clark.

PJP Investments Group, known for managing over 100 Papa John’s restaurants in the UAE, Saudi Arabia, and Jordan, is slated to open the first Papa John’s restaurant in India in 2024.

Under the leadership of CEO Tapan Vaidya, PJP Investments Group has become one of the earliest international franchisees of Papa John’s to embrace a modern restaurant design that is enhancing Papa John’s experience worldwide.

“We are excited to bring the BETTER INGREDIENTS. BETTER PIZZA. promise of Papa Johns to pizza lovers in India. Building on the success of our partnership with Papa Johns in the Middle East, this expansion of the renowned brand in South Asia will introduce an enormous new customer base to the superior quality pizza that can come only from high-quality ingredients and our fresh, never-frozen original dough,” pointed Vaidya.

Over the next 10 years, PJP Investments Group intends to operate approximately 1,000 Papa John’s restaurants. Papa John’s has recently attracted new international franchisees such as FountainVest Partners, a leading independent private equity firm in Asia, which plans to open more than 1,750 new Papa John’s restaurants in China by 2040. Furthermore, the company has expanded agreements with its existing franchisees.

Try this mouthwatering Cauliflower Pakoda recipe for a tasty snack time treat

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April 7, 2023

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Cauliflower Pakoda is a popular Indian snack made from cauliflower florets coated in a spiced chickpea flour batter and deep-fried until crispy. It is a variation of the traditional pakoda, which is a deep-fried snack made with vegetables, gram flour, and spices.

Cauliflower pakoda is typically served with chutney or ketchup and is a popular street food in India. It is a delicious and flavorful snack that can be enjoyed at any time of the day.

This snack is easy to prepare and doesn’t take much time to make. If you are looking for a quick snack to serve your guests, cauliflower pakoras are the perfect choice.

Ingredients:

1 medium-sized cauliflower
1 cup chickpea flour
1/4 cup rice flour
1 tsp ginger-garlic paste
1 tsp cumin seeds
1 tsp red chili powder
1/2 tsp turmeric powder
1/2 tsp garam masala powder
1/2 tsp baking soda
Salt to taste
Oil for deep-frying
Water as required

Preparation:

Clean and cut cauliflower into small florets.
In a mixing bowl, add chickpea flour, rice flour, ginger-garlic paste, cumin seeds, red chili powder, turmeric powder, garam masala powder, baking soda, and salt. Mix all the ingredients well.
Gradually add water to make a thick batter. Make sure that there are no lumps in the batter.
Heat oil in a deep pan or kadhai on medium flame.

Step-by-Step Instructions:

Dip each cauliflower floret in the batter, making sure it is coated well.
Carefully drop the cauliflower floret into the hot oil.
Fry the pakoras until they turn golden brown and crispy.
Use a slotted spoon to remove the pakoras from the oil and place them on a paper towel to absorb any excess oil.
Repeat the process for the remaining cauliflower florets.
Serve hot with your favorite chutney or sauce.

Tips for making the best cauliflower pakoras:

Make sure that the cauliflower florets are dried well before dipping them into the batter. This will help the batter to stick to the cauliflower florets.
Add water gradually to the batter to avoid a runny batter.
Use fresh oil for deep frying. Do not reuse oil for frying the pakoras.
Fry the pakoras on medium flame to ensure that they are cooked evenly.
Do not overcrowd the pan while frying the pakoras. Fry in small batches.

Serving Suggestions:

Cauliflower pakoras can be served as a snack or as a side dish. They are perfect to serve with tea or coffee. You can also serve them as an appetizer before the main course. These pakoras go well with mint chutney, tamarind chutney, or tomato ketchup.

Cauliflower pakoras are a popular snack that is enjoyed by many people. They are easy to prepare and can be made in no time. This recipe is perfect for those who want to make a quick snack for their guests. You can also make this snack for your family as an evening snack. Try out this recipe and impress your guests with your culinary skills.

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