British fashion retailer Superdry maps out privatization route in bid to secure future

April 17, 2024

Superdry, the British fashion retailer, has put forth a rescue plan to avoid administration. This proposal, spearheaded by CEO Julian Dunkerton, entails fundraising, departure from the London Stock Exchange, and a comprehensive restructuring strategy.

The success of the restructuring plan hinges on the completion of the equity raise, which is contingent upon obtaining approval from shareholders.

Superdry’s share trading experienced a brief suspension following a significant drop early on Tuesday, prompted by the company’s cautionary statement regarding potential administration if the plan failed to materialize. The shares were last recorded at a 33% decrease, trading at 5.36 pence, marking an 84% decline for the year.

The rescue strategy, aimed at securing significant cash savings through rent cuts at 39 out of Superdry’s 94 stores in the UK, along with extending the maturity of loans from the group’s debt facility agreements, arrives amidst the company’s struggle with diminished demand and financial constraints.

Continue Exploring: Superdry CEO Julian Dunkerton weighs takeover options as struggling retailer seeks recovery

“This plan is the best course for all stakeholders, focusing on achieving the right size,” Dunkerton stated.

The 59-year-old, who co-founded Superdry in 2003 and holds the largest share, announced last month that he won’t be making an offer for shares beyond those he already possesses.

Dunkerton has fully underwritten an equity raise offering two options: an open offer aiming to raise the sterling-equivalent of 8 million euros ($8.49 million) or a placing to raise gross proceeds of 10 million pounds ($12.45 million).

Dunkerton also mentioned that there are currently no plans to return to a public listing in the near future.

Known for its jackets and clothing inspired by American vintage styles and Japanese graphics, Superdry acknowledged that trading conditions continued to remain challenging.

In recent years, its popularity has waned as it grapples with the challenge of attracting younger shoppers despite ramping up its marketing endeavors. In a similar vein, Ted Baker, a prominent brand in the UK, succumbed to administration last month, revealing plans for store closures and workforce reductions.

“The expectation is that the company can rejuvenate its struggling brand away from the scrutiny of public markets,” commented Danni Hewson, an analyst at AJ Bell.

Continue Exploring: Reliance Brands unveils new Superdry store in Bengaluru, promising fashion enthusiasts a fresh retail experience

Zepto gains ground in quick-commerce market as Instamart slips

SnackTeam

April 17, 2024

Over the last couple of years, Zepto has steadily increased its share of the quick-commerce market, edging out Swiggy Instamart. According to a report from HSBC Global Research, Blinkit has grown its share to 40%.

The report, created in collaboration with Zepto’s senior management, estimates that the company’s market share rose from 15% in March 2022 to 28% in January 2024.

During the same period, Instamart’s market share declined from 52% in March 2022, when it held the largest share in the ecosystem, to 32% in January 2024. Conversely, Blinkit‘s market share increased from 32% to 40% over that timeframe.

Swiggy Instamart did not respond to a request for comment regarding the report.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

According to the report, Blinkit, boasting approximately $2 billion in gross merchandise value (GMV) terms and poised to double in 2024, holds the dominant position in the market. Currently, Blinkit’s margins at the earnings before interest, taxes, depreciation, and amortization (EBITDA) level stand at -2%, with expectations to enhance to 4-5% by FY27.

HSBC also increased the target price of Zomato, the parent company of Blinkit, to INR 215 per share and assigned it a ‘buy’ rating. Zomato shares were last traded at INR 188.3 per share on the NSE.

Continue Exploring: Quick-commerce giants grab 30-50% of FMCG sales, kirana stores witness slowdown

“Our projection is that India would move straight from unorganised retail (kirana shops) to quick-commerce (QC), with minimal penetration of modern retail (MR). Furthermore, in our opinion, the bulk of value movement at this point is happening from unorganised retail to QC. Importantly, this is caused by the fact that, in contrast to MR, QC mimics the majority of characteristics of unorganised retail in India,” the report said.

This report comes as all major quick-commerce platforms expand their offerings, recording robust sales growth in non-grocery categories like beauty, toys, health, and electronics, as reported by Snackfax on March 4. According to a Goldman Sachs report, around 15% of Zepto’s $1.2-billion annualized gross sales currently come from non-grocery products.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

According to the HSBC report, advertising revenue would also play a vital role in the profitability of quick-commerce platforms.

“Even when juxtaposed with ecommerce platforms such as Flipkart & Amazon, QC is better positioned to capture ad spend due to its better terms of trade (take rate) for grocery versus non-grocery. We believe that advertising take rates (terms of trade) in food are about 6-8% higher than in electronics, giving QC platforms a significant relative edge over other ecommerce platforms,” it stated.

Continue Exploring: Mall hypermarkets scale down as quick commerce apps gain momentum, sales decline prompts closures, say operators

Mokobara expands footprint: Opens first store in Tamil Nadu, marks milestone of 10 stores across 5 cities in just one year

SnackTeam

April 17, 2024

Mokobara, a renowned travel and lifestyle brand, has launched its first store in Tamil Nadu, as announced by a company representative on social media.

“Incredibly excited to announce that Mokobara has achieved a significant milestone with 10 operational stores across more than 5 cities within just one year,” stated Ayushi Yadav, Mokobara’s head of business development, in a LinkedIn post.

In May 2023, the company made its foray into brick-and-mortar retail by inaugurating its first retail store in Bengaluru at Phoenix Marketcity, Whitefield.

Continue Exploring: D2C luggage brand Mokobara secures $12 million in funding from Peak XV Partners, existing investors

The D2C brand offers products such as travel bags, briefcases, totes, slings, wallets, and accessories.

In December 2023, the retailer unveiled its ninth store in Hyderabad at Sarath City Capital Mall. Concurrently, the brand entered North India with the inauguration of its first store in Gurugram within the same month.

Continue Exploring: Mokobara expands to North India with first store in Gurugram

Established in early 2020 by Sangeet Agarwal and Navin Parwal, Mokobara began as an online luggage brand catering directly to consumers. Alongside its brick-and-mortar presence in cities such as Bengaluru, Mumbai, and Pune, the brand also reaches customers through its own e-commerce platform and several online marketplaces like Flipkart, Myntra, Amazon, and Nykaa.

At present, Mokobara is intensifying its omnichannel expansion efforts with plans to open more than 20 retail stores during the fiscal year 2024.

Continue Exploring: Mokobara’s operating revenue soars fourfold to INR 53 Crore in FY23, despite a 78% increase in losses

India’s oilmeal exports hit record high in fiscal year 2023-24

SnackTeam

April 17, 2024

India’s oilmeal exports in the fiscal year 2023-24 have reached record high levels in both value and quality terms, as shown by data compiled by the industry body Solvent Extractors’ Association (SEA).

During the period from April 2023 to March 2024, the total export of oilmeals surged to 4,885,437 tons valued at INR 15,370 crores, marking a notable increase from 4,336,287 tons valued at INR 11,400 crores in the corresponding period of the previous year. This represents a 13% rise in quantity and a significant 35% increase in value.

This marks the highest export of oilmeals in terms of both quantity and value since 2013-14. Previously, in 2013-14, India exported 43.81 lakh tons of oilmeals valued at INR 11,500 crores.

Soybean meal exports experienced a resurgence during the year, reaching 21.33 lakh tons compared to 10.22 lakh tons during the corresponding period of the previous year. Indian soybean meal proved to be highly competitive in the international market, driving this increase.

Continue Exploring: India’s sunflower oil imports skyrocket by 51% in March, pushing palm oil to lowest levels since 2023

“Nevertheless, starting from mid-April, Indian soybean meal has encountered robust competition from Argentine sources, and exports are anticipated to decelerate in the upcoming months,” stated SEA.

Provisional reports indicate that oilmeal exports for March 2024 amounted to 395,382 tons, marking a decrease of 31% compared to March 2023, when exports reached 575,958 tons.

The export of rapeseed meal for the year amounted to 22.13 lakh tons, slightly lower than the 22.97 lakh tons exported during the corresponding period of the previous year.

SEA suggests that rapeseed processing in India is expected to remain below its potential in the upcoming months due to disparities in crushing. Furthermore, the export sales of rapeseed meal have decelerated due to increasing competition from soybean meal in the international market.

According to SEA’s data, Bangladesh has emerged as the top importer of Indian oilmeals, importing 8.92 lakh tons, comprising 4.34 lakh tons of rapeseed meal, 4.31 lakh tons of soybean meal, and 0.28 lakh tons of De-oiled ricebran. South Korea follows as the second-largest importer, with reported imports of 8.32 lakh tons of oilmeals, including 547,763 tons of rapeseed meal, 226,407 tons of castorseed meal, and 57,899 tons of soybean meal. Thailand ranks third in importing Indian oilmeals, with reported imports of 6.33 lakh tons, predominantly consisting of 6.16 lakh tons of rapeseed meal.

Iran has emerged as the leading importer of soybean meal from India, including shipments via Dubai, importing a record quantity of 8.64 lakh tons during the financial year 2023-24.

Continue Exploring: Retail food inflation eases to 8.52% in March 2024 as prices of pulses and oils decline marginally

Renowned mixologist Yangdup Lama to launch Himalayan-themed bar in Gurugram

SnackTeam

April 17, 2024

Renowned as one of India’s foremost bar specialists and mixologists, Yangdup Lama, the visionary behind acclaimed establishments such as Sidecar and Cocktails & Dreams Speakeasy, is set to unveil his third cocktail bar in the Delhi-NCR region come mid-2024. Lama announced that his latest endeavor, located at Cross Point Mall in Gurugram, will warmly welcome patrons by mid-June 2024.

Maintaining an air of mystery around the branding, Lama revealed that although the essence of the upcoming project will retain its identity as a neighborhood cocktail bar akin to his previous ventures, it will distinguish itself through a unique cocktail selection and culinary offerings.

“The essence of the Himalayas will strongly influence the ambiance of the new bar,” disclosed Lama, a native of the Darjeeling hills, as he unveiled the concept of his latest endeavor. He emphasized that akin to his two existing outlets, this establishment will accommodate 60 guests.

Speaking on the formula behind his bars’ recurring appearance on the “Best bars list” and its popularity, Lama stressed the need of “getting things right not just once but every time” and how “consistency is very important.”

Continue Exploring: India’s rising cocktail culture: Niche bars thrive beyond metros, offering unique concepts and flavors

“You need to keep evolving both as a product as well as a brand at the same time,” he continued.

Sidecar, helmed by Lama, has consistently secured its position in both Asia’s Best 50 Bars list and the World’s Best Bars list since 2020. Likewise, Cocktails & Dreams Speakeasy has been featured in India’s Best 30 Bars list.

“It’s heartening to witness increased participation from India in recent years,” he remarked regarding the World’s Best Bar list.

Lama noted that not only are Indian bars gaining recognition on the best bars lists, but many Indian bartenders and mixologists are also making waves in the global bar scene, earning well-deserved recognition in recent years. He highlighted the significant presence of Indian bartenders who excel in cities such as Chicago, San Francisco, Hong Kong, and Singapore, further solidifying India’s influence in the international cocktail arena.

“These days, there’s a thriving community of Indian bartenders in the Middle East,” he mentioned.

Lama noted that on the global stage, a significant shift is underway as many Indian F&B talents are transitioning into entrepreneurs, marking the next phase of evolution in the industry.

Continue Exploring: Inflection Point Ventures to spearhead O’ Be Cocktails Pre-Series A fundraiser

Ethnic fashion brand Libas partners with GoKwik to strengthen D2C presence and drive growth

SnackTeam

April 17, 2024

Libas

Libas, an ethnic fashion brand, has teamed up with GoKwik, an ecommerce enabler, to expand its direct-to-consumer presence and stimulate growth.

Libas seeks to utilize its partnership with GoKwik to enrich its direct-to-consumer presence, focusing on optimizing the checkout process for shoppers and enhancing accessibility throughout India.

“We’re thrilled to join forces with GoKwik to elevate our brand in the digital landscape. Leveraging their eCommerce proficiency, we anticipate expanding our online presence and connecting with a broader audience. Our focus on implementing a seamless one-click checkout reflects our commitment to enhancing the shopping journey, fostering higher conversions, and customer contentment. This resonates with our overarching strategy of establishing a robust and adaptable omni-channel presence,” expressed Sidhant Keshwani, Founder and CEO of Libas.

Continue Exploring: Bootstrapped ethnic fashion brand Libas surpasses INR 500 Crore revenue milestone in FY24; eyes 60-70% growth and seeks first round of funding

Through KwikCheckout, GoKwik’s one-click checkout solution, shoppers skip the hassle of logging in every time they shop on a website. Moreover, one in three eCommerce shoppers already frequents GoKwik’s network. Consequently, GoKwik also fills in up to 85% of addresses, cutting down on drop-offs at the address page. With industry-leading payment success rates and strong payment assurance, merchants on KwikCheckout can unleash higher conversion rates and revenue growth.

“Currently, internet channels account for more than 85 percent of their revenue, with their D2C channel accounting for 15% of total sales. With a major boost from their D2C channel, they are all expected to rise by 35% this year. Chirag Taneja, co-founder and CEO of GoKwik, stated, “We were delighted to have established a solid partnership with Libas in their endeavour to enhance their online revenue share through their D2C website.”

Within its network, GoKwik accommodates more than 1500 eCommerce brands such as Lenskart, Neemans, Man Matters, Levis, Shoppers Stop, and others. These brands span across various sectors including fashion, beauty, health and nutrition, electronics, and other pivotal categories within the online shopping realm. Libas, in particular, has enlisted Kiara Advani as their brand ambassador for the unveiling of their summer collection. Additionally, Libas aims to broaden its presence both online and offline throughout India.

Libas is already witnessing a 10% uplift in conversions and prepaid transactions, highlighting the benefits of the partnership, as stated in a recent announcement.

Continue Exploring: Beyoung teams up with Gokwik to enhance digital footprint and combat RTO rates

Sanjay Dutt’s Glenwalk scotch whisky wins silver medal at London Spirits Competition 2024

SnackTeam

April 17, 2024

Cartel Bros, a prominent Indian spirits company, is delighted to announce that its flagship scotch whisky brand, The Glenwalk, has been honored with the prestigious Silver Medal at the renowned London Spirits Competition 2024. This recognition stands as a testament to the brand’s unwavering commitment to excellence and quality in the global spirits industry, further solidifying its established reputation.

The London Spirits Competition stands as a pinnacle in the spirits realm, spotlighting top-tier brands from across the world.

Speaking about their victory, Moksh Sani, Founder of Living Liquidz, & Co-founder of Cartel Bros, shared, “We’re immensely proud of this acknowledgment from the London Spirits Competition. It underscores the commitment and skill of our team, who have painstakingly developed The Glenwalk into an outstanding Scotch whisky, greatly enhancing the imbibing journey for our devoted customers.”

Continue Exploring: Short Story Gin earns top accolades at World Gin Awards 2024, crowned Best London Dry Gin from India

Jitin Merani, Founder of Drinq Bar Academy & Co-Founder of Cartel Bros, remarked, “Securing the second-highest accolade, The Glenwalk competed against esteemed single malts and other premium spirits, emerging triumphant and showcasing its exceptional craftsmanship and taste. This beloved Indian Scotch Whisky embodies the rich history of Scotland’s finest distilleries, crafted with utmost care and perfection, earning itself a stellar reputation not only in the Indian market but also overseas.

We are thrilled to witness Glenwalk’s recognition on the global stage, validating our commitment to producing high-quality Scotch whisky that stands shoulder to shoulder with the most established brands. It’s an immense honor for us, and we eagerly anticipate continuing our journey of innovation and excellence.”

The Glenwalk’s brand ambassador and renowned actor, Sanjay Dutt, expressed, “As an aficionado of fine whisky, I take pride in my association with Glenwalk and am thrilled by its success at the London Spirits Competition. This accolade further cements its status as a top-tier whisky. Congratulations to the Cartel Bros. team on this thoroughly deserved recognition!”

Continue Exploring: Kadamba Whisky wins prestigious title of ‘Best Indian Single-Malt’ at Icons of Whisky awards

The success of The Glenwalk at the London Spirits Competition underscores its commitment to delivering an exceptional whisky experience, combining tradition with innovation to create a Scotch whisky that captivates enthusiasts worldwide. Currently valued just above the IMFL premium and Scotch sales range, The Glenwalk holds a market share of 16% in Maharashtra. With this prestigious accolade, Glenwalk reaffirms its position as a premium brand synonymous with excellence.

DS Group’s Catch Spices hits INR 1,000 Crore in sales, plans expansion into ready-to-cook and digital-first products

SnackTeam

April 17, 2024

DS Group‘s Catch Spices has crossed INR 1,000 crore in sales, marking a significant milestone for the brand. This achievement positions Catch salt and spices as the second brand within the group’s consumer portfolio to achieve such impressive sales figures, following Rajnigandha pan masala.

Rajiv Kumar, the vice-chairman of DS Group, outlined the company’s expansion strategy, which entails boosting presence in modern-format stores and quick-commerce platforms. Additionally, they plan to diversify their portfolio to include ready-to-cook pastes, gourmet gravies, and other tabletop sprinklers, with a strong emphasis on digital-first products. Moreover, they aim to regionalize offerings to cater to local taste preferences.

Kumar mentioned that the group’s expansion in the spices business would be organic, distinguishing their approach from that of certain packaged goods manufacturers who opt to acquire regional brands for expansion purposes.

The company stated that Catch has seen a 24% year-on-year growth over the last two years, with a reach extending to over seven lakh retail touchpoints and 1,500 distributors.

Continue Exploring: MDH Spices to invest INR 150 Crore in new Ujjain facility, eyes INR 2,000 Crore expansion nationwide

“We used to primarily target metro and mini-metro areas before. Now, our attention is shifting towards second and third-tier cities,” Kumar explained. He further stated that the company aims to expand distribution to towns, even those with a population of just one lakh.

The diversified group, manufacturing spices, confectionery, ready-to-eat mixes, luxury chocolates, and operating gourmet and lifestyle retail ventures, has surpassed a total revenue of one billion dollars at the group level. Apart from Catch salt and spices, the group’s brands encompass Pulse confectionery, Pass Pass mouth freshener, L’Opera and Le Marche gourmet retail, and Laderach luxury chocolate.

Continue Exploring: DS Group unveils India’s first exclusive Läderach chocolate store in New Delhi’s DLF Emporio Mall

The packaged spices industry is valued at around INR 34,000 crore, with an annual growth rate of 18%. Apart from Catch, notable players in this sector include MDH, ITC, Dabur, MTR, and Everest, among others. Notably, both ITC and Dabur chose to enter this category through acquisitions.

Agrimax Foods enters millet-based snack market with ‘Bake&Co’ brand

SnackTeam

April 17, 2024

Agrimax Foods LLP, a leading food solutions company, has launched its latest brand, ‘Bake&Co.’ This innovative brand is poised to revolutionize the millet-based baked goods market, prioritizing health, nutrition, and unparalleled flavor. The launch of Bake&Co. is backed by the government’s PMFME scheme, designed to empower micro food enterprises nationwide.

Agrimax Foods was established with the goal of enhancing the agricultural value chain, benefiting farmers, processors, & consumers alike. The company believes in procuring raw materials directly from farmers, enhancing them during processing, while matching the expectations of discerning customers.

Bake&Co. emphasizes “Healthy Snacking” with a delectable assortment of nutritious baked goods, designed to blend enjoyment with well-being. Their product line features Millet Cookies and Indulgence Cookies. Millet Cookies are tailored for health-conscious individuals desiring gluten-free, sugar-free, and preservative-free alternatives, crafted from nourishing ingredients such as millets, oats, fruits, nuts, seeds, and natural jaggery. On the other hand, Indulgence Cookies cater to those seeking luxurious treats without sacrificing health standards.

Continue Exploring: Nestlé India adds flavor to nutrition: Launches MAGGI Oats Noodles with Millet Magic

Looking ahead, the Bake&Co. brand is set to focus on expanding its product offerings to include a range of Millet-based ready-to-eat snacks. This expansion will encompass savory options, namkeen, breakfast cereals, energy cookies, protein-rich cookies, and diabetes-friendly cookies. With India’s millet-based packaged food market projected to grow at a CAGR of 9.2% from 2022 to 2032, reaching an estimated value of US $91.1 million by 2032, Bake&Co. is positioned to play a significant role in this promising journey.

Having established a nationwide presence in India through direct-to-consumer (D2C) channels and e-commerce platforms, Bake&Co. intends to expand its reach by entering select retail outlets, vending machines, and retail chains in major metro cities. Looking ahead, the brand aims to explore opportunities for exporting its products to countries with high demand for value-added millet-based products.

The PMFME scheme played a pivotal role in enabling Agrimax Foods to establish its manufacturing unit, located in Gautam Buddha Nagar. As part of this initiative, Bake&Co. received substantial assistance, including a notable subsidy of INR 10 lakhs.

Continue Exploring: Slurrp Farm unveils healthy millet-based instant noodles for kids

Shivani Tomar, the Department of Horticulture & Food Processing’s District Horticulture Officer (DHO) in Gautam Budhha Nagar, highlighted the impact of the initiative by saying, “The PMFME scheme aims to empower and uplift local food businesses.” Agrimax Foods’ use of this platform to launch a brand like Bake&Co. that prioritises sustainability and wellness is encouraging. The scheme’s goal of supporting businesses that significantly improve our economy and the welfare of our people is emphasised by their accomplishment.”

Monica Kohli Srivastava, Co-Founder and Chief Marketing Strategist of Agrimax Foods, said, “The PMFME scheme has played a crucial role in empowering us to actualize our vision. It has not only offered financial aid but also cultivated an environment that nurtures growth and innovation within India.”

Monica continued, “We take immense pride in our achievements with Bake&Co. Not only do we provide products that promote wellness, but we also play a role in fostering a sustainable and ethical food sector. We’re eager to share our dedication to premium, nutritious baked goods with our customers.”

Continue Exploring: FMCG players shift focus to millets as demand for healthier options grows

India’s pulses imports nearly double in 2023-24, expected to rise further in current fiscal year

SnackTeam

April 17, 2024

Despite implementing several measures, including offering various incentives to farmers, India continues to rely on imports of pulses to meet its domestic needs.

Imports of pulses nearly doubled in the fiscal year 2023-24, reaching a total of USD 3.74 billion.

Nonetheless, the official figure remains undisclosed, but estimates indicate that shipments have surpassed 45 lakh tonnes in the recently concluded fiscal year 2023-24, compared to 24.5 lakh tonnes the previous year.

According to government sources, negotiations are underway with new markets such as Brazil and Argentina to secure long-term contracts for pulse imports, aimed at meeting domestic demand and stabilizing prices.

Continue Exploring: Despite open import policy, tur dal prices rise by over 10% in a month

Brazil is set to supply over 20,000 tonnes of urad, with negotiations for arhar imports from Argentina nearing their final stages.

Additionally, the government has secured contracts with Mozambique, Tanzania, and Myanmar for pulse imports.

The recent increase in imports aims to bolster domestic supply and maintain price stability.

Earlier, the government permitted duty-free imports of urad and arhar until March 31, 2025, and yellow peas until June of this year.

Pulse inflation is a significant concern for the government, especially during ongoing election processes. Recent data indicates pulse inflation stood at 17 percent in March and 19 percent in February of this year.

In an effort to control prices, the government implemented stock limits on pulses starting Monday, April 15, and urged states to remain vigilant against hoarding activities.

Continue Exploring: Indian households ditch tur dal for cheaper lentils amid skyrocketing prices

Despite the government’s implementation of various incentives such as guaranteed purchase and higher Minimum Support Price (MSP), domestic pulse production has declined over the past 2-3 years. Estimates from the Ministry of Agriculture indicate that pulse production in 2023-24 is projected to be 234 lakh tonnes.

Last year, production reached 261 lakh tonnes.

In 2019-20, domestic pulse production stood at 230.25 lakh tonnes. However, following various government incentives in 2020-21, production increased to 254.63 lakh tonnes. Subsequently, in 2021-22, it further rose to 273.02 lakh tonnes. However, in 2022-23, production declined to 260.58 lakh tonnes.

This fiscal year (FY24), Kharif production is anticipated to decrease from 76.21 lakh tonnes to 71.18 lakh tonnes. Urad production is projected to decrease from 17.68 lakh tonnes to 15.15 lakh tonnes, while Moong production is expected to decline from 17.18 lakh tonnes to 14.05 lakh tonnes.

Continue Exploring: Retail food inflation eases to 8.52% in March 2024 as prices of pulses and oils decline marginally

According to experts, the decrease in domestic output is also attributed to unpredictable climate conditions in key producing regions.

However, there is also concern over the reduction in pulses sowing area over the last 3-4 years, declining from 307.31 lakh hectares in 2021-22 to 257.85 lakh hectares in 2023-24. Over two years, the sowing area decreased by 16 percent, accompanied by a nearly 14 percent reduction in production.

The Reserve Bank of India has emphasized that food price pressures are presenting challenges in achieving the target inflation rate of 4 percent, with the price of pulses playing a significant role in inflation figures.

India, being a major consumer and producer of pulses, fulfills a portion of its consumption requirements through imports. The country’s primary pulse consumption includes chana, masur, urad, kabuli chana, and tur.

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