May 2023 -

Usha partners with NIFT to felicitate winners of ‘Best Garment Construction Award 2023’

Winners of the award across 16 NIFT centres will receive the Usha Janome Allure DLX sewing machine, a cash prize and a certificate

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Winners of Usha NIFT Best Garment Construction Award 2023, being felicitated by Usha’s Regional Representatives

New Delhi, 31^st May, 2023: Usha International, India’s leading sewing machine company has partnered with the country’s leading fashion institute NIFT (National Institute of Fashion Technology) to reward and encourage the creativity of budding fashion designers from the institute as they step out to make their mark in the world of fashion. Usha International has been partnering with NIFT since the year 2000, and this year the Usha NIFT ‘Best Garment Construction Award’ 2023 will be presented year across 16 NIFT centres including Bengaluru, Bhubaneswar, Bhopal, Chennai, Gandhinagar, Hyderabad, Jodhpur, Kangra, Kannur, Kolkata, Mumbai, New Delhi, Panchkula, Patna, Raebareli, and Shillong. The winners will receive an Usha Janome Allure DLX automatic sewing machine, a certificate, and a cash prize as part of the award. The activity kickstarted over the weekend with graduate shows being held in Hyderabad, Patna, Mumbai, and Kannur and will culminate on June 7^th at the Gandhinagar centre.

Talking about the association, Usha’s spokesperson said, “This partnership with NIFT underscores our commitment to fostering talent in the fashion industry and celebrate the creativity and skill of these young students”

The Usha Janome Allure DLX sewing machine being presented to each winner is an innovative, state-of-the-art machine with automatic needle threading, an LED sewing light, a feed drop lever for embroidery, 13 built-in stitch functions, and 21 applications including buttonhole stitch, rolled hemming, embroidery, zip fixing, quilting, smocking, etc. A sturdy base provides 3x stronger stitches vis-à-vis other machines, and has a free arm for circular stitching, and two dials for pattern and stitch length selection.

For more information please visit: www.ushasew.com

AstraZeneca India appoints Bhavana Agrawal as Chief Financial Officer with effect from October

AstraZeneca Pharma India Ltd. (AstraZeneca India), a leading biopharmaceutical company, announced the appointment of Bhavana Agrawal as Chief Finance Officer (CFO) with effect from October 1, 2023, following a transition period. She succeeds Rajesh Marwaha, who is retiring as CFO and full-time director of the Company from the close of business hours on September 30, 2023.

Rajesh has been instrumental in building strategic frameworks for the company in India in tandem with the evolving environment of pharmaceutical sector in the country. As a board member, he has also been a strong anchor behind key initiatives focused on improving access to healthcare.

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Commenting on the change, AstraZeneca India Country President Dr. Sanjeev Panchal said, “Rajesh has been an asset and a guiding light for AstraZeneca given his rich and diverse experience across industries. I want to thank him for his exemplary leadership and notable contribution in building our legacy in the country. At the same time, I am delighted to welcome Bhavana to AstraZeneca at this this crucial juncture of our growth through innovation journey. We are constantly pushing the boundaries of science to deliver life changing medicines and with her unique global experience I am confident that we will be able to accelerate our goal of transforming patient outcomes.”

An All‐India rank holder as a Chartered Accountant, Bhavana has been a strategic finance partner for businesses with consistent performance in maximising revenue, margin and cash for over two decades. Her last role was as CFO of the Services business at GE Healthcare for Middle East, Africa & Russia, where she was responsible for revenue, costs, cash, planning session and financial closing activities in more than 30 countries. At AstraZeneca India, Bhavana will oversee company's financial strategy and operations, planning and analysis, and investor relations.

SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) reports INR 8,945 Mn Profit Before Tax (PBT) in FY23, clocks 10x growth in FY23 over FY22 Total loan disbursements have nearly doubled

· Growth in YoY disbursal of 98%

· FY23 AUM stood at INR 3,01,868 Mn

· Added over 100 branches in FY23

· Serving underserved in 65,000+ villages across India

The Indian financial sector witnessed a momentous deal in July, 2021 when Sumitomo Mitsui Financial Group (SMFG) acquired a 74.9% stake in Fullerton India Credit Co. Ltd. from Fullerton Financial Holdings Pte. Ltd. The deal was concluded in November, 2021. Effective May 11 2023, Fullerton India Credit Company Limited is SMFG India Credit Company Limited (SMICC).

SMICC has reported a 10x growth in FY23 with a Profit Before Tax of INR 8,945 Million for the Financial year of FY23. Total Disbursals jumped by 98% to INR 252,029 Mn in FY23 from INR 127,377 Mn of FY22. The AUM has increased by 44% and crossed the INR 300 Bn mark ( 301.86 BN)

With the support of a shared vision of its shareholders and a capable leadership team, the NBFC is poised to leverage its strengths, capitalize on market opportunities, and achieve its true potential in the financial industry.

Speaking about the company’s overall performance, Mr. Shantanu Mitra, CEO & MD, SMICC said “Our performance of FY23 resonates with the steps we have taken in the last one year, with a focus on catering to the underserved customers in the rural heartlands and those in the semi-urban markets of the country. Having clocked a growth of 10x in profit before tax in FY 23, fortifies our belief that the 3 key drivers – our wide distribution network, diversified product offering and an enhanced digital ecosystem will propel our business going forward. Our AUM in FY23 stood at INR 3,01,868 Mn and with strategic alliances in our digital business, we not only re-engineered the digital customer experience, but also fuelled our growth momentum. With the launch of new branches across key states, along with a sustained focus on collections, we are poised to accelerate and transform in FY24.”

Effective May 15 2023, Fullerton India Home Finance Company Limited is SMFG India Home Finance Company Limited (SMFHC). SMHFC has posted a growth of 137% in disbursals. The company’s AUM stood at INR 64,265 Mn, 44% higher than INR 44,563 Mn as of March,2022. SMHFC has created a wider foot print in new geographies and locations with 43 new branches in Tier 2+ regions, totalling 125 branches spread across 15 states. With an aim to become a digital-first organisation to increase efficiency and service, the company has focused on paperless processes, short time-to-market, and extensive self-serve options for internal and external customers.

Mr. Deepak Patkar, CEO & MD, SMHFC said “Our home finance business has shown tremendous growth in FY23, with disbursals of INR 30,552 Mn, a 137% growth over INR 12,870 Mn of disbursals in FY22. In line with our customer centric approach, we have invested in human capital, enhancing our employee strength to 2300+ in FY23, from 800 in FY22, enabling us reach our customers directly. The growth in our disbursals is a testimony to our focus on affordable housing finance for our customers. The company received 100 crores of capital from the parent in Q4’ FY23.”

Plum’s whitepaper ‘What Goes into Building a Company That Cares’ uncovers bias in healthcare and insurance coverage for underrepresented groups

Plum, India’s leading employee health insurance platform, has unveiled its whitepaper, ‘What Goes into Building a Company That Cares’ that reveals the gaps in healthcare and insurance access faced by underrepresented groups in the workplace and urges corporations to recognise the significance of employee health insurance, not only as a comprehensive benefit but also a genuinely inclusive one at that.

While the conversation around diversity, equity, and inclusion (DEI) has gained considerable traction over the recent years, the needle is yet to move to ensure access to quality healthcare and insurance coverage for underrepresented groups: including members of the LGBTQAI+ community, people with disabilities and women. Plum's whitepaper on inclusion through insurance addresses these disparities and also proposes corrective measures to make benefits at workplaces truly inclusive.

These underrepresented communities make up approximately 50% of India's population and yet, here are some statistics on how they are insured:

● 60% of Plum's customers have opted for new-age insurance coverage, demonstrating a growing demand for comprehensive healthcare.

● However, while progressive and comprehensive, less than 1% of these covers are inclusive. For example, there is much to be done to cover people with disabilities (example: Down’s Syndrome, Cerebral Palsy or Autism) or even add LGBTQAI+ specific treatments (like gender reassignment surgery and mental health support) to these comprehensive policies.

● Additionally, less than 25% of Plum's customers have comprehensive insurance that caters to women's unique healthcare and lifestyle needs, resulting in higher out-of-pocket expenses for an overlooked segment of the population.

Abhishek Poddar, Co-founder and CEO of Plum, said, “At Plum, we are on a mission to redefine corporate healthcare practices by advocating for comprehensive employee health benefits that truly embrace inclusivity. By acknowledging and addressing the disparities faced by diverse employees, particularly those belonging to underrepresented groups, we have the potential to instigate change in the way companies prioritize the well-being of their workforce. It is our unwavering commitment to ensure that every individual receives the holistic benefits they rightfully deserve, fostering a culture of care; where every employee thrives.”

Plum collaborated closely with top DEI experts and activists like Dr Saundarya Rajesh – Founder-President at Avtar The Power of Diversity, Harish Iyer, an equal right activist, Akshay CM – DEI & Talent Management Consultant, Priti Shetty – Chief People and Culture Officer at WeWork, etc. to develop this whitepaper, solidifying its commitment to driving meaningful change.

In the whitepaper, Harish Iyer, an equal rights activist, emphasises, “Inclusivity is an ongoing journey, not a destination. The absence of DEI initiatives within any organisation can have detrimental effects on both individuals and the company as a whole. Individuals may encounter obstacles, discrimination, and a stressful work environment, while companies may experience high attrition rates and a decline in productivity, ultimately hindering overall growth. Historically underrepresented groups bear the brunt of such toxic work cultures.”

Plum recognizes that the dialogue around DEI is an ongoing one (and not only restricted to benefits, but also including workplace practices, physical infrastructure, tech accessibility and a change in mindset too). This whitepaper marks the company's first significant step towards addressing inclusion through insurance, being fully aware that true progress and change require continuous effort and genuine intent. The company is committed to building upon this foundation both internally and externally, as it drives a transformative cultural shift in corporate healthcare practices. By fostering a supportive work culture that values the health and well-being of every employee, Plum is dedicated to ensuring inclusivity within its own workplace and beyond.

SBI General Insurance adopts Strategic Initiatives to Drive Insurance Awareness and Penetration in Meghalaya

SBI General Insurance, one of the leading General Insurance companies in India, has been identified by IRDAI as the lead insurer (Non-Life) for the state of Meghalaya, to improve insurance awareness & insurance penetration across the state. The initiative is intended to accelerate the implementation process of IRDAI’s mission “Insurance for All by 2047” in the state of Meghalaya through the State Insurance Plan and to ensure last-mile delivery of insurance services to the uninsured population of the state. The proposal by IRDAI is expected to have a significant impact on overall economic growth and financial stability. IRDAI has appointed HDFC Life & Niva Bhupa as Lead Insurers for Life and Health Insurance respectively along with SBIG for Meghalaya.

In order to increase insurance awareness & penetration, the SBI General Insurance Team led by Mr. Anand Pejawar, Dy. Managing Director and Mr. Mrigendra Lal Das, Senior VP & Mr. Piyush Kumar Singh VP and Mr. Alok Mohanty RH visited Shillong and organised a series of activities in Shillong on 23-24 May 2023.

The SBI General Insurance Team met the Chief Secretary Meghalaya, Shri Donald Phillips Wahlang, IAS, and briefed him on the State Insurance Plan for Meghalaya and the initiatives taken by the insurance companies. The Chief Secretary appreciated the Vision of IRDAI to have Insurance for All by 2047. He assured full support of the Government of Meghalaya and its machinery towards the good public cause.

The SBI General Team also met Dr Vijay Kumar IAS, ACS(Finance) and discussed the road map to implement State Insurance Plan. He has readily agreed to depute one senior official from the Finance team as the Nodal Officer who would represent the Meghalaya Government in this.

On 23 May, Mr. Pejawar also chaired a State Level Insurance Coordination Committee (SLICC) meeting in the presence of the non – life insurance companies operating in the state of Meghalaya. This has been crafted to align with the SLBC of the Banks for better coordination. A detailed strategy was chalked out for spreading Insurance Awareness & Penetration in the state of Meghalaya. Additionally, unanimously it was agreed to distribute the 11 districts of Meghalaya between the insurance companies (2-3 per district) to streamline the efforts. Regular SLICC meetings will be conducted every quarter to keep track of the progress and discuss if assistance is required from the State Government authorities.

To create awareness among staff members of State Bank of India and Meghalaya Rural Bank (MRB) an RRB sponsored by SBI, SBI General Insurance conducted a workshop in Shillong Club to explain the concept and roadmap for Meghalaya State Insurance Plan. The workshop was attended by more than 100 staff members including Mr Amit Kumar, DGM(B&O) Shillong and Ms Tshering Diki, Chairman, Meghalaya Rural Bank.

Furthermore, SBI General Insurance conducted a workshop cum insurance awareness programme for Village Level Entrepreneurs (VLEs) of E- Governance CEC. The workshop was attended by Mr Atul Mohan Head Insurance E-Governance CEC with Mr. Anand Pejawar DMD, Mr M. L. Das, SVP, among others. The agenda of the meeting was to outline a comprehensive plan for implementing grassroots activities in the state, with an aim of creating an enabling environment that promotes and nurtures the growth of the insurance sector and further boosts the economy in Meghalaya. This was an initiative to promote and spread insurance literacy as a necessary life skill.

Mr. Anand Pejawar, Whole-Time Director & DMD, SBI General Insurance said, “Our partnership with the Government holds immense potential to make a significant impact on nation-building and on the vision of “Insurance for all by 2047”. We believe that insurance is a powerful tool that empowers individuals and safeguards their future financially. Our commitment, as an insurance Company is to create awareness and ensure access to insurance for every citizen of Meghalaya. To achieve this, we have taken concrete steps in close collaboration with other non – life insurance companies operating in the state to drive insurance awareness in the state by leveraging our expertise and resources.”

He further added “We are confident that our collaboration by forming the SLICC on the state, we will create widespread awareness, enhance financial inclusivity, and contribute to the overall socio-economic development of the state. This will further strengthen our efforts towards governments goal of making Meghalaya a 10-billion-dollar economy. Together, we will build a prosperous future for Meghalaya, where insurance becomes an integral part of its growth and progress.”

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Photo Caption: (L to R) Mr. Piyush Singh Head – Rural, Agri & Micro Insurance (SBI General Insurance), Mr. Amit Kumar, DGM (B&O) State Bank of India, Mr. Donald Phillips Wahlang – IAS, Chief Secretary to the Govt. of Meghalaya and State Vigilance Commissioner, Mr. Anand Pejawar – Whole-Time Director (SBI General Insurance), Ms. Tshering Diki – Chairman, RRB Meghalaya, Mr. Mrigendra Lal Das – Head Bancassurance Strategy & Partnerships (SBI General Insurance).

Alert VFS Global security personnel nab group with forged documents to apply for Schengen visa

The forged documents were allegedly provided by two Delhi-based agents in exchange of INR 30,000 to INR 55,000

Two alert security personnel at the VFS Global visa application centre (VAC) in Delhi nabbed a group of seven applicants carrying a forged document to apply for Schengen visas. VFS Global is the world's largest outsourcing and technology services specialist for governments and diplomatic missions.

The incident took place at the Delhi VAC on 24 May 2023. The visa appointment letters produced by the applicants while entering the facility raised suspicion in the mind of the security personnel and on cross-checking with the applicants manifesto the documents were found to be forged. Subsequent investigations revealed that the forged letters were created by misusing the VFS Global logo and allegedly procured from two Delhi-based agents – Sharma Travels and Shiv Shanker in exchange of INR 30,000 to INR 55,000.

In line with VFS Global’s zero-tolerance policy against visa frauds, a police complaint was filed against at the IGI Airport Metro police station in Delhi.

“This incident reiterates the need to be wary of grey operators selling fake appointments and take informed decisions. VFS Global has been consistently leveraging all its customer touchpoints to caution visa applicants about this menace. Appointments are free and available online on a first come-first-serve basis. Given the unprecedented pent-up demand for outbound travel from India, it is advisable to apply for visas as early as possible to avoid falling prey to such grey operator,” said Prabuddha Sen, Chief Operating Officer – South Asia, VFS Global

He added that the company would continue to be vigilant against third-party fraudulent entities taking advantage of travellers and work closely with the police authorities in mitigating the menace.

Peak Season Travel Guide

#DoNotFallForFraud

Visa applicants are advised to beware of fraudulent entities who charge fees from customers for scheduling appointments or providing any other services using VFS Global’s name or independently. We do not charge any payment for scheduling appointments. For any assistance, feel free to reach out to one of our staff or send an email to communications@vfsglobal.com

#ApplyinAdvance

It is recommended to apply for visas as early as booking flights and stay. Most countries accept visa applications up to 90 days (3 months) before your date of travel. According to the revised Schengen Visa Code, effective 09^th February 2020, you can apply for a Schengen visa up to 6 months before your date of travel. Particularly this year with higher demand and limited appointment slots available, we urge applicants to apply for their visa as early as possible and permissible

Cosmo First results – Outperformed the Industry once again!

In Rs. Crores	Q4 FY23	Q3 FY23	FY23	FY22
Net Revenue	715	730	3,065	3,038
EBITDA	74	86	434	620
EBITDA %	10.4%	11.8%	14.2%	20.4%
PBT	35	49	304	517
PAT	32	46	244	397
EPS (In Rs.) (not annualized)	12	17	91	148

Cosmo First Limited today declared its financial results for the quarter ended March 2023.

During the quarter, commodity films margins in both BOPP and BOPET suffered a further decline severely impairing the profitability of the industry. Cosmo with over two third of its revenue coming from speciality films could withstand the margin pressure and outperformed the industry once again.

The company expects the position to improve in the coming months bringing an end to QoQ declining phase, happening since the last 3 quarters. The company will continue to build its speciality products portfolio and maintain its lead over the other industry players.

The company’s pet care vertical continues to grow rapidly and clocked monthly run rate revenue (GMV) of Rs. 2 crores from its 15 experience centres and increasing online presence through its website and mobile app. An acquisition opportunity in the online pet care space is in the final stage and is expected to be closed soon. This would further accelerate the growth of the pet care vertical.

The speciality chemical subsidiary is set to launch newer adhesives which together with healthy growth in the masterbatch vertical would enable the subsidiary to have further growth in FY 23-24.

The company’s balance sheet remains strong with substantial cash reserve and net debt to EBITDA of about one time.

The Board of Directors had recommended a dividend of Rs 5 per equity share for the financial year FY 22-23 subject to approval of shareholders in the annual general meeting. This coupled with the 1:2 bonus in June 2022 and share buyback with tax-free handsome gain over the market price in February 2023 affirms the company’s commitment to provide regular returns and share prosperity with the shareholders.

Commenting on company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd. said “The company has launched many new specialty films including shrink for packaging and non- packaging applications. Several other speciality films for non-packaging applications are in the pipeline and should hit the market in coming quarters. All these would further strengthen the company’s position in speciality films business.”

Shree Manan dham, Ghaziabad today organised a Blood Donation Camp and Eye Check-up Camp

· Mr. Ashok Sachdev, Chairman & CEO – The Sachdev Group was the guest of honour.

Shree Manan Dham, Meerut road, morta. With the kind blessings of Sadguru Deva Maaji, a Blood Donation camp and a Eye checkup camp was organised by Shakti Sewa Samiti Charitable Trust in association and support of Vardan Multi-speciality Hospital, Ghaziabad and Vardan Eye Hospital, Raj Nagar-Ghaziabad

Over past many years, Blood Donation Camp and Eye Check-up camp has been organised by Shree Manan dham, Ghaziabad regularly.

Keeping its promise, This time also Shakti Sewa Samiti Charitable Trust organised Blood Donation Camp and Eye Check-up Camp with the same enthusiasm.

The guest of honour was Mr. Ashok Sachdev, Chairman & CEO – The Sachdev Group. The newly elected Councillor of Ward-16 of Ghaziabad Mrs. Neelam was also present in the programme.

All the Donors who become part of this nobel cause got Appreciation certificate and there was an arrangement of refreshments and food also.

Those Who donated Blood will get a Donors card which they can use to get blood of any group in next one year.

On this occasion, Chairman of Shakti Sewa Samiti Charitable Trust, Dr. K K Khanna said ” In order to save the precious lives, one should regularly donate blood and become part of the nobel cause. Organising these kinds of Camps are very important for our society “

From Shakti Sewa Samiti Charitable Trust, Mr. D P Goyal, Mr Manish Kapoor and Mr. Gulshan Bajaj was present among others.

Introducing pTron Zenbuds Pro 1 Max: The Game-Changing Earbuds with Hybrid ANC, Quad Mic, and 80 Hours of Uninterrupted Playtime

l Experience a Serene Audio Performance with QuietSmart ANC + ENC TruTalkTM at an irresistible launch price of 1499/-

l Power packed with 80 hours of Playtime for Long Lasting Music and Conversations

pTron, a leading player in the Indian consumer electronics market that has established its leadership position in the TWS category, is proud to announce pTron Zenbuds Pro 1 Max in its latest line of audio products. Engineered with cutting-edge QuietSmart Active Noise Cancellation (ANC) and Environmental Noise Cancellation (ENC) TruTalkTM technologies, pTron Zenbuds Pro 1 Max offers an exceptional audio experience that transcends all boundaries.

pTron Zenbuds Pro 1 Max has been meticulously designed to meet the evolving needs of modern consumers, delivering an immersive and uninterrupted audio experience like never before. Whether you are on a crowded city street, working in a noisy office, or traveling on a bustling airplane, pTron Zenbuds Pro 1 Max is the perfect companion to immerse yourself in your favorite music or focus on important calls.

Powered with QuietSmart Active Noise Cancellation (ANC), the earbuds ensure up to 30dB noise reduction, eliminate external noise, and provide a serene audio environment wherein one can really enjoy music or conversations without distractions from the outside world. Environmental Noise Cancellation (ENC) TruTalkTM technology intelligently filters and reduces background noise during calls, ensuring crystal-clear voice quality for both the speaker and the listener.

Announcing the launch, Mr. Ameen Khwaja, Founder & CEO, pTron said, “Our aim is to enhance the way people experience audio, and the introduction of QuietSmart ANC and ENC TruTalk features in our Zenbuds Pro 1 Max represents a significant step forward towards premiumization. We understand the importance of seamless communication and immersive audio and we believe Zenbuds Pro 1 Max will set a new standard for wireless earbuds.”

Zenbuds come with the most advanced 13mm driver bass boosted drivers to deliver superior sound quality. As one of the industry’s first, the pTron Zenbuds boast an astounding 80 hours of uninterrupted playtime, ensuring you never run out of battery while enjoying music or seamless conversations.

The earbuds also feature the best-in-class 45ms Low latency for audio and video sync and support voice assistant integration, allowing users to easily access their favorite virtual assistants like Siri and Google Assistant. Additionally, these earbuds come with IPX5 water-resistant technology, making them perfect for outdoor activities or workouts. The portable and compact charging case that is equipped with Type C Fast charging allows interrupted access to music & calls.

pTron Zenbuds Pro 1 Max Technical Specifications:
Bluetooth Version	BT v5.3 with 10m range, 1-step pairing & auto-reconnect
Driver size	13mm Dynamic Bass Boost drivers TruTalk^TM
Audio Technology	Quietsmart ANC (Active Noise Cancellation Technology) +ENC (Environmental Noise Cancellation Technology)
Playtime	Up to 80 Hours with charging case
Charging Case	600mAh Type-C Charging Case
Product Weight	33g Charging case, 4.5g each earbud
Other Features	Touch Controls with Voice Assistant + IPX5 Water resistant Low Latency Audio & Video Sync with Stereo & Mono Bud Capability

Product Link:

· http://amazon.in/dp/B0BZT4SN8S

· http://amazon.in/dp/B0BZT3TYZJ

· http://amazon.in/dp/B0BZT58H51

“2nd Plant Based Foods Summit Reveals Promising Pathways towards a Sustainable Future”

From Start-ups to Investors, the entire food industry came together to support the 2^nd Plant-Based Foods Summit

The Ministry of Food Processing Industries (MoFPI), Ministry of Agriculture and Farmers Welfare, Agricultural and Processed Food Products Export Development Authority (APEDA) and Indian Chamber of Commerce (ICC) came together to present the biggest 2^nd Plant-Based Foods Summit organised by Plant Based Foods Industry Association (PBFIA) at Hotel Le Meridien, Windsor Place, New Delhi. The principal sponsor of the summit was U.S. Soybean Export Council. One of the highlights of the summit was the “Pitch Perfect” Investors Show, which gave companies the opportunity to pitch their brand to potential investors globally and secure funding. The show aimed to target investors and strategic partners from the plant-based foods sector.

The Guests of Honour at the summit were Smt. Maneka Gandhi (Member of Parliament) and Dr. Amar Patnaik (Member of Parliament). Smt. Gandhi brought a unique perspective for the growth path of this sunrise industry. She believes that the industry cannot succeed without every player turning a profit. And for that to happen, we must enable as many people as possible to develop a taste for plant-based foods. To do this, one of her suggestions was to work with restaurants and caterers, encouraging them to include at least 1-2 plant-based food options in their menu.

Mr Patnaik emphasised that the government’s support for plant-based industries is of paramount importance. By backing these industries, the government not only acknowledges the critical role they play in addressing pressing global challenges such as climate change and public health, but also encourages innovation and economic growth. Embracing and promoting plant-based industries signifies a commitment to sustainability, health, and a prosperous future for both the nation and the planet.

The summit was also graced by many other key dignitaries such as Smt Mercy Epao, Joint Secretary, Ministry of Micro, Small and Medium Enterprises; Dr. Sudhanshu, Secretary, Agricultural and Processed Food Products Export Development Authority (APEDA); Mr. Jim Sutter, CEO US Soybean Export Council (USSEC); Ms. Jasmijn De Boo, CEO, ProVeg International; Dr Rajeev Singh, Director General, Indian Chamber of Commerce; Mr Atul Mulay, President and Strategic Business Head, Praj Industries, Mr Mark Rosmann, Agricultural Attache’, Embassy of the United States of America, Mr Amit Vatsyayan, Partner & Leader, Ernst & Young India, Nilesh Lele President at Chamber for Advancement of Small and Medium Businesses and many more thought leaders.

Smt Mercy Epao, Jt. Secretary, Ministry of MSME said that since India is one of the leading countries producing protein rich plants, it has huge potential to play a leading role even in the global market. She also explained various initiatives offered by the Ministry such as finance facilitation, Self Reliant India (SRI) Fund, etc. MSMEs from the plant-based sector too can take advantage of all the initiatives listed on the Ministry website.

Dr. Sudhanshu, Secretary, APEDA congratulated PBFIA for the efforts it has put in over the last 2 years towards organising the nascent plant-based industry. He said the industry is “booming and lot of prospects are there.” According to him, APEDA will be providing full support to the manufacturers, processors, exporters in promoting these products globally. They will keep promoting plant-based food products in all of their international trade events as part of their entire kitty of 700 products.

Mr. Jim Sutter, CEO US Soybean Export Council praised the innovation and ideas for food products in India. According to him the participation of many entrepreneurs and government officials at the 2nd Plant-based Food Summit testifies to the importance being placed on plant-based foods and plant-based nutrition in India. He said that the millennials and Gen Z are an important block of consumers that our industry serves. Because they are looking for food that provides sustenance, protects the Earth and mitigates the effects of climate change. He was positive that the food processing industry can unlock many opportunities of comparative advantage for India since we have historical knowledge of producing plant-based foods.

According to Ms. Jasmijn De Boo, CEO, ProVeg International, CMI research is projecting that by 2030, Indian plant-based dairy will reach Rs. 106 billion by 2030 and plant-based eggs will reach Rs. 14 billion.

The summit also featured a report launch titled, “Future is Green: Opportunities in the Plant Based Foods Sector” written by Renub Research in collaboration with PBFIA, in the presence of Mr Anurag Saurabh, Project Consultant, Renub Research and “The Live Culinary Show” by professional chefs such as Chef Dr Gautam Chaudhry, Chef Sanjay Agarwal, Chef Anirudh Sethi, Chef Bharat Khemani, Chef Somnath Porel, Chef Tarun Kumar, Chef Dr. Prem Ram, and Chef Seitu Gupta who demonstrated innovative plant-based recipes, providing inspiration and new product ideas.

In addition to this, the summit showcased an exhibition of plant-based foods from various companies and start-ups and featured a conference with immersive sessions by industry experts as keynote speakers, policymakers, the HoReCa community, academia, etc, that provided insights into the latest trends, innovations, and the future of the plant-based foods industry. The exhibition helped exhibitors showcase their products and network with key players in the industry, including potential investors and partners. It also featured the most innovative businesses, products, ingredients, and machinery from India and around the world, with a focus on promoting and celebrating the rapidly growing plant-based foods industry. The participants included Continental Greenbird, Nutricircle, Brenntag, Sanitech Engineers, Blue Tribe Foods, Vezlay, Pall Corporation, Shaka Harry, Evolved Foods and many more. Brenntag, Norex, Blue Tribe, Novozymes, Praj, Shaka Harry, Evolved Foods, Celcius Logistics, Plantaway, Vezlay, Pall Corporation, Soupherb, Marine Hydrocolloids, Relsus, Hello Tempayy (Vegolution), Get Sain, 1ness, White Cub, So Good, India ExpoMart, Seaspire, Veganta, Odd burgers, Symrise and more.

“India’s plant-based foods industry is experiencing rapid growth and transformation. Consumers are becoming more health-conscious, and environmental concerns drive the shift toward plant-based diets. Growth has positive implications for the economy, environment, and public health. The industry has the potential to create new jobs and increase revenue streams for small and medium-sized enterprises, one such project being India’s First Plant Protein Cluster at Bhiwadi. Additionally, plant-based diets have been shown to impact the environment positively” said Sanjay Sethi, Executive Director, Plant Based Foods Industry Association (PBFIA). Commenting on the success of the event, he further added, “The plant-based foods industry has reached a pivotal moment, standing at a crossroads of tremendous opportunity and responsibility. Events like these only encourage us to do better. We must navigate this path with integrity, innovation, and a steadfast commitment to creating a better food system for both the planet and the people.”

Additionally, PBFIA Awards Ceremony recognized the outstanding contributions and achievements of individuals and companies to the industry. This ceremony provided an opportunity for participants to gain recognition for their hard work and celebrate their success.

The event provided a platform for stakeholders to explore the potential of the Plant-based foods industry in India, discuss ways to promote its growth and development along with creating new companies and entrepreneurs in the rising Plant-based foods sector.

It continues to live up to its promise of being a game-changer for the industry and an excellent forum for exhibitors and attendees to network and form new business relationships.

For more information, visit: www.pfbia.org

Plant-Based Foods Industry Association (PBFIA)

The Plant Based Foods Industry Association (PBFIA) is an ever-growing CEO-led body established by industry leaders to expedite the advancement of the plant-based sector in India to create a healthy and sustainable future for consumers, farmers, food industry personnel, investors and civil society. PBFIA is a founding member of The International Plant-Based Foods Working Group (IPBFWG).

Currently, PBFIA has more than 100 plant-based food companies as its members, and we work on four workstreams: Policy Advocacy, Innovation, Investment and Supply Chain.

Plant-Based Foods are those that replace animal-based foods/ingredients such as plant-based meat, dairy, eggs and seafood. Experts mention that animal agriculture causes around 14% of greenhouse gas emissions and it is the primary driver of accelerating methane, as well as deforestation and loss of carbon sinks. Methane emissions from India also rank in the top five globally. Shifting to plant-based foods is the way forward to adhering to the Paris Agreement and commitment to a “Net Zero Target” by 2070. Scientific consensus and evidence show that livestock husbandry causes at least 14.5% of the world’s greenhouse gas emissions (GHG) and greatly contributes to environmental degradation, including biodiversity loss and deforestation.

Plant-based alternatives are gaining immense popularity over the years, owing to the rising concerns over animal welfare, lactose intolerance, zoonotic diseases, chronic lifestyle diseases, and sustainability. To meet the demand from the growing segment, plant-based dairy alternatives like milk, cheese, butter, etc. are widely available in retail, e-commerce, hotels, cafes and restaurants.

Industry Challenges PBFIA Aiming to Solve

To fast pace the growth, the industry needs to overcome several hurdles, some of which are mentioned below:

Plant-based food products are subjected to a higher GST rate (on an average of 15%) in comparison to animal-based counterparts (subjected to an average of 6%)
Lack of processing facilities for the value-addition of locally available raw materials makes startups dependent on imports, which are in short supply and exorbitantly priced, making the final products expensive. This creates a need for a Common Services Centre. The Plant-Based Common Services Centers seek to establish India as the world’s “Ingredient Hub”. The cutting-edge infrastructure would primarily help the sector to solve the ingredients shortage and increase farmers’ income.
Regulations and labelling restrictions on the usage of certain dairy-related nomenclature words
Lack of established cold chain logistics makes it difficult for businesses to expand as the majority of the plant-based foods companies require temperature-controlled transportation for their products
Lack of a specific start-up ecosystem that helps them during their earlier stages, especially in the plant-based foods sector which is an upcoming industry.