ITC bets big on frozen food segment, eyes 20 per cent market share in 3 years

ITC, a diversified conglomerate is targeting up to 20 per cent of the Rs 7,400 crore (US$ 1.06 billion) frozen food market in India in next three years with the company increasing its offering in the category, as per a senior company official.

Recently, the firm has ventured into the frozen food segment under ITC Master Chef brand aiming both retail and food services players. The company also plan to expand its reach to over 30 cities in the retail segment and 100 cities in food services segment during the period.

"Currently, the frozen foods market in India is about Rs 7,400 crore (US$ 1.06 billion) and it is growing at about 17 per cent annually...Our intention is to explode the category. We are doubling our volumes. Our growth rate is about 6-7 times the industry growth," said ITC Chief Executive - Frozen Snacks, Fruits and Vegetables Mr Sachid Madan.

He added that the expansion of the product range will aid in company's progress in the category along with the reason that it is offering freshly frozen food with no added preservatives and can be cooked in multiple ways.

"We are in both (vegetarian and non-vegetarian) segments and we are beyond even chicken. In the categories in the market that we are present, we are aiming at 15-20 per cent share over the next three-odd years as we establish our distribution," Mr Madan said.

ITC will become the third major organised player in the frozen food segment after McCain, which mainly offers in the vegetarian segment and Venky's, which offers in non-vegetarian, he further added. Presently, ITC's market share ranges from 5-15 per cent in the segment depending on outlets and range.

"The market is very small compared to its potential. The idea is if it is growing at 17 per cent how can we accelerate it? When we are growing at 100 per cent, it will definitely grow," he said.

Around 50 different frozen food products were introduced under ITC Master Chef brand by the company consisting of a variety of Indian flavours such as 'Mumbai Vada Pops', 'Rajmah ki Galauti', 'Chicken Galauti', 'Falafel Kebab', 'Achari Beetroot Kebab', among others.

Mr Madan said, "These items are now available in 60 cities under the food service portfolio and 11 cities in retail outlets. In the next three years 60 will go to 100 and beyond and 11 will go to about 30." The focus is on expanding penetration of the category and dispel the myth about frozen foods not being healthy in consumers' mind, he said.

The company is first planning to expand in metros and urban areas for these products and will also made widely available to consumers and food services segment, including restaurants, cafes and pubs across India, including tier II and III cities, he added.

In order to produce these products, ITC has partnered with American firm OSI and is utilising the latter's manufacturing facilities in India. "We are manufacturing in Punjab, Andhra Pradesh and Maharashtra. We are kind of covering most of the places where the markets are," Mr Madan said.

PSLV successfully launches RISAT-2BR1 and nine commercial satellites in its fiftieth flight #PSLV #Sukumarbalakrishnan

India's Polar Satellite Launch Vehicle, in its fiftieth flight (PSLV-C48), successfully launched RISAT-2BR1 along with nine commercial satellites from Satish Dhawan Space Centre (SDSC) SHAR, Sriharikota, today.

PSLV-C48 lifted-off at 1525 Hrs (IST) from the First Launch Pad. After 16 minutes and 23 seconds, RISAT-2BR1 was successfully injected into an orbit of
576 km. Subsequently, nine commercial satellites were injected into their intended orbits. After separation, the two solar arrays of RISAT-2BR1 were deployed automatically and the ISRO Telemetry Tracking and Command Network at Bengaluru assumed control of the satellite. In the coming days, the satellite will be brought to its final operational configuration.

"Today we achieved an important milestone in the history of PSLV by successfully launching its 50th mission" Chairman, ISRO, Dr. K. Sivan declared. A book titled 'PSLV@ 50' was released by Dr. Sivan on this occasion. He further added that this versatile launcher has lifted off 52.7 tonne into space, of which 17% belongs to customer satellites.

RISAT-2BR1 is a radar imaging earth observation satellite weighing about 628 kg. The satellite will provide services in the field of Agriculture, Forestry and Disaster Management. The mission life of RISAT-2BR1 is 5 years.

Dr. Sivan appreciated the efforts of the launch vehicle and satellite teams for realizing this mission in a short span of time.

The nine customer satellites of Israel, Italy, Japan and USA were precisely injected into their designated orbits. These satellites were launched under a commercial arrangement with New Space India Limited (NSIL).

PSLV-C48 is the 2nd flight of PSLV in 'QL' configuration (with 4 solid strap-on motors). Besides being the 50th launch of PSLV, today's launch was also the 75thlaunch vehicle mission from SDSC SHAR, Sriharikota.

Per Capita Steel Consumption in the Country

Government has brought National Steel Policy (NSP), 2017 which envisages steel per capita steel consumption to increase up to 160 kg. by 2030-31. In this direction, efforts have been made to promote steel usage by inserting new GFR rules 136(i)(iii) to consider life cycle cost analysis in Government projects for steel intensive structures, holding workshops, collaborative branding campaigns namely 'Ispati-Irada', push for Capital Goods manufacturing in the country and Steel Clusters near the steel plants. Also, Government's 'Make-in-India' initiative for manufacturing sector and schemes for building & construction sector such as Rural and Urban Housing Schemes, and infrastructure development sector provided impetus to the demand and consumption of steel in the country. The per capita consumption of steel has increased from 57.6 kg to 74.1 kg during the last five years. Further, Government's plan of an investment of Rs 100 lakh crore (US$ 1.43 trillion) for infrastructure development in the next five years will boost the demand and per capita steel consumption in the country.

Domestically Manufactured Iron & Steel Products Procurement (DMI&SP) Policy of the Government mandates to provide preference to domestically manufactured steel products both from public and private sector in Government procurement. There is no proposal to announce incentive policies for PSUs to procure domestic steel.

Walmart Inc launches supplier development programme in India #WalmartInc #Sukumarbalakrishnan

Walmart Inc, US-based retail major launched a supplier development programme in India with the goal to train 50,000 small and medium entrepreneurs empowering them to scale up and take part in global supply chains.

The initiative is known as Walmart Vriddhi Supplier Development Program, that will set up around 25 institutes strategically near manufacturing clusters across the country with an aim to train these 50,000 micro, small and medium-sized enterprises (MSME) in the next five years, the company added. The first such institute is likely to be open in March 2020.

India is already among the top five sourcing markets for the retail giant globally, and the new initiative is part of its long-term commitments to the country.

Ms Judith McKenna, President and Chief Executive Officer of Walmart International, said, “Today, our Cash & Carry stores source 95 per cent of what they sell from India...India is a top-five sourcing market for Walmart today, with a global sourcing hub in Bangalore that already sources Indian products for 14 markets around the world. “

“The Walmart Vriddhi Program will connect the network of supplier development communities we have already today in Flipkart and Best Price, using their learnings to help develop powerful curriculum and expand and accelerate the work even further and faster. With training and support, we can provide new and unique opportunities for MSME growth, both domestically and abroad,” she added.

The Walmart Vriddhi institutes would directly provide training to MSME and allow them to become part of the domestic and international supply chains of Walmart and Flipkart as well as other players.

“Uniquely, this is an open platform designed not for Walmart but for the best interests of those the program will serve.,” Ms McKenna pointed out, adding that this will be a pan-India initiative. Although, the company did not provide any specifics on investments being made on setting up these institutes.

Walmart, in 2018, acquired 77 per cent stake in Flipkart, the country’s leading online e-commerce platform, which also operates Myntra, Jabong and PhonePe.

EEPC celebrates 50th year of Engineering Exports Awards #EEPC #Sukumarbalakrishnan

Minister of State for Commerce and Industry and Minister of State Independent Charge of Civil Aviation and Housing and Urban Affairs, Hardeep Singh Puri, gave away the Engineering Export Promotion Awards (EEPC) for the year 2017-18 at a function in New Delhi today. Speaking on this occasion he congratulated the EEPC for reaching a record high exports of US$ 76 billion in 2017-18 and US$ 87 billion in 2018-19. He hoped that by next year India’s engineering exports will reach the target of US$ 1 trillion.

This year EEPC celebrates and completes 50 years of rewarding exporters and 111 winners were given national awards for 2017-18 across 8 categories in over 32 product panels. This year, for the first time, Quality Control of India (QCI) has been invited to evaluate EEPC member companies and EEPC India-QCI Quality awards were given away to 7 winners.

Hardeep Singh Puri congratulated EEPC for completing 50 years of rewarding exporters and also complemented 111 winners who received national awards today. He urged the engineering sector, that employs 40 lakh workers, to get abreast with global engineering standards and adopt new technology to upgrade their core efficiency and improve their competency and achieve cost competitiveness. He exhorted the engineering industries to establish smart factories for optimum use of land, labour and capital.

The MoS further said that since fifty-five percent of EEPC members are MSMEs, they must also strategize to upgrade their technology and production profile in order to enter the global value chain.

Hardeep Singh Puri informed the gathering about all the measures taken by the Government of India and the Department of Commerce and the Directorate General of Foreign Trade (DGFT) to simplify, bring in greater transparency in the export procedures and enhanced credit and insurance to exporters. The DGFT has put in place a fully electronic refund module and an online filing and issuance of preferential certificate of origin. A web portal of industrial schemes of different Ministries of the Government of India is also available to the engineering industries and the NIRVIK scheme has been announced to ensure enhanced loan availability for exporters.

Minister of State Hardeep Singh Puri urged exporters to tap emerging markets like Africa, the CIS countries, countries of Latin America and the GCC and Mexico and thereby ensure that by 2025 India’s engineering exports will reach a target of USD 200 billion.

Chairman EEPC, Ravi Sehgal also addressed the gathering. On this occasion Additional Secretary, Department of Commerce, Bhupinder Singh Bhalla, representatives of industry and the award winners were present.

Ministry of Tourism has identified 17 sites in 12 clusters in the country for development as Iconic Tourist Sites: Shri Prahlad Singh Patel #Tourism #Sukumarbalakrishnan

The Government has identified some world class iconic tourist stations in India to attract foreign and domestic tourists.

Pursuant to the Budget Announcements of 2018-19, Ministry of Tourism has identified 17 sites in 12 clusters in the country for development as Iconic Tourist Sites namely Taj Mahal & Fatehpur Sikri (Uttar Pradesh), Ajanta & Ellora (Maharashtra), Humayun’s Tomb, Red Fort & Qutub Minar (Delhi), Colva (Goa), Amer Fort (Rajasthan), Somnath & Dholavira (Gujarat), Khajuraho (Madhya Pradesh), Hampi (Karnataka), Mahabalipuram (Tamil Nadu), Kaziranga (Assam), Kumarakom (Kerala) and Mahabodhi Temple (Bihar).

The Ministry shall be developing the above sites in a holistic manner with focus on issues concerning connectivity to the destination, better facilities/experience for the tourists at the site, skill development, and involvement of local community, promotion & branding and by bringing private investment. The development of Iconic Tourist sites scheme is awaiting approval of the Ministry of Finance.

This information was given by the Minister of State (I/c) of Culture and Tourism, Shri Prahlad Singh Patel in a written reply in the Lok Sabha today.

Gujarat Statue of Unity attracted 2.9 million tourists, earned Rs 82 crore in one year

The Statue of Unity in Kevadiya in Gujarat's Narmada district attracted over 29 lakh tourists generating a revenue of Rs 82.51 crore (US$ 11.81 million), since its inaugural on October 31 last year, the state government told the Assembly on Tuesday.

The Gujarat government will propose Statue of Unity Area Development and Tourism Governance Bill, 2019 in the Assembly as there is requirement to develop the area nearby due to the ever-increasing number of tourists from all over the country and abroad.

"As many as 29.38 lakh tourists visited the imposing structure near the Sardar Sarovar Dam between November 1, 2018 till November 16 this year, and had earned revenue of Rs 82.51 crore (US$ 11.81 million) during this period," said Deputy Chief Minister Mr Nitin Patel in his written reply during Question Hour to a query raised by Congress MLA Chandrika Bariya.

Gujarat Forest Minister Mr Ganpat Vasava told the Assembly that the amount spent in procurement of animals and birds for a jungle safari near the Sardar Patel memorial is around Rs 2.64 crore (US$ 0.38 million).

Though, The Statue of Unity Area Development and Tourism Governance Bill, 2019 faced opposition from the Independent MLA Jignesh Mevani, stating that this will badly affect tribals in the region.

"On the pretext of Statue of Unity of Sardar Patel, which was constructed in Kevadiya against wishes of tribals living in the area, the government plans to snatch land and displace tribals from 70 more villages there against provisions of Schedule 5 of the Constitution," Mr Mevani said.

"I call upon 40 MLAs from tribal and Dalit communities in the state Assembly to come together and oppose the Bill," he added.

The Bill will support the development of the area and aid in management of tourism in and around the Statue of Unity at Kevadiya by offering essential infrastructure through effective planning and administration".

The idea behind the formation of "Statue of Unity Area Development and Tourism Governance Authority" is that there is increase in number of tourists from all over the country and abroad, thus, the state government has felt an imminent need for developing the area," the government said.

The authority will implement provisions of the Gujarat Town Planning and Urban Development Act, 1976, and control and regulate development, with district police authorised to assist it, the govern said.

The bill permits the authority to take disciplinary action, including jail term and fine, against persons found to be engaged in unauthorised development, touting or malpractice against any tourism, involved in begging or unauthorised hawking, creating nuisance and damage leading to adverse effect on tourism.

The SOU tourism authority, headed by a chairman appointed by state government, will have officers of Sardar Sarovar Narmada Nigam Limited (SSNNL), state urban development department, tourism development department, collector of Narmada, chief town planner and principal chief conservator of forest, among others, in the twenty-member body.

The land acquired for the developer of the region will be deemed as land needed for public purpose and will come under the Land Acquisition Act, 2013, it said.

So far, the Forest department, has brought five alpacas, four llamas, four wallabies from different countries to the safari site near the Statue of Unity, said Mr Ganpat Vasava in his written reply to a question by Congress MLA J V Kakadiya.

Animals and birds brought from other states consist of marmosets, green iguanas, lemurs, capuchin monkeys, squirrel monkeys, ostriches, scarlet macaws, green winged macaws, golden pheasants and lady amherst pheasants among others.

Projects worth Rs 13,308 crore awarded for upgradation of Ports in last three years: Shri Mansukh Mandaviya

In a written reply to the question in Rajya Sabha regarding the expenditure incurred on upgradation of Ports & Harbours and Port facilities, the Minister of State for Shipping(I/C) and Chemicals & Fertilizers, Shri Mansukh Mandaviya stated that during the last 3 years, a number of projects involving total project cost of Rs 13,308.41 crore (US$ 1.90 billion) have been awarded on the upgradation of the major ports.
Shri Mandaviya further informed the House that the mentioned funds were allotted to these projects pertaining to construction of new berths/harbours and terminals, mechanization of existing berths/ harbours and terminals, capital dredging for deepening of drafts for attracting large vessels, developing of road and rail connectivity etc.

Government has introduced 33 tranches of Sovereign Gold Bonds #SGB #Sukumarbalakrishnan

The Government Sovereign Gold Bonds (SGB) Scheme was introduced in November 2015. SGBs are provided as a substitute for physical gold to investors.

This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

MOU signed Between NSIC & ARAMCO Asia for development in Oil & Gas Sectors #NSIC #ARAMCO #GasSectors #Sukumarbalakrishnan

An MoU has been signed recently between NSIC and Aramco Asia for the development of MSME Ecosystem in India in Oil & Gas Sector. This MoU will pave a way for accredited Indian MSMEs to carve out a space as vendors in the Global space. From NSIC side Shri P. Udayakumar, Director (P&M) and from Aramco side Mr. Mohammed Al Mughirah, President, Aramco Asia inked the MoU. The dignitaries H.E. Dr. Said Bin Mohammed Al Sati, Ambassador of Saudi Arabia, Mr. Abdullah Melfi, Strategic Sourcing Head, Aramco, and more than 200 units from India witnessed the event. NSIC is the flagship Mini Ratna PSU under Ministry of MSME in the business of facilitating MSMEs in India and Aramco is world's largest Oil & Gas Company from Govt. of Saudi Arabia having reported revenue of US$ 355 Billion Dollar (2018) and estimated market value of 1.5 Trillion Dollars.