ICMR Warns Misleading Adds, Zeta's UPI Entry, EVs & Thialand, TikTok & AI, Etc.

May 13, 2024

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ICMR Warns of Misleading Food Labels: Consumers Advised to Exercise Caution:

PC: Facebook

Challenges Identified:

ICMR highlights misleading information on packaged food labels, urging consumers to scrutinise details for informed choices.
Dietary guidelines emphasise potential inaccuracies and incomplete claims made by manufacturers.

Health Claims Misleading:

Packaged foods often feature health claims aimed at attracting consumers, which may not always reflect their nutritional content accurately.
Terms like 'natural' or 'real fruit' may be deceptive, concealing additives or minimal fruit content.

Concerns Raised:

Products labelled as 'natural' may only contain one or two natural ingredients, leading to misconceptions.
'Real fruit' claims may include added sugars and additives, with only 10% actual fruit pulp.

Interpretation of Terms:

Terms like 'organic' or 'sugar-free' can be misunderstood, creating false impressions about their health benefits.
'Sugar-free' foods may contain fats, refined cereals, and hidden sugars, contradicting expectations of lower calories.

Need for Consumer Awareness:

While FSSAI regulates nutrition and health claims, consumers are advised to verify claims by examining ingredients and nutritional details on labels.
Guidelines stress the importance of understanding 'nutrition facts' and 'nutrition claims' as distinct entities.

Key Recommendations:

Consumers should pay attention to the 'date of manufacture' and 'use-by date' to ensure food safety.
Serving size information on labels is crucial for understanding nutritional values accurately.
Checking the net weight of packets helps assess the actual quantity of product contained.

Scientific Review:

The Dietary Guidelines for Indians (DGIs) have undergone rigorous scientific reviews led by a multi-disciplinary committee of experts.
Dr. Hemalatha R, Director of ICMR-NIN, has spearheaded the drafting process.

Zeta Unveils UPI Credit Line Software Stack:

Launch Announcement:

Zeta, backed by Softbank, introduces a software stack for managing credit lines on the Unified Payments Interface (UPI) platform.
Anticipates the UPI credit market to reach a trillion dollars by 2030, aiming to capture 50% of the market share.

Product Overview:

The solution facilitates origination, distribution, and digital collection of credit, serving bank customers.
Pre-architected to handle population-scale banking infrastructure and process millions of credit accounts.

Market Dynamics:

UPI witnessed over 13 billion transactions in April, exerting pressure on banks' core banking solutions (CBS).
Introduction of credit lines on UPI expected to drive further transaction volumes.

Zeta's Offerings:

Provides cloud-based banking software solutions, including core banking solutions, debit/credit processing, and digital solutions for financial institutions.
Operates HDFC's Payzapp and collaborates with banks like RBL, IDFC First, and Kotak Mahindra.

UPI's Significance:

UPI's popularity in trade and business, facilitated by QR code payments, surpasses traditional card terminals.
Real-time nature of UPI poses challenges for managing credit lines at scale.

Opportunity for Banks:

Banks exploring pre-sanctioned credit offers linked to savings or current accounts to cater to evolving customer needs.
UPI credit line presents a transformative opportunity for enhancing credit inclusion in India.

Financial Performance:

Zeta reported a net profit of Rs 22 crore and revenue of Rs 816 crore in FY23.
Founded in 2015 by Ramki Gaddipati and Bhavin Turakhia
, the company has raised $340 million from investors like Softbank and Mastercard.

Anand Mahindra reveals India's inaugural electric flying taxi prototype, lauding the innovation from IIT Madras.
FMCG firms anticipate volume growth in FY25 along with revenue improvement.
SBI plans to hire 85% engineering graduates in FY25.
ISRO Chief highlights significant opportunities for private players in the Indian space industry.
Next round of discussions for the India-Asean trade pact review scheduled for July.
Gold loan market flourishing in Indian states; Unimoni aims for a Rs 1,000 crore loan book by FY25.
IOC, BPCL, HPCL collectively reported a record profit of Rs 81,000 crore in FY24.
100,000 individuals to be trained for the rooftop solar scheme to install solar panels in homes.
iVoomi JeetX ZE electric scooter launched, priced at Rs 80,000, offering a range of 170 km.
E-tailing sector in India forecasted to grow at 18% by 2028-29, according to a report.
SAIL-Bhilai to establish Chhattisgarh's first 15-MW floating solar plant.
Zomato and Swiggy Instamart witnessed record orders on Mother's Day, surpassing New Year's Eve numbers.

India-UAE Comprehensive Economic Partnership Agreement (CEPA) commemorates two years marked by strong growth in bilateral trade.
Dubai announces plans to relocate its bustling international airport to a new $35 billion facility within the next decade.
Over 200,000 Ford vehicles come under scrutiny by US regulators amid concerns of fuel leakage.
ADB Chief Economist emphasises the need for India to prioritise factor market reforms to propel growth to double digits.
In the era of electric vehicles (EVs), Thailand, known as the ‘Detroit of Asia,’ could serve as a significant hedge against China for automakers.
The United States emerges as Germany’s largest trading partner, surpassing China in trade volume.

South Korea readies a support package exceeding $7 billion for the chip industry, aiming to bolster its competitiveness.
Arm Holdings, owned by SoftBank Group, reportedly intends to introduce AI chips by 2025, according to a report.
Hanooman, a Gen AI platform, launches with support for 98 languages, asserting itself as the largest multilingual platform available.
TikTok announces plans to automatically label videos and images created using artificial intelligence within its app.

Founder: Kenichi Ayukawa
Year Of Foundation: 1982
Headquarter: Kolkata, West Bengal, India
Industry:
Maruti Suzuki is a car manufacturing company.
Why Is It in the News?
Maruti Suzuki is gearing up to introduce an affordable hybrid vehicle lineup. The 2024 Maruti Suzuki Swift has been launched in India at a starting price of ₹6.49 lakh.