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Business Economy

Govt should bail out Fragrances Industry by announcing fiscal stimulus package : FAFAI

Hyderabad, May 12 (UNI) Fragrances and Flavours Association of India (FAFAI) on Tuesday said the government should bail out the Fragrances Industry by announcing an appropriate fiscal stimulus package, which will stimulate demand rather than only a 3 month moratorium which favours the banks than the enterprises.

Considered as an ancillary industry to FMCG and Food Processing and Pharma industries, the Indian fragrances and flavours industry is well distributed across the country. There are over 1,000 small, medium and large size enterprises operating in this industry - which is in the form of organized and un-organized sector, FAFAI, a National body which represents the Indian fragrances and flavours industry including the traders and dealers involved in this business, said in a release here.

The industry is considered as one of the fastest growing industries globally and a significant competitor to China in terms of exports. However, due to the temporary lockdown in the country, the Indian industry is fearing to lose its ground to China as the latter is currently operating in full swing while we are still in the lockdown, FAFAI President Rishabh Kothari said.

The Indian Fragrances and Flavours industry is currently suffering heavily due to the extended lockdown in the country and the industry has been hit to an extent of 80 per cent besides exports and imports too, he said.

The supply chains are completely disrupted, and the production has been badly hit due to the Coronavirus pandemic spread across India, Mr Kothari said “it will take another 4-6 weeks to resume our operations completely even after the lockdown is lifted.
Supply of manpower will again become a major problem as most of them have gone to their native places, he added.

The government should bail out the industry by announcing an appropriate fiscal stimulus package which will stimulate demand rather than only a 3 month moratorium which favours the banks than the enterprises, otherwise, the industry will acutely suffer apart from losing its competitive advantage in the global markets”, the FAFAI President said.
More News

Panasonic Life Solutions to set up its new manufacturing facility in AP with Rs 600 cr investments

25 Jan 2021 | 8:40 PM

Hyderabad, Jan 25 (UNI) Panasonic Life Solutions India (PLSI), a wholly-owned subsidiary of Panasonic Corporation, on Monday announced the groundbreaking ceremony of its new manufacturing facility in Sri City (Chittoor district), Andhra Pradesh and will commence its operations of manufacturing the electrical appliances by April, 2022.

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MRPL’s Vermicomposting unit inaugurated by Sunil Kumar, Joint Secretary Refineries-MOPNG)

25 Jan 2021 | 7:33 PM

Mangaluru, Jan 25 (UNI) Sunil Kumar, Joint Secretary (Refineries), MOPNG on Monday inaugurated the first unit of the MRPL’s 90 ton per year capacity Vermicomposting project at Mangalore.

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Tata Motors launches Altroz i-Turbo with iRA

Tata Motors launches Altroz i-Turbo with iRA

25 Jan 2021 | 7:26 PM

Kolkata, Jan 25 (UNI) Tata Motors, India’s leading automotive brand, today announced
the launch of the i-Turbo variant along with iRA-connected car technology for its premium
hatchback, Altroz. iRA comes with 27 connected car features along with natural voice
tech, through which the car understands commands not only in English or Hindi, but
also in Hinglish.

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Provide level playing field to Agri-NBFCs in Budget 2021-22: NAFA

25 Jan 2021 | 7:01 PM

Kolkata, Jan 25 (UNI) Agriculture and allied activities employ more than 50 percent of
the workforce and yet remain largely unorganized and fragmented.

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SOSV leads pre-Series A funding round in live video commerce platform KIKO TV

25 Jan 2021 | 6:34 PM

MUMBAI, India, Jan 25, 2021 /PRNewswire/ - KIKO TV, a company that has built a solution for live streaming video commerce for the Indian market, has raised an undisclosed amount in its pre-Series A funding round led by the US venture capital fund SOSV and will be shortly graduating from their Mobile Only Accelerator (MOX) program.

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