SC Will Go After Misleading Ads By Any FMCG Firm, RBI Warns Of Inflation Due To Extreme Weather

Supreme Court Says It Will Look At Other Companies’ Misleading Ads Too

The Supreme Court asked the Central government what action it had taken against fast-moving consumer goods companies for misrepresenting advertisements on foods for babies, children and elderly, the Indian Express reported.

The court of Justice Hima Kohli and Justice Ahsanuddin Amanullah was hearing the contempt case against Patanjali when it said it will be looking at misleading ads put out by other FMCG companies as well, stating that the matter was not just about one firm. The court also told Patanjali’s counsel that it wanted to see the actual size of the apology published in the newspapers, as compared to the size of the misleading advertisements. Here’s more 

In Rush For Low-Cost Models, Tesla’s India Plans Land On Backburner

Casting a cloud over its plans in India in the near term, Tesla has announced that it will use its existing factories to build new and more affordable vehicles as early as late this year, the Economic Times reported. A Reuters report said that Tesla plans to raise production by 50 per cent from 2023 to its current capacity of close to 3 million vehicles before investing in new manufacturing lines.

Investors cheered the decision not to take the risks of building new models in new factories, with Tesla shares jumping 12 per cent despite the company's quarterly results missing financial targets. Read more

Centre Wants To Know How Much Spectrum It Can Allot Without Auction

The Government has moved the Supreme Court for clarity on whether it can allot airwaves administratively or without auction, the Economic Times reported. The Centre also told the court that it was not seeking to change the 2012 Supreme Court verdict which set auction as the preferred mode of spectrum allocation. 

The new telecom law allows administrative allocation for very limited and narrowly defined cases including spectrum for walkie-talkie for police, radar for weather forecasting, radar and communication for ships, communication for space and satellite applications, communication and radar for Army, Air Force and Navy, and state-run firms like BSNL. Read more

Extreme Weather, Global Crude Prices Pose Inflation Risk: RBI Report 

The Reserve Bank of India’s (RBI) State of the Economy report has said extreme weather events along with a spike in international crude oil prices pose an inflation risk, the Business Standard reported. The report, authored by RBI staffers including Deputy Governor Michael Patra, says the country must grow by 8-10 per cent for the next three decades to reap the advantage of demographic dividends, which will last until 2055.

The report said careful monitoring during the summer is warranted as overlapping food price shocks play out, before an above-normal southwest monsoon this year enabling an easing of food price pressures. More here

Hundreds Of Semiconductor Engineers Yearn For India Return: Vaishnaw

Based on feedback from semiconductor companies operating in India, the government said it expects hundreds to thousand-odd Indian engineers to return from Southeast Asia and the United States to participate in the country’s high-tech manufacturing revolution, the Business Standard reported.

Communications, IT, and Railway Minister Ashwini Vaishnaw said nearly 20-25 per cent of the senior talent in the semiconductor manufacturing industry globally is Indian. He said the government expected many of them to come back to India. The engineers wishing to return from the US are younger compared to the ones from Taiwan, Singapore and Malaysia, said a government official. Here’s more

MGNREGA Data Shows Up Tamil Nadu, Bihar Paradox

The utilisation of the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) by two disparate states has left policymakers puzzled, the Economic Times reported. Tamil Nadu, one of India’s most industrialised states, takes a much larger share of MGNREGS funds than Bihar, its poorest and more populous state.

Over the past five years, Tamil Nadu accounted for 10-15.3 per cent of the country's annual work demand submitted by individuals, while Bihar made up just 4-5.7 per cent, according to the rural development ministry data. Officials credit Tamil Nadu’s more effective administration and the higher participation of women in MGNREGS work. More here