A senior government official stated that price controls for pharmaceutical formulations and medical devices should be established based on different criteria, as these are distinct product categories. 

Despite a government committee preparing to review the Drug (Prices Control) Order (DPCO), 2013, the official, Arunish Chawla, reassured medical device manufacturers that this review would not necessarily result in broader price controls that could harm the industry.

 Chawla mentioned that the committee would engage with medical device associations as “special invitees” to understand their perspectives before making any recommendations. 

He emphasized the need to differentiate between drugs and medical devices within the regulatory framework, citing differences in development cycles and approval processes. 

Chawla highlighted the necessity for a new legal framework to cater to the evolving pharmaceutical and medtech industry while ensuring drug availability and affordability. Lastly, Chawla dismissed speculations about imposing price ceilings on more medical devices.

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Zia Mody, Co-founder and Managing Partner of law firm AZB & Partners, stated that India’s entrepreneurship journey has gained worldwide acclaim, leading to increased interest from foreign investors in domestic companies.

 The number of unicorns in 2022 was 44, while in 2023 there were only one or two, but Mody believes that the global recognition of Indian entrepreneurship will attract more foreign investment. This support is driven by successful entrepreneurs and the potential of young individuals to create value, ensuring a continued interest from investors in the future.

Speaking with Anant Goenka, the Executive Director of The Indian Express group, Mody expressed confidence in the potential for progress in the current decade.

 He emphasized the importance of maintaining good governance to capitalize on factors like demography, democracy, and the aspirations of the youth.

When asked about the challenges facing four top startups – Dream11, Paytm, Byjus, and Ola – Screwvala stated that every business group experiences ups and downs, and it wouldn’t be fair to single out a few.

 He mentioned that governance develops with time and is influenced by the investors involved. Screwvala highlighted his concerns about the sense of entitlement among entrepreneurs and the success overshadowing the true meaning of life.

 He also emphasized the increasing income inequality in the country, calling for more attention to wealth balance and income equality for India to progress as a fully developed nation.

Swati Piramal, Vice-Chairperson of Piramal Group, was honored with the lifetime achievement award this year. Ananya Birla, Roshni Nadar Malhotra, along with other exceptional winners, were recognized for their significant contributions in their respective fields.

 The list of winners also included Deepika Padukone, Renuka Ramnath, Zoya Akhtar, Reema Kagti, Meher Pudumjee, Laila Tyabji, Jyotsna Suri, Indu Shahani, Meena Ganesh, Ghazal Alagh, and Vineeta Singh in various categories. Avarna Jain was selected as a promising FICCI-FLO entrepreneur.

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The government has almost reached 97% of its revised target for direct tax collections this fiscal year, with net collections exceeding Rs 18.90 lakh crore. 

This includes higher personal income tax collections compared to corporation tax, with refunds of around Rs 3.37 lakh crore issued so far.

 Before refunds, the gross direct tax collections amounted to Rs 22.27 lakh crore, showing an 18.74% growth from the previous year. The Central Board of Direct Taxes (CBDT) confirmed these figures for the financial year 2023-24.

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The biscuit, snack, and beverage industry is anticipating a surge in sales during April-May as the country gears up for elections. The Election Commission of India has announced the schedule for the upcoming general elections, starting on April 19 and concluding on June 1, with the results being declared on June 4.

Food and beverage companies are expecting a growth of 10-15% in sales compared to last year during the election period. The increase in out-of-home consumption is predicted as political campaigning intensifies, leading to more people attending rallies, events, and roadshows. Companies are already increasing their stock levels in anticipation of higher demand, with smaller and larger packs being made available at retail outlets.

Campaigning has begun in various states, and the expectation is for more activity as the election dates draw near. The overlap of the elections with the summer and holiday season is also seen as a boost for out-of-home consumption, especially in the beverage sector. With a significant increase in the number of eligible voters compared to the last elections, companies are gearing up for a busy and potentially profitable period.

Jayen Mehta of GCMMF believes that the elections, alongside the summer season, will drive greater movement of people and subsequently increase beverage consumption. Companies like Balaji Wafers are already strategizing to capitalize on this opportunity by increasing their presence in retail outlets and setting up stalls near rally sites to attract consumers.

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