Business News at 09:30 am on 7th March 2023

Let’s begin. A new set of guidelines for social media influencers released on Monday by the department of consumer affairs will likely shake up the Rs 1,275-crore online endorsements market in India. Titled ‘Endorsements Know-hows!’ for celebrities, influencers, and virtual influencers on social media platforms, the guidelines are aimed to ensure that such individuals comply with the Consumer Protection Act and any associated rules or guidelines, and do not mislead their audiences when endorsing products or services. The guidelines state that endorsements must be made in simple, clear language, and terms such as ‘advertisement’, ‘sponsored’, ‘collaboration’ or ‘paid promotion’ should be used for transparency. Individuals must not endorse any product or service that they have not personally used or experienced, or for which they have not done due diligence. The guidelines urge celebrities and influencers to always review and satisfy themselves that the advertiser is in a position to substantiate the claims made. Meanwhile, Indian Performing Right Society, an operational creditor to Zee Entertainment Enterprises, has agreed to withdraw an insolvency petition filed against the media firm for defaulting on payment of Rs 211.42 crore. The company and IPRS mutually entered into the settlement agreement on Monday, following which IPRS agreed to withdraw the petition. There is no penalty paid and no material impact on the financial position of the company, Zee said in a stock exchange update. In some more industry news, Milk prices are likely to be at elevated levels till October this year due to high cost of feed and raw material, and supply challenges, a senior official of Mother Dairy, a major milk supplier in the Delhi-NCR region, said on Monday. Organised players, including Mother Dairy and Amul, hiked milk prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin. Manish Bandlish, MD, Mother Dairy Fruit and Vegetables, a wholly-owned subsidiary of National Dairy Development Board, told FE that there is no respite from high milk prices till Diwali this year because of a sharp spike in the feed and raw material cost. Industry sources said that feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20 per kg from Rs 8 per kg a year ago. Mother Dairy had hiked milk prices in the Delhi-NCR region by Rs 2 per litre, citing a rise in input costs in December last year – the fifth round of increase by the firm last year. On to economy. With most parts of the country likely to witness above-normal temperatures in the March-May period, Prime Minister Narendra Modi on Monday asked officials to take immediate measures to mitigate risks to crops, fodder and the health of people. PM Modi’s review of the country’s preparedness to deal with hot weather assumes importance amid predictions of a return of El Nino conditions in the Pacific that could presage a weaker monsoon in India, resulting in lower crop output and higher prices. According to an official, Prime Minister instructed that availability of fodder and of water in reservoirs should be tracked. Food Corporation of India was asked to ensure optimal storage of grains in extreme weather conditions. Moving on. Meta on Monday said it continues to see a strong trend towards women entrepreneurs using its apps in India over the last three years. On Instagram, 73% of the total business accounts are owned by women, whereas 53% of all business pages on Facebook have women admins, according to the company. While the company did not specify the reasons, the growth can be attributed to people choosing entrepreneurship and an increase in number of startups in the country. According to Meta, women are also playing a critical role in supporting each other by forming communities. The company said 40% of Facebook groups related to entrepreneurship have been created by women in the last three years. In India, 23% of Spark Augmented Reality users on Facebook and Instagram studios are women, Meta said, adding that the trend highlights the increasing presence of women in AR fields and their contribution to the digital media landscape. Lastly, White-collar job openings for women jumped 35% year-on-year in February on the back of increased efforts by India Inc to raise female participation in offices, according to data compiled by foundit (formerly called Monster Asia Pacific and Middle East). The companies are offering benefits like flexible work environment, menstrual leaves and childcare, coupled with others to increase the number of job applicants. Along with that, women who dropped out of work during the pandemic to become full-time caregivers have now re-joined the workforce, data showed.