While Singapore has alleged the presence of ethylene oxide, a pesticide classified as a carcinogen, at levels exceeding the permissible limit in Everest's Fish Curry Masala, Hong Kong claimed to have detected the pesticide in three MDH products-Madras Curry Powder, Mixed Masala Powder and Sambhar Masala-besides Everest's Fish Curry Masala.
Everest has denied reports of a ban on its products in Singapore and Hong Kong. The Indian government has ordered the collection of spice samples from all manufacturing units following concerns raised by food regulators in both regions. Ethylene oxide, a cancer-causing agent, was found in certain products of MDH and Everest, leading to warnings from Hong Kong and Singapore food regulators. Ethylene oxide is banned in food items in India, and the government has emphasized taking strict action against harmful substances in Indian spices.
Singapore orders recall of Everest's Fish Curry Masala due to ethylene oxide pesticide levels exceeding limits. The Singapore Food Agency directed the importer, Sp Muthiah and Sons Pvt Ltd, to initiate the recall. While immediate risk to consumers is low, prolonged exposure may pose health risks. Consumers advised against consumption and urged to seek medical advice if concerns arise. Everest has not responded yet.
The bilateral trade between Singapore and India saw significant growth in 2022-23, reaching USD 35.6 billion, marking an 18.2% increase from the previous year. T Prabakar, the First Secretary (Commerce) at the Indian High Commission in Singapore, highlighted these figures at the Institute of Company Secretaries of India (ICSI) Third International Conference.
The fresh capital came from the Flipkart's related Singapore-based entities on January 8, 2024. Two resolutions to infuse capital into the firm were approved on December 20 and December 22 last year, documents showed.
Myntra has been attempting to enhance its portfolio of international brands collections, with premium offerings showing fast growth. This as online fashion in the lower-price segments has lately witnessed a softness in demand.
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ ahead of listings.
Some retailers have pledged not to pass on the tax hikes for now. Home furnishing brand IKEA said it will absorb the 1% hike but did not say when it would end the initiative, while supermarket chain FairPrice Group will absorb the hike on 500 essential items like rice and vegetables.
“India is a very important source market for Singapore. Travellers today are very discerning and know what they want. Singapore has always been a very important shopping destination for Indian travellers.” said GB Srithar, regional director, India, Middle East, South Asia & Africa, STB. Further, Srithar feels that such collaborations boost on-ground activation and help brands connect with their digital audiences.
“We’re looking at opening 300-400 stores in southeast Asia in the next two years. Initially, we go slow, but we like to go deep. We’ve been in Singapore for the last three years, and are going to Thailand this year, and after a year in Thailand, we’ll go to the Philippines,” he added.
The think-tank GTRI suggests that India should study its bilateral free trade agreements with Singapore and Thailand while reviewing its trade pact with the Asean bloc. GTRI also recommends a similar exercise with Thailand. The report highlights that India has separate free trade agreements with both Singapore and Thailand, and suggests studying them together. Additionally, the report emphasizes the need for India to focus on using local coal and cutting imports of inferior palm oil..
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