Bit by Bit 6th Feb || FMCG makers see green shoots of revival in rural market, increase marketing spends || Chennai Pharma Company To Suspend Eye Drops Manufacturing After FDA Flags Bacterial Contamination & more

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FMCG

FMCG makers see green shoots of revival in rural market, increase marketing spends

Major FMCG companies believe the demand slump has peaked and that the rural markets, which have been stressed for the past few quarters, are beginning to show signs of recovery. The businesses reported growth in the urban markets during the third quarter that concluded on December 31, 2022. E-commerce and contemporary trade channels both experienced expansion. However, sales of FMCGs through conventional trade channels like kirana stores were unchanged. Rural markets, which account for about 35% of sales in the FMCG sector, were still weak in Q3.

The corporations claimed, however, that positive winter crop sowing, evidence of greater farm income, and ongoing government support are leading to signs of improvement. Urban growth will be fueled by a decrease in inflation and increase in modern trade and e-commerce, he noted.

The rural market has reportedly shown some signs of progress, with growth in the December quarter exceeding that of the previous three and twelve months, according to firms like HUL, ITC, and DABUR.

Automotive

Chennai Pharma Company To Suspend Eye Drops Manufacturing After FDA Flags Bacterial Contamination

The Story :

After a late night inspection conducted by Tamil Nadu’s Drug Controller and Central Drug Control Authority of manufacturing premises of Global Pharma Healthcare Private Limited, Tamil Nadu regulatory body has asked the firm to suspend all its eye-drops manufacturing. Chennai-based pharmaceutical company was flagged by US authorities over lethal contamination in the eye drops.

During the investigation by senior drug inspectors, it was found that Chennai-based firm Global Health Care Pvt Ltd had exported two consignments of 24 batches of ‘Artificial Tears’ to the USA which were manufactured in 2021 and 2022, reported ANI.

The samples were taken for analysis from four batches of control samples. The sample of raw material Carboxy Methyl Cellulose Sodium was also taken. Central Drugs Standard Control Organization (CDSCO) has barred the manufacturing of EzriCare Artificial Tears at the Chennai-based firm after US FDA alleged adverse events due to the use of eye drops , said a statement on Saturday.

US regulator Food and Drug Administration warned consumers “not to purchase or use Chennai-based manufacturer EzriCare Artificial Tears due to potential contamination”, added the statement. The CDSCO and Tamil Nadu State Drug Controller have initiated a probe into the matter, a source aware of the issue said on Friday.

TECH

Government Bans Over 230 Betting and Loan Lending Apps With Chinese Links After Complaints of Extortion

In a major crackdown, the Central government has initiated the process to ban and block 138 betting apps and 94 loan lending apps with Chinese links on an 'urgent' and 'emergency' basis, top government sources said on Sunday. The Ministry of Electronics and Information Technology (MeitY) has decided based on the Ministry of Home Affairs (MHA) recommendations. According to sources, the MHA recommended that MeitY ban and block these apps this week.

It is learnt that these apps are the brainchild of Chinese nationals who hired Indians and made them directors in operation. As per inputs, desperate individuals are lured into taking on a loan and then jacked up the interest by up to 3,000 per cent annually. When the debtors could not repay the interest, let alone the entire loan, individuals representing these apps started harassing those in debt.

The MHA started analysing 28 Chinese loan lending apps six months ago. However, they found that 94 apps are available on e-stores, and others are working through third-party links. It is learnt that many apps are now unavailable on smartphones, but sources say the betting apps and games are being downloaded through independent links or websites.

Anything Interesting

The curious case of regulating AI

The Story

Canada is currently mulling over the Digital Charter Implementation Act, which includes what could become Canada's first piece of AI legislation, the Artificial Intelligence and Data Act (AIDA).

If passed, the AIDA would place several guardrails on the uses of AI and enforce penalties for noncompliance up to $25 million. This is certainly a step in the right direction, though it's easy to foresee several challenges the AIDA or any policy like it will face when enacted.

Firstly, technology develops exponentially, but the legislative process is linear.It might be many months or years before AI legislation is passed, yet it's difficult to predict what AI will be capable of at that point.

Secondly, AIDA is chiefly concerned with uses of AI that are deliberately harmful, such as data privacy breaches or financial crime. But it's the grey zones that are more concerning. In education, for example, some have posited that this new step forward in AI will make homework a thing of the past. But will that make the next generation of students more or less intelligent? 

Thirdly, corporations will ultimately own this technology and that has the potential to be both a blessing and a curse. Microsoft is poised to invest an additional $10 billion in OpenAI and, like any corporation, will have a fiduciary responsibility to maximize profits for its shareholders. This isn't necessarily a bad thing. Consider how quickly corporations developed and distributed vaccines for COVID-19. The incentive to use AI to turn a profit may lead to the next breakthrough in science or medicine.