Ban on single-use plastic by July 1, is India Inc ready?
India Today
The government has banned the manufacture, sale and use of identified single-use plastic items like plates, cups, straws, trays, and polystyrene from July 1, 2022. Is the industry ready to comply with the ban?
The government is all set to implement the ban on single-use plastic from July 1. Prime Minister Narendra Modi spoke about India’s move in this direction from the ramparts of the Lal Quila on January 26, 2019. Thereafter, in a notification that was issued on August 12, 2021, the government prohibits the manufacture, import, stocking, distribution, sale, and use of all identified single-use plastic items, which have low utility and high littering potential with effect from July 1, 2022.
Currently, PET bottles that are used to package water do not fall under this category.
The ministry is looking at a three-pronged strategy for banning single-use plastic in India:
1. High littering potential - This means products that are quickly thrown away post usage. Most of these are disposable items that are found in drains and are seen as products that contribute to littering.
2. Low utility - These are plastic products that have the least amount of usage or utility after being used. For instance, wrapping plastic sheets is hardly utilised after the packaging is opened.
3. Availability of alternative - If other alternatives can be used in their place. For instance, paper bags, paper wrappings (which can be made from recycled material), bamboo spoons instead of plastic spoons, etc.
India generates 3.5 million tonnes of plastic waste a year. The government data reveals that India’s per capita plastic waste generation is 3 kg per year. Plastic waste generation during the year 2020-21 is approximately 41,26,997 tonnes per annum as per information provided by all State Pollution Control Boards.
The former RBI Govenor said a 15–20% global energy disruption would require sharp demand cuts, pushing oil to $150–$200 per barrel, risking severe economic stress if the conflict continues another month.
Venkataraman joined Flipkart in 2015 and has been part of the company's leadership team through a period of growth and restructuring. During his tenure, he helped strengthen the company's financial operations.
The gold rate today is around Rs 1.5 lakh per 10 grams for 24-carat gold, while 22-carat gold is near Rs 1.4 lakh, with prices edging higher after recent losses. Silver is also seeing a slight uptick after a volatile phase.
Early indicators suggest a positive start. GIFT Nifty futures were trading at 23,250.5 at around 08:24 am, indicating that the Nifty 50 may open above Thursday's close of 23,002.15.
With multiple energy hubs under threat, the risk to global supply chains has increased sharply. For countries like India, which depend heavily on imports, this means higher costs and tighter supply in the near term.
In a statement, the central bank said it has taken note of the recent developments at HDFC Bank and has approved the transition arrangement proposed by the bank for the position of part-time chairman.
Global brokerage JPMorgan has maintained a "neutral" rating on the stock with a price target of Rs 1,090. HDFC Bank stock is already trading near its 52-week low, adding to weak sentiment around the counter.
The IPO is expected to be structured as an "offer for sale" (OFS). This means existing investors will sell a part of their stake to the public, rather than the company issuing new shares.
Sensex ends 633 points higher, Nifty above 23,700; Infosys up 3%
The Sensex was up 825.79 points, or 1.09%, at 76,896.63, while the Nifty 50 gained 239.10 points, or 1.01%, to trade at 23,820.25 as of 11:44 AM. It may be noted that the Sensex has gained over 2,000 points this week after a sharp losing spree.
