Amul, Parag See Growth Opportunity In India’s Fight Against Fake Paneer

By Pritha Pahari

What?

Subodh Kulkarni, who runs a small home-kitchen tiffin service in Mumbai, has bought loose paneer slabs from a nearby dairy at around Rs 230 a kilo. Then came the raids by the Maharashtra food safety authority, which led him to buy two 200g Amul packs at Rs 95 each. "That's nearly double," he said. He raised his tiffin price by Rs 10 and now orders Amul paneer from Bigbasket.

His story sits inside a bigger move. The Food Safety and Standards Authority of India (FSSAI) issued a draft rule on 23 September 2026 to stop fake paneer from being sold under the real name. It is not yet in force, and stakeholders were given 60 days to send objections or suggestions.

Products already licensed in the dairy-analogue category would have to stop using the word "paneer" in their name, labelling or marketing. Analogue paneer is made from non-milk ingredients such as vegetable oils and milk solids.

Rajiv Mitra of Maharashtra’s Sonai Dairy says the issue is not the product itself. "It is not about banning a product; it is about deceiving the consumer," he said.

Madhya Pradesh banned analogue paneer in August, after Maharashtra, Gujarat and Chhattisgarh. But most paneer is still sold loose, and local reports suggest the trade continues even where it is banned.

Why?

The main reason is price. Analogue paneer is roughly 40-50% cheaper.

Zomato's Hyperpure listing showed it at about Rs 210 per kg against about Rs 450 for genuine paneer. Real paneer needs around five litres of milk per kilo, while analogue uses oils and starches.

Buyers often cannot tell the difference. On health, the picture is less clear. A dietitian said analogue paneer won't cause instant food poisoning, and the main concern is nutritional fraud. The longer-term worry is for diabetic and cardiac patients and older people, because of palm oil's fats and the starch in some products. She wants clear dairy or non-dairy labels on the front of the pack.

Not everyone will switch.

Vageshree, a 30-year-old househelp in Mumbai, buys 100-200 grams from a neighbourhood sweet shop. "I cannot afford expensive branded paneer from supermarkets anyway," she said.

Organised companies hold only 6-7% of the paneer market, so big dairies see room to grow.

Parag Milk Foods is investing about Rs 100 crore to raise capacity from 20 to 80 tonnes a day by June 2027. Milky Mist tripled its installed paneer capacity in FY 2026. Amul is the biggest branded player. Market research group IMARC estimates India's paneer market at Rs 731.4 billion in 2025, growing about 12% a year through 2034.

What next?

Three things will show how this plays out. First, whether FSSAI finalises the draft rule, and how long it gives analogue makers to relabel. Second, what the Delhi High Court decides on whether restaurants must disclose what they serve. Third, whether Parag and other dairies fill their new capacity, which would signal that buyers are moving to branded paneer.

Experts do not expect a quick switch. They say the organised sector cannot overnight displace millions of small producers, and restaurants are very sensitive to price. He expects the market to split, with a lasting niche for oil-based cubes sold openly.

India also has no credible estimate of how big the analogue market is, so regulators are tackling a market they cannot measure. The real test is whether buyers will pay more once they know what they are buying.

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2.7 million tons

That’s how much liquefied natural gas (LNG) Qatar loaded at its Ras Laffan port in October. It is the highest since the West Asia war disrupted shipping this year, Reuters reported. But it is still far below the nearly 6.2 million tons in February. Kpler’s ship tracking data counted 42 LNG cargoes loaded in October, up from 27 in September.

Qatar is the world’s second-largest exporter of LNG, with shipments mostly going to buyers in Asia.

Overview: More LNG ships are also passing through the Strait of Hormuz. S&P Global Energy said 31 loaded tankers left the strait in October, up from 23 in September. Of these 31, 23 were loaded in Qatar and eight in the UAE.

“UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits,” said S&P analyst Eric Yep.

Context: The war severely hit shipping through the Strait of Hormuz, a route that normally carries about a fifth of the world’s oil and LNG supply. Oil and gas tankers earlier turned back from trying to cross the strait, as attacks on vessels raised safety and security concerns.

Workers Die At Tata’s iPhone Factory

Three contract workers died of suspected asphyxiation while cleaning a wastewater treatment tank at Tata Electronics' facility near Hosur in Tamil Nadu, The New Indian Express reported. 

The Lead: The workers were reportedly exposed to toxic gas during maintenance work at the plant's Effluent Treatment Plant. Tata and Apple are investigating the incident. The district administration has directed Tata Electronics to submit a detailed report on the incident and the corrective measures it plans to take, ET reported.

Backdrop: The deaths raise questions about worker safety as India positions itself as a global electronics manufacturing hub.

Between 2010 and 2013, India's registered factories reported 20.85 fatal workplace accidents per million workers, compared with 1.53 in the European Union, according to the International Labour Organization. The ILO has also flagged significant gaps in India's reporting and enforcement of workplace safety rules.

Adani’s $120 Billion Shopping Spree

India’s Adani Group plans to invest more than $120 billion (around Rs 11.4 lakh crore) over the next five years across its infrastructure and emerging businesses, according to a Reuters report.

Pivot: About 70% ($84 billion) will go towards energy, 20% ($24 billion) towards transport and logistics, and 10% ($12 billion) towards businesses including cement, copper and aluminium.

What's Next? The group already has a presence across power generation, renewable energy, transmission, ports, airports and roads. Its portfolio includes 15 Indian and four overseas ports across Australia, Colombo, Israel and Tanzania, besides eight Indian airports. It also operates cement businesses through Ambuja Cements and ACC.

The investments are expected to double its asset base to Rs 18 lakh crore.

The COP31 Climate Clash

Developed and developing countries clashed over climate finance and trade at COP31 in Antalya, Türkiye, Business Standard reported. 

Flashpoint: The G77 and China pushed for a programme to discuss how rich nations will meet their Paris Agreement obligation to fund climate action abroad. The EU resisted giving it a place on the agenda, but negotiators adopted it. Developed countries provided and mobilised $136.7 billion in finance in 2024, according to the OECD. Developing nations say this remains inadequate. 

Pivot: Under a deal reached at COP29 in 2024, developed countries must lead efforts to mobilise at least $300 billion annually by 2035. India backed the G77 position and sought discussions on the EU's carbon border tax, arguing that climate measures should not become trade barriers. A trade agenda item was not adopted.

Rural Jobs Drive Recovery

India's unemployment rate declined to 5.1% in July-September 2026 from 5.4% in April-June 2026, according to the Periodic Labour Force Survey released by the Ministry of Statistics and Programme Implementation on Tuesday.

By The Numbers: The survey showed rural unemployment fell to 4.3% from 4.8% in the previous quarter, while urban unemployment rose slightly to 6.8% from 6.7%.

The Labour Force Participation Rate for persons aged 15 years and above increased to 55.5% from 54.6%

Projection: The ministry reported higher participation in the labour force, higher employment, and a rise in agriculture employment in rural areas during the quarter.

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