Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, January 24, 2025. This is Nelson John, let's get started.

Delhi's liquor policy has been marred by controversy, leading to significant disputes and changes over the years. In November 2021, the Delhi government privatized liquor sales, aiming to boost revenue. However, by August 2022 this policy was reversed following a CAG report that highlighted alleged undue advantages given to licensees, which purportedly led to losses exceeding ₹2,000 crore for the exchequer. This reversal resulted in the shutdown of more than 400 private liquor stores, returning control to four government agencies. The latest controversy, Varuni Khosla explains, arose from a meeting on 10 January involving government agencies and alcohol distributors. They discussed implementing a 'fixed-ordering' system aimed at diversifying the range of affordable liquors available, particularly whiskeys, and curbing the promotion of lesser-known brands. This initiative, which was launched despite the election code of conduct, specifically targeted certain Punjab-made whiskey brands accused of being disproportionately promoted.

Since the covid-19 pandemic, there's been a big shift in India's snacking habits, with a growing focus on healthier choices. This change has sparked a surge in the popularity of products such as protein bars, makhana, quinoa puffs, oats bhujia and ragi chips, thanks to new-age companies such as Farmley, Happilo, Evolve Snacks and Open Secret. These brands are tapping a market that was once considered niche but is now going mainstream. Companies such as Happilo and Farmley are seeing impressive growth, with revenues skyrocketing as they cater to the health-conscious. This shift has even caught the attention of big FMCG players such as ITC, Marico and Tata Consumer, which are now acquiring startups in this space. However, creating snacks that are healthy, tasty and affordable remains a challenge, writes Samiksha Goel, as ingredients that boost health credentials are often more expensive. Yet, the industry is striving to balance these factors to keep these snacks appealing and affordable.

Indian companies are revamping retirement benefits to address the inadequacy of traditional statutory plans such as provident funds and gratuities. More firms are now opting for the corporate National Pension System (NPS) and exploring private insurance investment options to enhance retirement benefits and retain employees longer, Priyamvada C and Devina Sengupta write. WTW's 2024 study highlights a significant shift towards corporate NPS, with over half of Indian employers planning to introduce it soon. These include major corporations such as Tata Motors, which is considering converting superannuation funds to corporate NPS to offer market-linked returns and allow employees to choose their pension fund managers. The shift to NPS, which was introduced by the government for its employees in 2004, offers tax benefits and is seen as more flexible and cost-effective. Companies such as Coca-Cola India have already adopted NPS, aligning it with their overall employee well-being strategies.

India is steadfast in not granting unilateral trade concessions to the US under Trump's 'America First' policy but is open to discussions on market access for American products in exchange for no new trade barriers against Indian goods. Amid potential trade talks, India is focused on enhancing access for U.S. products in healthcare, automotive and agriculture, possibly increasing imports such as crude oil and specific agricultural goods. Despite historical trade friendliness, India is cautious about committing without reciprocal benefits, especially concerning higher U.S. tariffs on Indian exports. The country remains open to discussions that could include facilitating market access for U.S. firms in satellite communications and reducing barriers for U.S.-made electric vehicles and motorcycles. Both nations aim to balance trade interests with strategic economic cooperation.

India's government is considering changing its initial plan to merge three struggling general insurers—National Insurance, United India Insurance, and Oriental India Insurance—into a single entity. Instead, it may now select one of these insurers for privatization this fiscal year while bolstering the others with additional capital to strengthen their balance sheets. The decision will be informed by an upcoming assessment of their financial performance. Previously, a merger and public listing of the three insurers had been proposed in the 2018-19 Union budget, but progress has been slow. NITI Aayog had suggested privatizing United India Insurance, but this plan has yet to materialize. As of the last quarter, the solvency ratios of the three insurers were significantly below the regulatory minimum of 1.5, indicating financial instability. However, New India Assurance, the market leader, maintained a healthy solvency ratio and is not being considered for privatization.

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