Best of the Week: Is that chocolate… or just something that tastes like it?

Best of the Week is a weekly newsletter by Siddharth Sharma/Shravani Sinha. Subscribe to Mint's newsletters to get them directly in your inbox.

Chocolates! That’s usually the first thing that comes to mind when you’re visiting a house with kids. Hand them a bar, and suddenly you’re the favourite guest in the room. Funny thing is, I’ve never really been a big chocolate person myself. But like many of us, when it comes to buying something quick and safe for children, chocolates are almost always my default choice.

Which is why a recent report by my colleague, Priyanka Sharma, made me pause. What if many of the chocolates we casually pick up aren’t really chocolate at all?

That’s exactly the question India’s food regulator is now asking.

The Food Safety and Standards Authority of India (FSSAI) is considering stricter labelling rules to help consumers distinguish real chocolate, made with cocoa butter, from cheaper substitutes that rely on vegetable fats. These alternatives, often made with palm oil or hydrogenated fats, are commonly called “imitation chocolate".

And the surprising bit: Officials estimate that nearly 80% of chocolates sold in India fall into this imitation category.

To make the distinction clearer, FSSAI plans to require manufacturers to prominently display the words “imitation chocolate” on the front of packaging, rather than hiding such details in fine print on the back. The goal is to help consumers make more informed choices.

The move could reshape India’s $3-billion chocolate market, currently dominated by brands such as Mondelez, Nestlé, Amul, Mars Wrigley, and Ferrero.

Health experts say the difference matters. While real chocolate contains cocoa butter and beneficial antioxidants, cheaper substitutes often use vegetable fats and added sugar that mask the absence of cocoa.

So the next time we pick up a chocolate bar for a child, or sneak one for ourselves, it might be worth checking if it really is chocolate.

On to the best of Mint’s journalism from this week:

From trade relief to energy shock

Early February brought a rare moment of relief for Indian companies. A new US trade deal lowered tariffs, and businesses hoped 2026 might finally begin on a stable note. But just weeks later, that optimism evaporated. The US strike on Iran and the subsequent closure of the Strait of Hormuz, a sea lane carrying nearly 15% of global oil and 20% of gas, have triggered a fresh wave of disruption. Oil and LNG shipments have slowed dramatically, sending prices soaring and rattling supply chains worldwide. For India, the implications go far beyond fuel bills. Fertilizers, textiles and manufacturing are already feeling the tremors. And, even if the war ended tomorrow, restarting oil and gas flows could take weeks.

Are Indian stocks finally affordable?

The recent sell-off on Dalal Street has revived a familiar investor question. Are Indian stocks finally becoming affordable? With West Asia tensions rising, crude prices climbing, and foreign investors pulling money out, benchmark indices have taken a hit over the past two weeks. At first glance, the correction suggests valuations are cooling. But dig a little deeper, and the picture looks mixed. A Mint analysis of more than 3,400 BSE-listed firms shows many stocks still trade at premium earnings multiples, even after the pullback. Large-cap valuations have eased slightly, and small-caps have seen a sharper reset. But mid-caps remain pricey, and India continues to command a hefty premium over most emerging markets.

The emerging market race heats up

India’s economy has strong fundamentals, solid GDP growth, steady manufacturing and manageable inflation. But the rupee and stock markets are proving to be weak spots, keeping India from consistently topping Mint’s Emerging Markets Tracker. And Vietnam is catching up fast. The Southeast Asian economy has topped the tracker in three of the last four months, powered by strong exports and robust growth. Over the past year, the race has been tight, India ranked first six times, Vietnam five. So what’s holding India back? Currency weakness, stock market volatility and rising global risks.

India Inc rethinks hiring

The West Asia conflict is no longer just a geopolitical headline, it’s quietly reshaping hiring plans. Companies with exposure to Dubai, Saudi Arabia, and Qatar are slowing recruitment, especially for senior roles, as uncertainty clouds expansion plans. Executive search firms say hiring for the region has been booming, thanks to heavy reliance on expat talent. Now, many firms are pressing pause. Bonuses in sectors like energy, logistics, and construction could also take a hit if disruptions persist. But some companies are shifting hiring back to India, and recruiters are already seeing professionals from the Gulf exploring opportunities here.

Oil markets flash a warning

Something unusual is happening in the crude oil market, and traders are paying close attention. As tensions escalate in West Asia, buyers are rushing to secure oil now, rather than later. The result? Near-month oil contracts are trading far above future ones, a rare market signal known as backwardation. Just days before the conflict began, the market looked normal. Now, the June crude contract trades nearly $7 cheaper than May on ICE Europe, an inversion that typically signals supply stress. Why the panic? With shipping risks rising around the Strait of Hormuz, traders fear disruptions to one of the world’s most critical oil routes.

AI enters the battlefield

The use of artificial intelligence is rapidly reshaping modern warfare. During the recent conflict involving Iran, the US reportedly used Claude AI, built by Anthropic through Palantir Technologies’ battlefield intelligence platform, to help identify targets and simulate combat strategies. The deployment has reignited global debate about whether powerful AI models could evolve into “killer machines”. While tools such as drones and guided missiles have long used machine learning, advanced generative AI raises new ethical and policy questions. Experts say the moment may push governments towards global rules on military AI use.

China investors eye India again after FDI tweak

India’s decision to ease rules under Press Note 3 (India FDI policy) is already drawing fresh interest from Chinese investors. Tencent signalled renewed appetite for India’s digital economy after the government allowed investors from neighbouring countries to buy up to 10% stakes in Indian firms through the automatic route without management control. The rule, introduced in 2020 after the Galwan Valley clash, had sharply curtailed Chinese venture investments. Industry executives say the relaxation could revive stalled deals and allow global funds backed by Chinese investors to re-enter India’s startup ecosystem more easily.

India is both young and ageing

India is often called a young nation, with 58% of its population below 35. Yet the country is ageing at the same time. According to UN estimates, India has about 167 million people aged 60 and above, the world’s second-largest elderly population. The Reserve Bank of India classifies states as youthful, intermediate or ageing based on the share of seniors. By 2026, Kerala and Tamil Nadu will be ageing states, and by 2036, more than half of India’s states will join them. Falling fertility and longer life expectancy are driving the shift, with major implications for labour supply, migration, and economic growth across regions.

LPG curbs spark rush for induction cooktops

A sudden spike in demand for induction cooktops, triggered by tighter LPG supplies and higher prices, is pushing appliance makers to ramp up production. Companies such as Stovekraft Ltd, Wonderchef Home Appliances Pvt. Ltd, and Hawkins Cookers Ltd say sales have surged several times over recent days as households and restaurants seek electric alternatives. On Amazon India, induction cooktop sales jumped as much as 30 times. The rush is exposing supply chain constraints, since key components like printed circuit boards are largely imported, often from China, making it difficult for manufacturers to quickly scale up production if demand stays elevated.

India’s luxury market shows a split

India’s luxury market is showing a growing divide. Mid-tier luxury brands such as Gucci, Louis Vuitton, and Christian Dior reported weaker revenues in 2024-25 as aspirational shoppers pulled back amid economic uncertainty and higher prices. In contrast, ultra-luxury label Hermès continued to expand, reflecting strong spending by the ultra-rich. Data filed with the ministry of corporate affairs (India) shows Gucci India’s revenue fell 17%, while Louis Vuitton and Dior saw smaller declines. Analysts say currency pressures, high import duties, and cautious consumers are widening the gap between accessible luxury brands and ultra-premium labels.

That’s all from us this week. Subscribe to our newsletters and the website for what’s in the news and beyond it. Write to us at newsletters@livemint.com.