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Best of the Week: A Bengaluru icon, WWII, and rava idli
- The new Income Tax Bill, Trump's tariff attacks, and Religare battle
Dear reader,
Tucked away on Lalbagh Road, near the west gate of the historic garden established by Hyder Ali in the 18th century, lies a legendary eatery that has arguably defined Bengaluru’s breakfast culture—or "thindi" as it's known in Kannada. Thindi hopping has become a staple weekend activity for many of Bengaluru's residents.
Mavalli Tiffin Room, or MTR, is more than just a place to eat; it's a cornerstone of the city’s culinary heritage. Founded by two brothers from Karnataka’s Udupi district in 1924, this modest establishment in South Bengaluru has grown into a culinary institution. Although it might appear unassuming during its off hours, the vibrant hustle when it is open attracts hoards of locals and food enthusiasts alike, making it impossible to miss.
Originally named the Brahmin Coffee Club, MTR has been at the forefront of culinary innovation. One such innovation is the rava idli, a dish that has become a breakfast staple across South Indian restaurants. During World War II, the British colonial government rationed rice, a staple in South India, causing many eateries to struggle as their idli steamers lay idle. In response, MTR began using semolina instead of rice to make idlis, thereby inventing the now-iconic rava idli.
In 2007, the family-owned business sold its packaged food division to the Norwegian conglomerate Okra. Now, Okra is planning to pass the baton to ITC, as reported by Anirudh Laskar. Despite these changes, the MTR eatery remains a beloved institution not just in Bengaluru but across South India.
On to the best of Mint’s journalism from this week:
💸 The Income Tax Bill 2025 is a major overhaul of India’s tax system, focusing on simplification and efficiency. By reducing the section count from 819 to 536, the Bill slashes complexity and improves readability. Key changes include streamlined TDS/TCS provisions, consolidated tax exemptions, and tax simplifications for non-profit organizations. The Bill also introduces flexibility for non-resident businesses, such as shipping companies, and eliminates over 1,200 provisos, replacing legal jargon with clearer language. With these measures, the government aims to create a transparent, business-friendly tax environment.
🍕 India is tightening quality controls across industries, scrutinizing both domestic and imported goods to curb substandard products. A sweeping initiative involving 37 ministries aims to bring 1,500 products under stricter quality norms by FY25, up from 761 currently regulated under Quality Control Orders (QCOs). Items like coffee makers, toys, and medical devices are already covered, with upcoming additions like wheelchairs and sanitaryware. The move, driven by BIS, is designed to curb low-quality imports, particularly from China, and boost India’s standing in global manufacturing. With trade deficits still high, India is doubling down on quality to safeguard consumers and strengthen its industrial backbone.
💵 The Centre is mulling steep tariffs or a complete ban on masoor dal imports after 31 March, aiming to shield farmers amid a surge in pulse cultivation. With acreage expanding and production rising from 12.69 lakh tonnes in FY22 to a projected 18 lakh tonnes in FY25, India is inching closer to self-reliance in masoor. The move, expected ahead of Bihar elections, seeks to stabilize prices and encourage domestic farming. While pulses like tur still depend on African imports, India is strengthening its pulse ecosystem. A final decision on restrictions will be taken soon by a ministerial committee, insiders told Mint.
🧑💻 Just hours after US President Donald Trump signed an executive order halting prosecutions under the Foreign Corrupt Practices Act (FCPA), a New Jersey court froze pretrial proceedings in a six-year-old bribery case involving Cognizant Technology Solutions. The case alleges that former executives Gordon Coburn and Steven Schwartz funnelled illicit payments through Larsen & Toubro to Indian officials. With the trial set for 3 March, Judge Michael E. Farbiarz has now asked the US government to clarify its stance.
🛠️ US President Donald Trump’s flat 25% tariff on steel and aluminum imports, set to take effect on 12 March, has rattled global markets. While India isn't directly targeted, it could still feel the heat. As a top producer of both metals, India risks facing a surge in dumping from displaced exporters. The US, one of India’s key buyers—importing 2.3 million tonnes of steel and 0.14 million tonnes of aluminium last year—may now look elsewhere. With the US being India’s top aluminium export destination (12% share), the new tariffs could dent trade and shake up global market dynamics.
🛜 India’s push for global AI dominance hinges on key bilateral talks with France. While China surges ahead with its DeepSeek model and the US tightens tech controls, India sees France as a crucial partner in its AI ambitions. French firm Mistral ranks among the top AI players, offering India a powerful ally to counter Big Tech’s stronghold. With the US pumping $500 billion into AI and France committing €109 billion, India’s $1.2 billion AI mission needs strategic backing. PM Modi, at the Paris AI Summit, highlighted India’s vast AI talent and UPI success.
🧑⚖️ The Supreme Court has added a twist to the Religare Enterprises takeover saga, questioning Sebi’s rejection of a competing open offer by US-based Digvijay ‘Danny’ Gaekwad. The court flagged concerns over delays and outdated pricing mechanisms but overlooked key regulatory constraints. Sebi acted strictly within its SAST framework—Gaekwad’s bid lacked legal standing and was merely a last-minute letter to the regulator. Additionally, shareholders retain the right to accept or reject offers, making claims of coercion baseless. While the acquirer must stick to historical pricing norms, shareholders enjoy flexibility.
✈️ For Dilveer Singh Brar, Canada was once the ultimate dream—until reality set in. His siblings faced financial struggles, his parents grappled with loneliness, and migration no longer seemed ideal. With Canada tightening study permits, restricting spousal visas, and prioritizing technical skills, thousands like Singh are reconsidering their plans. The fallout? Punjab’s once-thriving IELTS and immigration industry is now struggling, while strained India-Canada ties add to the uncertainty. As the dream loses its shine, more young Punjabis are opting to stay back.
🌮 ITC is in early talks to acquire MTR Foods and Eastern Condiments from Norway's Orkla ASA for $1.4 billion, eyeing expansion in southern India’s food market. This shift in Orkla's strategy comes after plans for an IPO in India, initially considered in September 2024. Orkla had acquired MTR in 2007 and Eastern in 2020, with the latter two businesses accounting for over 80% of Orkla India’s ₹2,400 crore revenue in fiscal 2024. ITC is aiming to grow its presence in spices and ready-to-eat foods.
💰 India’s recent repo rate cut by the Reserve Bank of India (RBI) should benefit individuals and small businesses, but large corporations may not see relief on interest payments anytime soon. While RBI’s 25-basis-point cut signals potential savings, banks are hesitant to lower lending rates, awaiting a decision from an internal committee. The reluctance stems from concerns over deposit rate reductions, which could lead to outflows amid expected credit growth. Banks rely on deposit rates to adjust the marginal cost of funds-based lending rate (MCLR), affecting over a third of floating-rate loans. A second rate cut is seen as necessary before any significant lending rate reductions.
That's all for this week. I hope you have a pleasant weekend!
If you have any feedback, want to talk about food, or have anything else to say about our journalism, write to me at siddharth.sharma1@htdigital.in or reply to this mail. You can also write to feedback@livemint.com.
Best,
Siddharth Sharma
Community Editor
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First Published:15 Feb 2025, 08:00 AM IST
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