the link to ink in india 3.1 a.pdf · khushboo scientific - 1 komal scientific co. - 7 k-tech...

TC NO.: MAHENG 13587

Volume : 3 • Issue : 1 • Mumbai JAN - MAR 2020 • 04 • Price : 250/-

The Link to Ink in India

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CONTENTS

04 Editorial08 President Speaks10 Safe Printing Inks for Food Packaging20 Budget 202024 AIPIMA EGM26 Pench AIPIMA Meet28 Inkmakers aquires business of Tecnopails30 Water-Based Flexo Gravure Liquid Inks 38 Pamex 202044 Plastvision 202048 Recycling Process of Plastic Bottles52 Sustainable Packaging58 Inkometer 110062 Semi President and CEO66 Semi Releases Global Semiconductor Equipment70 SEMI-FlexTech Launches Six New FHE Projects72 2020 Flex - MSTC76 Novel Coronavirus in China78 DSK Inkjet 80 Akil Contractor’s apostrophe82 Is the printing ink and packaging industry growing

for real?86 Redefining Printing88 Industry News & Event Calender

Published & Printed by Mr.B.S.Kampani on be half of All India Printing Inks Manufacturer’s Association Ltd. Printed at Asha Printery: 239-240/A1, Shah & Nahar Industrial Estate,Sitaram Jadhav Marg, Lower Parel,Mumbai -400013,Tel: 24929816 / 24923527 and Published at 307/C, Twin Arcade, Military Road, Marol Maroshi, Andheri, (East), Mumbai -400 059

Acknowldegement: PrintWeek India, WhatPackaging? and Ink World

Editor Chief- Mr B.S.Kampani

Office BearersMr D.N. Patil Hon PresidentMr R. Sridharan Hon Vice PresidentDr Ravindra Gandhi Hon SecretaryMr Abhay Shah Hon Treasurer Managing Committee Mr Bodi Kampani Editor In Chief Mr. D. M. SathyeMr. Bhaumik MehtaMr. K. S. MurthyMr. R. K. ShahMr. Raghav RaoMr. Utsab ChoudharyMr. Ranbir PanesarMr. Shekhar IyerMr. Rahul SharmaMr. Rajeev SharmaMr. Manoj Biyani

Inknews Content CommitteeMr. Bhaumik MehtaMr. Gaurav Sathye Mr. Raghav RaoMr. Reynold D’souzaMr. Zaniul LakadwalaMr. Utsab Choudhary

www.aipima.org

Jan - Mar | 20202 | InkNews

Are we prepared? Situations, scenarios and positions in

today’s world change faster than we can process to make

sense of them and respond appropriately. Disorganization,

confusion has crept forcefully into our worlds and captured

our imaginations, rendering us haphazard sense of living.

Sudden emergence of Coronavirus in China shook the

world; reminding us, how fragile is life and economy. Its

advancing impact across 100+ countries is likely to leave

more people bankrupt than dead. The virus could affect up

to 42 percent of China’s economy, according to Standard

Chartered. Reverberations of which are being felt across the

world; leading to erosion of billions. Preventive measures

like travel limits, partial quarantine, interrupted supply

chain, company shut downs, etc. could have far-reaching

implications on global economy, which is estimated to grow

only 2.4 percent this year, the lowest since 2009. “The

dependence of countries on each other and overall wellbeing

of world in the global village is abundantly clear”.

Enough estimates have been floated and debated about

India’s economic growth and status. Absence of absolute

credible numbers has lead to confusion and caution among

business community and (local and global) investors. Lack

of clarity of our exact economic situation is frustrating. Even

more so, having well publicized our ambitious and delightful

plans to become $5 trillion Economy in the next 5 years,

from current $2.7 trillion.

The hard fact is that our GDP has got to sustain growth

at 9% consistently for the next 5-6 years to be able to reach

our goal to become World’s third largest economy at $5

trillion by 2025. We are talking about doubling our economy

for heaven sake! Not sure how popular guesstimate of

current GDP 5-5+% can lead us to our goal without well

defined direction and supporting, time-bound result oriented

corrective measures.

Exports must double up and reach $1trillion to give

required push towards our goal. Among many other factors,

unemployment being at a 45-year high of 6.1 % and decline

on FDI (which is very crucial for Exports), exports have

shrunk to 6.5%. India’s trade balance deficit is large relative

to both the overall world imbalances and its GDP.

Countries like China (world’s factory –top nation with

highest manufacturing output in the world with over with over

$2.01 trillion in output) & Singapore (non-manufacturing

country) have grown through exports and inflow of funds into

their country. At the end of the day, its all about Aap kitna

Dhan Ghar me leke aate ho (How much wealth do you

as an Indian, bring back to your country?).

Measures by Govt. and policymakers, which focus on

encouraging inflow of overseas foreign wealth in to the

country for business, which has been plundered through

consumption & greed are much needed. Sadly, India is not

on radar of companies considering to move out China due to

US-China trade war to shift base here. Logistical bottlenecks,

the turnaround time, corruption, lax quality control, non-tariff

barriers and administrative hurdles (like time-consuming

custom clearances, timely certification) are some of the

road blocks, which will have to be ironed out to promote

exports. Powers be will have to address and smoothen the

bumpy ride to double up exports. Internal consumption only,

will certainly not be enough to drive the growth because of

limitation of availability of disposable income in the hands of

aam janta across age groups.

The economists of the country advising the Govt. will

have to come out with balanced formula where the bank

rate interest are decreased for manufacturing & business

enterprises to fill the gap of lack of FDI investment. One of

these steps could spur growth, which, in turn could generate

employment, leading to putting disposable income in the

B. S. Kampani, Editor, Ink News

EDITORIAL

Jan-Mar | 20204 | InkNews

hands aam janta.

Perhaps, we will also have to look at Indians above

40 and Sr. citizens which are now a substantial part of

population & who have responsibility of growing needs of

their family in terms of education, infrastructure, etc. Sr.

citizen deserve to survive respectable existence, which

takes care of their healthcare, food, house to live in without

worrying & apprehensive exit from mother earth. Poor

interest rates on savings, FDs, pensions, etc. are cause of

anxiety and uncertainty among most senior citizens in the

OR unbeatable inflation scenario. So our govt. would have

to look at improving returns on FD & pension rates of 5.5 &

6% respectively against inflation of 7%-9%.

How can the country achieve its targets if available

disposable income at the hands of aam janta is not even at

the break-even level of spending & saving?

Anyway, entry into $5 trillion economy will not graduate

India from developing economy to developed country until

GDP per capita increases 6 times. Some studies suggests

that it may take us around 22 years to enter into category of

developed nations… Long way to go my friends! And Govt.

and powers be only, can help us make this journey less

bumpy and a fun ride.

In short, our self-perceptions to others from within &

outside the country cannot remain hypocrisy’s domain

forever. Gen Z would perhaps selectively refuse to accept

them - that is the changing India we all are expecting.

High time we convert our wishful, ambitious thinking to

positive actions for healthy future of current and succeeding

generations.

Well, we have a few examples in our very own industry

of star professionals who have walked the talk. Mr. Pranav

Parikh, Chairman & MD of Technova Imaging Systems &

owner of erstwhile Printwell was recently conferred with

lifetime achievement award by Mumbai Mudrak Sangh

delivered through the hands of Maharashtra Governor, Mr.

Bhagat Singh Koshyari. Congratulations, Mr. Parikh!

As the year progresses, my friends, the inflationary and

supply of basic raw material interruption are expected in the

printing inks & coatings, pharma Industries. Be prepared to

fasten your seat belt and make yourself ready for disturbance

that we might have to deal with without injuring ourselves.

How do businesses grow and thrive in a VUCA world? As

part of our growing efforts to bring in wealth of knowledge

and practical experience, AIPIMA has initiated series of

conferences on “Global & Local developments affecting

Indian Printing Inks Industry”. Proposed Interactive and

Informative conference shall be held across different cities

/ clusters across India on practical, functional, and futuristic

aspects impacting our companies (of all sizes) and Industry

at large.

Pick up next issue of InkNews to get more details on

upcoming Asia Coat +Ink show 2021.

Looking forward to the challenges, excitement,

opportunities to sail us through the VUCA world—volatile,

uncertain, complex, and ambiguous.

B. S. Kampani

Editor InkNews


aging and associated industries world over are up to. Catch

the glimpses of the world’s leading trade fair, Interpack 2014.

See what the packaging and associated industry profession-

als are up to for it boasts of 2,700 exhibitors from more than

60 countries – a great opportunity to soak in latest ideas, in-

novate concepts and technological visions, connect, get in-

spired, and explore. At Interpack 2014, HP, Tau, KBA show-

cased new features to its presses, introduced new printheads

and inks; Seigwerk, Sun Chemicals showcased new green

initiative, etc.

While you soak in all this, don’t forget to prepare and par-

ticipate in upcoming Asia Coat+ Ink show- 2015 and also at-

tend International Seminar on Global Trends & Technology

in Printing Inks and Coatings, scheduled in Feb/ March 2015.

Amchi Mumbai shall be the proud host. We at, AIPIMA are

determined to make it big & better this year. This of course

shall be possible ONLY with your whole-hearted support and

participation.

Yours ever the optimistic friend, colleague, and the Editor

of Ink News.

Regards,

B S Kampani

Editor Ink News

6 InkNews www.aipima.org

Editorial

EDITORIAL

PRESIDENT SPEAKS

Dear Members,

Friends we are now

having the 2nd issue of the

new team with, creative

and diversified ideas and

efforts to strengthen the

association’s cause in

letter and spirit. The

recently conducted EGM

and the one at Nagpur saw

active participation of

members and urge for simplifying and solving our targeted ideas and

mission. The dual concept of work and leisure was very supportive to

the cause and everybody enjoyed at Nagpur and planning more such

events in future.

The efforts of BIS meeting and further meeting planned for turning

light on NTNK inks with the help of experienced members will be a

good beginning in solving such crucial problems with Govt. also.

The letter from the finance minister at the query sought through

the minister Shri. Nitin Gadkari on GST credit is an example of our

sustained efforts towards easing our day to day problems on GST.

Dr.Ravi managed successfully with result.

On budget: 2020-2021 we have brought out review by an expert

Mr. Aziz of Anand Rathi and it gives clean picture on it. The budget has

not given any good news to industry with exception on MSME. We

have to work with the given situation and prove our self-best.

We are now all set for the ensuing Asia ink and coat Show 2021

and planning for it I request all members to involve at your best in

making this show grand and no less than any other popular exhibition

taking place in India and on international level. Please bring maximum

exhibitors, advertisements, sponsors and at the top of it the visitors for

the show. I am sure with the new team spirit, it will successfully go

through. Also make new members and bring in more advertisers in our

prestigious magazine INKNEWS

One most important aspect I would like to bring to notice of all that

we have to upgrade our status /prestige as a supplier with our printer

fraternity which is very low at the moment and has to be seriously

thought. We will be working on this also in next meetings along with

credit issues.

Wising all the best to everyone.

D.N. Patil

President, AIPIMA


1104/1105,

ISO 9001:2015 CertifiedISO 14001: 2015 Certified

CRISIL RATED COMPANY

One of world’s leading manufacturer of Acrylates and Methacrylates

Miwon Specialty Chemical Co. Ltd.

Product List

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Monomer• Acrylates• Methacrylates

Oligomer• Urethane acrylates• Epoxy acrylates• Polyester acrylates• High Reflective acrylates• Silicone acrylates• Water-soluble acrylates• Water-borne acrylates• Dendritic acrylates• Adhesion promoter

Other Specialties• Amine synergists• Sucrose Benzoate• Epoxy Diluents• Benzoin

PRESIDENT SPEAKS

Dear Members,

Friends we are now

having the 2nd issue of the

new team with, creative

and diversified ideas and

efforts to strengthen the

association’s cause in

letter and spirit. The

recently conducted EGM

and the one at Nagpur saw

active participation of

members and urge for simplifying and solving our targeted ideas and

mission. The dual concept of work and leisure was very supportive to

the cause and everybody enjoyed at Nagpur and planning more such

events in future.

The efforts of BIS meeting and further meeting planned for turning

light on NTNK inks with the help of experienced members will be a

good beginning in solving such crucial problems with Govt. also.

The letter from the finance minister at the query sought through

the minister Shri. Nitin Gadkari on GST credit is an example of our

sustained efforts towards easing our day to day problems on GST.

Dr.Ravi managed successfully with result.

On budget: 2020-2021 we have brought out review by an expert

Mr. Aziz of Anand Rathi and it gives clean picture on it. The budget has

not given any good news to industry with exception on MSME. We

have to work with the given situation and prove our self-best.

We are now all set for the ensuing Asia ink and coat Show 2021

and planning for it I request all members to involve at your best in

making this show grand and no less than any other popular exhibition

taking place in India and on international level. Please bring maximum

exhibitors, advertisements, sponsors and at the top of it the visitors for

the show. I am sure with the new team spirit, it will successfully go

through. Also make new members and bring in more advertisers in our

prestigious magazine INKNEWS

One most important aspect I would like to bring to notice of all that

we have to upgrade our status /prestige as a supplier with our printer

fraternity which is very low at the moment and has to be seriously

thought. We will be working on this also in next meetings along with

credit issues.

Wising all the best to everyone.

D.N. Patil

President, AIPIMA


1104/1105,

ISO 9001:2015 CertifiedISO 14001: 2015 Certified

CRISIL RATED COMPANY

SAFE PRINTING INKS FOR FOOD PACKAGING: AN INNOVATIVE APPROACH TO FOOD SAFETYIntroduction

Printed food packaging is a vital

process in the food industry. It provides

legal information to the final consumer and

also an important tool for the presentation

and advertisement of foodstuffs. The legal

information about the foodstuffs include:

weight, composition, nutritional facts,

vendor details and presence of allergens.

Furthermore, printing also serves the

purpose of decoration and protection of

packed food materials 1

Properties of Food Packaging Printing Inks

A vast number of factors determine the

characteristics and properties of printing

inks and coatings (Table 1). The critical

factors of importance are ink’s printability,

its visual characteristics and properties of

the substrate to be used. Due to the varied

nature of applications of these inks a large

number of formulae are developed which

utilize very different raw materials. 2

Composition of food packaging printing

PACKAGING

By BS Kampani, Editor, Inknews

Requirement type Comments

Ink Production 1 Dispersion of the pigments used for ink production should be as fine as possible to meet the require-ments related to colour and gloss.The quality of the dispersion process depends on the components used.

Printability 1 To meet the requirements of increasing press speed, use of new substrates, etc. a constant improve-ment of the ink formulations is needed.

Substrate 1 Customisation of inks is required for their best performance for each substrate they are printed on.

Finishing1 Coating, foil embossing, laminating, gluing are finishing processes and each has different require-ments.

Packaging 1 The type of packaging processes employed, e.g. heat sealing, speed of packaging machines, neces-sary slip, packing at low temperatures, etc. influence the choice of ink used.

Storage of goods 1 Temperature and humidity affect the storage of goods.

Package contents 1 The choice of ink and its subsequent formulations is dependent on the characteristics and properties of the food.

Recovery of packaging 1 For potential influence in the recovered materials, inks are to be considered in the recovery process-es.

Table 1 Multitude of different requirements for food packaging printing inks 1


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SAFE PRINTING INKS FOR FOOD PACKAGING: AN INNOVATIVE APPROACH TO FOOD SAFETYIntroduction

Printed food packaging is a vital

process in the food industry. It provides

legal information to the final consumer and

also an important tool for the presentation

and advertisement of foodstuffs. The legal

information about the foodstuffs include:

weight, composition, nutritional facts,

vendor details and presence of allergens.

Furthermore, printing also serves the

purpose of decoration and protection of

packed food materials 1

Properties of Food Packaging Printing Inks

A vast number of factors determine the

characteristics and properties of printing

inks and coatings (Table 1). The critical

factors of importance are ink’s printability,

its visual characteristics and properties of

the substrate to be used. Due to the varied

nature of applications of these inks a large

number of formulae are developed which

utilize very different raw materials. 2

Composition of food packaging printing

PACKAGING

By BS Kampani, Editor, Inknews

Requirement type Comments

Ink Production 1 Dispersion of the pigments used for ink production should be as fine as possible to meet the require-ments related to colour and gloss.The quality of the dispersion process depends on the components used.

Printability 1 To meet the requirements of increasing press speed, use of new substrates, etc. a constant improve-ment of the ink formulations is needed.

Substrate 1 Customisation of inks is required for their best performance for each substrate they are printed on.

Finishing1 Coating, foil embossing, laminating, gluing are finishing processes and each has different require-ments.

Packaging 1 The type of packaging processes employed, e.g. heat sealing, speed of packaging machines, neces-sary slip, packing at low temperatures, etc. influence the choice of ink used.

Storage of goods 1 Temperature and humidity affect the storage of goods.

Package contents 1 The choice of ink and its subsequent formulations is dependent on the characteristics and properties of the food.

Recovery of packaging 1 For potential influence in the recovered materials, inks are to be considered in the recovery process-es.

Table 1 Multitude of different requirements for food packaging printing inks 1


inksThe composition of printing inks is

general ly based on their generic

components, regardless of the type of the

printing process. Nevertheless, the printing

process and the substrate can significantly

alter the type and composition of these

generic components. 1

The main ingredients of printing inks

are:

1. Colourants: insoluble organic and

inorganic pigments, soluble dyes 1

• Some commonly used colourants in

printing inks1

• Coloured organic pigments:

Classification according to colour

index, e.g. PY13, PR57:1; PB15:3;

PG7, PB61, PV23

• White pigments: Titanium dioxide

• Black pigments: Carbon black

• Metallic effect pigments: Powdered

aluminium or brass

PACKAGING

Type of Ink Formulation Solvent Vehicles

Traditional off-set inks 3, 4 Paste Fatty acid esters(typically for food packaging) 1, 3, 4

Modified natural resins 1, 4

Solvent-based inks3, 4 Liquid Ethanol/ethyl acetate, ethoxypro-panol 3, 4

Synthetic resins, modified natural resins, nitrocellulose 1,4

Water-based inks 3, 4 Liquid Aqueous polymer dispersions and solutions 3, 4

Ultraviolet (UV)-curing inks and lacquers 3, 4

Paste or liquid No solvents; consist of reactive polymers, oligomers and monomers 3, 4

Table 2 Composition of different type of inks

Table 3: The maximum permissible limit for heavy metal-based pigments and dyes 5

* Restriction of limits of sum of concentration of Pb, Cd, Hg and Cr (VI) (all together) shall not

exceed 100 ppm

• Fillers: Kaolin, chalk

2. VehicleThese are the transport mediums which aid

in carrying pigments through the press and

binding them to the substrate. Vehicles

comprise binders (polymers/resins) and

different solvents (Table 2) 1

3. AdditivesA number of chemical additives are added

to the printing inks to achieve different

technical effects during the production

process and/or in the final material. Some

of these additives include: catalysts,

antioxidants, adhesion promoters, amine

stabilizers, antifoam agents, antimists,

antistatics, biocides, chelating agents,

dispersing agents, siccatives for optimized

drying, flow agents, gallants, ink stabilizers,

optical brighteners, photoinitiators, waxes,

slip agent, suspension agent, thickener, UV

stabilizers and wetting agent (Table 3). 3

Materials and substances excluded from printing ink formulations- Recommendations from Bureau of Indian Standards (BIS) (2019) 5

According to recent regulations of the

following substances should be excluded

from food packaging printing inks:

1. Pigments and compounds based on

antimony (Sb)*, arsenic (As), cadmium

(Cd), chromium (Cr) (VI), lead (Pb) **,

mercury (Hg) and selenium (Se). 5

2. Dye colourants 5• Auramine (Basic Yellow 2 — Cl 41000)

• Chrysoidine (Basic Orange 2 — CI

11270)

• Cresylene Brown (Basic Brown 4 — CI

21010)

• Fuschine (Basic Violet 14 — CI 42510)

• Induline (Solvent Blue 7 — CI 50400)

• Azo dyes which can decompose in the

body to bioavailable aromatic amines

that are classified as category 1 or 2

carcinogens.

3. Prohibition of Toluene in ‘Solvents’ category. 5

4. Prohibit ion of Phthalates (Di-n-

butylphthalate, Di-isononyl phthalate) in

‘Plasticizers’ category. 5

5. Restriction of the limit of the sum of

concentration levels of Pb, Cd, Hg and

Cr (VI) shall not exceed 100 ppm.

Moreover, the individual prescribed

limits should not exceed in case of

pigment and dye based on heavy metal

(Table 3). 5

Different types of food packaging inks and their advantages

1. Sheet-fed Offset Inks

Commercial lithography presses use sheet-

Metal Maximum Requirement (ppm)

As 25

Ba 1000

Cd 75*

Cr (VI) 60*

Hg 60*

Pb 90*

Sb 60


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inksThe composition of printing inks is

general ly based on their generic

components, regardless of the type of the

printing process. Nevertheless, the printing

process and the substrate can significantly

alter the type and composition of these

generic components. 1

The main ingredients of printing inks

are:

1. Colourants: insoluble organic and

inorganic pigments, soluble dyes 1

• Some commonly used colourants in

printing inks1

• Coloured organic pigments:

Classification according to colour

index, e.g. PY13, PR57:1; PB15:3;

PG7, PB61, PV23

• White pigments: Titanium dioxide

• Black pigments: Carbon black

• Metallic effect pigments: Powdered

aluminium or brass

PACKAGING

Type of Ink Formulation Solvent Vehicles

Traditional off-set inks 3, 4 Paste Fatty acid esters(typically for food packaging) 1, 3, 4

Modified natural resins 1, 4

Solvent-based inks3, 4 Liquid Ethanol/ethyl acetate, ethoxypro-panol 3, 4

Synthetic resins, modified natural resins, nitrocellulose 1,4

Water-based inks 3, 4 Liquid Aqueous polymer dispersions and solutions 3, 4

Ultraviolet (UV)-curing inks and lacquers 3, 4

Paste or liquid No solvents; consist of reactive polymers, oligomers and monomers 3, 4

Table 2 Composition of different type of inks

Table 3: The maximum permissible limit for heavy metal-based pigments and dyes 5

* Restriction of limits of sum of concentration of Pb, Cd, Hg and Cr (VI) (all together) shall not

exceed 100 ppm

• Fillers: Kaolin, chalk

2. VehicleThese are the transport mediums which aid

in carrying pigments through the press and

binding them to the substrate. Vehicles

comprise binders (polymers/resins) and

different solvents (Table 2) 1

3. AdditivesA number of chemical additives are added

to the printing inks to achieve different

technical effects during the production

process and/or in the final material. Some

of these additives include: catalysts,

antioxidants, adhesion promoters, amine

stabilizers, antifoam agents, antimists,

antistatics, biocides, chelating agents,

dispersing agents, siccatives for optimized

drying, flow agents, gallants, ink stabilizers,

optical brighteners, photoinitiators, waxes,

slip agent, suspension agent, thickener, UV

stabilizers and wetting agent (Table 3). 3

Materials and substances excluded from printing ink formulations- Recommendations from Bureau of Indian Standards (BIS) (2019) 5

According to recent regulations of the

following substances should be excluded

from food packaging printing inks:

1. Pigments and compounds based on

antimony (Sb)*, arsenic (As), cadmium

(Cd), chromium (Cr) (VI), lead (Pb) **,

mercury (Hg) and selenium (Se). 5

2. Dye colourants 5• Auramine (Basic Yellow 2 — Cl 41000)

• Chrysoidine (Basic Orange 2 — CI

11270)

• Cresylene Brown (Basic Brown 4 — CI

21010)

• Fuschine (Basic Violet 14 — CI 42510)

• Induline (Solvent Blue 7 — CI 50400)

• Azo dyes which can decompose in the

body to bioavailable aromatic amines

that are classified as category 1 or 2

carcinogens.

3. Prohibition of Toluene in ‘Solvents’ category. 5

4. Prohibit ion of Phthalates (Di-n-

butylphthalate, Di-isononyl phthalate) in

‘Plasticizers’ category. 5

5. Restriction of the limit of the sum of

concentration levels of Pb, Cd, Hg and

Cr (VI) shall not exceed 100 ppm.

Moreover, the individual prescribed

limits should not exceed in case of

pigment and dye based on heavy metal

(Table 3). 5

Different types of food packaging inks and their advantages

1. Sheet-fed Offset Inks

Commercial lithography presses use sheet-

Metal Maximum Requirement (ppm)

As 25

Ba 1000

Cd 75*

Cr (VI) 60*

Hg 60*

Pb 90*

Sb 60


PACKAGING

fed offset inks for printing, such as,

advertising brochures, business papers

and packaging, on individual sheets rather

than long rolls. These types of inks are

based on phenolic or maleic acid-modified

rosin ester and alkyd resins in vegetable

drying oils (linseed, soya, tung) which are

diluted with mineraI oil. Drying processes

for these inks include quick-setting, i.e. by

absorption and oxidation. 4

However, sheet-fed offset printing inks for

food packaging must be formulated in

compliance with the EuPIA Guideline 6,

which recommends that inks should be

formulated only using food contact

approved substances or using substances

that do not migrate. These include the

solvents used in low-migration sheet-fed

offset inks such as fatty acid esters which

have low or no detectable level of migration

as evaluated by the European Food Safety

Authority (EFSA) with respect to contact

with foodstuffs. Mineral oils are not

purposely used for sheet-fed offset inks for

food packaging. But, contamination might

occur and the level of mineral oils,

part icular ly Mineral Oi l Aromat ic

Hydrocarbons (MOAH) (aromatic fraction)

and Mineral Oil Saturated Hydrocarbons

(MOSH) (saturated fraction) of lower

molecular weight (<C24) in the final

packaging solutions require monitoring. 1

Desirable properties of offset food packaging inksOffset inks should form a film of ink which is

organoleptically neutral to maintain

organoleptic characteristics of the package

contents. This can be achieved by:

• Using rosin-based resins 1

• Avoiding hydrocarbon resins (with their

characteristic odour) 1

• Using minimum quantities of vegetable

oils (with few double bonds) 1

For the purpose of for food packaging, low-

odour and low-migration inks should be

Key Recommendations from European Printing Ink Association (EuPIA) for the use of sheet-fed offset printing inks/varnishes 6

1. The following four categories of sheet-fed offset printing inks/varnishes are suitable for the manufacture of food packaging without

effective barrier 6

• Low-odour and low-migration sheet-fed offset ink, mineral oil free 6

• Low-odour and low-migration oil-based varnish, mineral oil free 6

• Low-odour and low-migration UV printing ink or UV lacquer, mineral oil free 6

• Low-odour and low-migration water-based coating, mineral oil free 6

2. Oxidative drying process is not recommended for the manufacture of food packaging without effective barrier. 6

3. Conventional sheet-fed offset ink (mineral oil free), standard UV printing ink/lacquer (mineral oil free) are not recommended for the

manufacture of food packaging without effective barrier. 6

used which dry mainly by setting

processes. It is essential to apply a suitable

overprint varnish to the packages for

protection purposes. 1

2. Solvent-based inks A more modern method of printing is the

flexographic technique. Flexographic

printing has wide spectrum of applications

including food packaging based on plastic,

paper, board and metal. Flexographic inks

are solvent based systems (as e.g. ethyl

acetate and alcohol) with lower viscosity

compared to offset inks.3

The vehicle generally used for inks and

coatings in solvent based systems is

nitrocellulose (NC).It is most widely used

vehicle and soluble in organic solvents

such as acetone, alcohols, ethyl acetate

and ketones. A majority of flexographic and

gravure packaging inks conta in

nitrocellulose. The maleic resins and other

synthetic resins (polyvinyl butyral (PVB),

polyamide (PA) and polyurethane) are also

used based on the anticipated use of the

packaging and the substrate. The most

important factors for resins and solvents

are solvent release, compatibility and

drying. In solvent-based systems, the

resins are dissolved in the solvent. After the

evaporation of the solvent, a homogeneous

film of resin with pigment particles

dispersed in it remains on the surface

resulting in a mechanically stable print. 1

The main end-use application for

flexible packaging is food packaging. A

number of different types of resins are used

for printing inks on flexible packaging such

as styrene acrylics, polyurethanes,

polyamides, nitrocellulose, etc. However,

snack foods, pre-cooked meals, meat,

cheese and poultry demand multi-laminate

packaging structures. This is usually

achieved by reverse printing on the outer

layer of packaging and laminating to an

internal layer. This brings polyurethane

resin-based ink systems at the forefront to

overcome the unique requirements and

challenges of such laminated packaging.7

Polyurethane resin-based ink systems (PURs): An upcoming advancement for laminated food packaging As a strong growth is observed in food

categories requiring laminated packages,

PURs seem to be beneficial options to

disperse pigments more efficiently, print

better with less complexity and more cost-

effective. In the case of thermally-

processed food packaging (retort

packaging from a laminate of flexible plastic

and metal foils), there is a need for high

bond strengths under chal lenging

conditions. The addition of nitrocellulose is

not recommended due to the formation of

nitrosamines caused by the exposure of it

in the packaging to high temperatures.


PACKAGING

Despite of the packaging application, the

ability to achieve maximum opacity and

bond strengths is important in case of white

inks. The addition of other resins can lower

bond strengths and opacity. Therefore, a

PUR with the capability to grind the

inorganic pigment without addition of

another resin, such as nitrocellulose or

polyvinyl butyral would be best option as to

achieve both higher bond strengths and

higher opacity.7

3. Water based InksThough solvent-based inks are considered

as reasonable way in food packaging,

recently there has been an inclination in

using high-performance water based inks

that can reduce volatile organic compounds

(VOCs) emissions, and safer and more

environmentally friendly.8 But one of the

major limitation is the “drying speed” of

water. Water evaporates at a significantly

slower rate compared with solvents so a

large amount of energy is required for

drying a water-based print.1 Water requires

significantly more heat, energy and time to

be driven off non-absorbent substrates

together with its high surface energy. This

leads to wetting issues on untreated and

substrates with lower surface energy. 8

Because of this reason water-based inks

are best suited when the substrate

faci l i tates the sett ing mechanism

(absorption). Typically, water-soluble

resins are not used as the solitary binder in

water-based systems as the final prints

obtained are not water resistant. Water-

insoluble prints can be obtained by utilizing

polymers having acid groups to prepare

aqueous solutions and dispersions by using

a volatile neutralising agent (usually an

organic amine) to form an amine salt. This

neutralising agent evaporates during the

drying process and a water-insoluble print

is obtained. 1

The colloidal dispersions of fine

polymer particles stabilised in the liquid

phase (resin dispersions) can also be used.

Often the copolymers of acrylic acid and its

esters, with styrene and similar vinyl-

containing substances are used as binders

in water-based systems. These are

prepared by emulsion polymerisation.1

With the recent advancements in resin

chemistry water-based printing on non-

absorbent substrates has become a

feasible industrial solution. Contrary to the

tradit ional acryl ic dispersions, the

combination of rheology-controlled (RC)

acrylic emulsions with self-crosslinking

technology has been a major breakthrough

in water based packaging. The main

advantage of these RC emulsions is that

they provide an excellent resolubility and

printability due to the presence of alkali-

soluble, low-molecular-weight acrylic resins

(ASR). The mechanism includes formation

of a near-Newtonian rheology of the wet ink

during printing due to the presence of these

resins both at the surface of the polymer

particles and in the water phase. These

resins migrate and form a membrane-like

structure around the acrylic polymer

particles during ink drying process. This

leads to the distribution of acid groups

around the particles which eventually

improves resolubility.9

Though these acrylic self-crosslinking

emulsions are ideal for surface printing with

water- based inks, for reverse laminated

printing polyurethane dispersions (PUDs)

have proven ideal. PUDs are surfactant-

free due to their stabilization mechanism

which improves adhesion properties and

allows resolubility to be adjusted. 9

The most recent advancement is the

development of hybrid systems in the

water-based resin chemistry. These hybrid

systems are a combination of superior

elasticity and strength of PUDs and the high

printability and resolubility of acrylic

emulsions. The core-shell systems with

exceptional properties are formed when the

acrylic monomers polymerize in the

presence of a PUD “seed” polymers. 9

4. UV-curing inks and lacquersFlexographic and offset printing processes

utilize UV-curing systems. The mechanism

of action involves instantaneous formation

of a three-dimensional crosslinked stable

film after exposure with UV radiation on ink

or varnish. The reaction is initiated by

photo-initiators (catalysts) and the UV light

converts the photo-initiators into free

radicals, which immediately react with the

double bonds of the acrylate oligomers (UV

ink vehicle) and polymerise (Figure 1).1

These UV ink vehicle oligomers are

very viscous polymers containing reactive

acrylate groups. They are classified

according to the chemistry utilized in their

manufacture or polymer structure

(e.g.epoxy acrylates, polyester acrylates,

urethane acrylates). They are the backbone

of a UV ink and assure its important

properties such as resistance, adhesion,

and flexibility.1

Cationic UV-curing inksThe basic principle of polymerisation

involves use of cationic photo-initiators that

produce a cationic species to initiate an

acid-catalysed polymerisation. Some of the

common examples of cationic photo-

initiators are triarylsulphonium salts,

diaryliodonium salts and their derivatives.

The vehicle is usually a mixture of

di-epoxide compounds and vinyl ethers.1

The main benefits of these cationic UV

systems are better adhesion and lower

odour characteristics. Because there

occurs cationic polymerization so oxygen

inhibition is not applicable, and the cationic

cure can proceed without inhibition except

some chemical inhibitors are present in the

ink film. This promotes higher molecular

weight in the polymerization and excellent

product resistance. 10

Low-migration UV-curing systemsIt is possible to formulate low-migration UV

systems once sufficiently cured if great

caution is taken while selecting photo-

initiators, oligomers and monomers. The

following parameters should be considered

when developing inks for food packaging

materials:

• An appropriate selection of photo-

initiators with low migrating potential

(e.g. high molecular weight or specific

chemical structure) 1

• Use of highly reactive oligomers and


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PACKAGING

Despite of the packaging application, the

ability to achieve maximum opacity and

bond strengths is important in case of white

inks. The addition of other resins can lower

bond strengths and opacity. Therefore, a

PUR with the capability to grind the

inorganic pigment without addition of

another resin, such as nitrocellulose or

polyvinyl butyral would be best option as to

achieve both higher bond strengths and

higher opacity.7

3. Water based InksThough solvent-based inks are considered

as reasonable way in food packaging,

recently there has been an inclination in

using high-performance water based inks

that can reduce volatile organic compounds

(VOCs) emissions, and safer and more

environmentally friendly.8 But one of the

major limitation is the “drying speed” of

water. Water evaporates at a significantly

slower rate compared with solvents so a

large amount of energy is required for

drying a water-based print.1 Water requires

significantly more heat, energy and time to

be driven off non-absorbent substrates

together with its high surface energy. This

leads to wetting issues on untreated and

substrates with lower surface energy. 8

Because of this reason water-based inks

are best suited when the substrate

faci l i tates the sett ing mechanism

(absorption). Typically, water-soluble

resins are not used as the solitary binder in

water-based systems as the final prints

obtained are not water resistant. Water-

insoluble prints can be obtained by utilizing

polymers having acid groups to prepare

aqueous solutions and dispersions by using

a volatile neutralising agent (usually an

organic amine) to form an amine salt. This

neutralising agent evaporates during the

drying process and a water-insoluble print

is obtained. 1

The colloidal dispersions of fine

polymer particles stabilised in the liquid

phase (resin dispersions) can also be used.

Often the copolymers of acrylic acid and its

esters, with styrene and similar vinyl-

containing substances are used as binders

in water-based systems. These are

prepared by emulsion polymerisation.1

With the recent advancements in resin

chemistry water-based printing on non-

absorbent substrates has become a

feasible industrial solution. Contrary to the

tradit ional acryl ic dispersions, the

combination of rheology-controlled (RC)

acrylic emulsions with self-crosslinking

technology has been a major breakthrough

in water based packaging. The main

advantage of these RC emulsions is that

they provide an excellent resolubility and

printability due to the presence of alkali-

soluble, low-molecular-weight acrylic resins

(ASR). The mechanism includes formation

of a near-Newtonian rheology of the wet ink

during printing due to the presence of these

resins both at the surface of the polymer

particles and in the water phase. These

resins migrate and form a membrane-like

structure around the acrylic polymer

particles during ink drying process. This

leads to the distribution of acid groups

around the particles which eventually

improves resolubility.9

Though these acrylic self-crosslinking

emulsions are ideal for surface printing with

water- based inks, for reverse laminated

printing polyurethane dispersions (PUDs)

have proven ideal. PUDs are surfactant-

free due to their stabilization mechanism

which improves adhesion properties and

allows resolubility to be adjusted. 9

The most recent advancement is the

development of hybrid systems in the

water-based resin chemistry. These hybrid

systems are a combination of superior

elasticity and strength of PUDs and the high

printability and resolubility of acrylic

emulsions. The core-shell systems with

exceptional properties are formed when the

acrylic monomers polymerize in the

presence of a PUD “seed” polymers. 9

4. UV-curing inks and lacquersFlexographic and offset printing processes

utilize UV-curing systems. The mechanism

of action involves instantaneous formation

of a three-dimensional crosslinked stable

film after exposure with UV radiation on ink

or varnish. The reaction is initiated by

photo-initiators (catalysts) and the UV light

converts the photo-initiators into free

radicals, which immediately react with the

double bonds of the acrylate oligomers (UV

ink vehicle) and polymerise (Figure 1).1

These UV ink vehicle oligomers are

very viscous polymers containing reactive

acrylate groups. They are classified

according to the chemistry utilized in their

manufacture or polymer structure

(e.g.epoxy acrylates, polyester acrylates,

urethane acrylates). They are the backbone

of a UV ink and assure its important

properties such as resistance, adhesion,

and flexibility.1

Cationic UV-curing inksThe basic principle of polymerisation

involves use of cationic photo-initiators that

produce a cationic species to initiate an

acid-catalysed polymerisation. Some of the

common examples of cationic photo-

initiators are triarylsulphonium salts,

diaryliodonium salts and their derivatives.

The vehicle is usually a mixture of

di-epoxide compounds and vinyl ethers.1

The main benefits of these cationic UV

systems are better adhesion and lower

odour characteristics. Because there

occurs cationic polymerization so oxygen

inhibition is not applicable, and the cationic

cure can proceed without inhibition except

some chemical inhibitors are present in the

ink film. This promotes higher molecular

weight in the polymerization and excellent

product resistance. 10

Low-migration UV-curing systemsIt is possible to formulate low-migration UV

systems once sufficiently cured if great

caution is taken while selecting photo-

initiators, oligomers and monomers. The

following parameters should be considered

when developing inks for food packaging

materials:

• An appropriate selection of photo-

initiators with low migrating potential

(e.g. high molecular weight or specific

chemical structure) 1

• Use of highly reactive oligomers and


PACKAGING

diluents to make sure of complete

crosslinking of all available substances1

• Relevant selection of additives which

have low migration potential and which

are evaluated substances 1

• Formulation of inks should be in strict

compliance with good manufacturing

practice (GMP) 1

Conclusion A wide variety of ink and varnish

formulations are available to meet the

requirements of the printing processes,

substrate types and food packaging

specifications. For food packaging,

especially formulated low-migration inks

and overprint varnishes are available for

offset printing. Also, a number of solvent

based systems are avai lable for

f lexographic and gravure printing.

UV-curing systems are available with better

adhesion and low odour characteristics.

Contrary to the tradit ional acryl ic

dispersions, the combination of rheology-

controlled (RC) acrylic emulsions with self-

crosslinking technology has been a major

breakthrough in water based packaging.

In the recent times one of the biggest

trends in food packaging is safe packaging.

This emphasizes that the packaging

material should be manufactured in

compliance with GMPs to ensure food

safety. There is an inclination to prohibit

transference of ink constituents to food in

quantities which could endanger human

health, cause unacceptable change in the

composition of the food or deteriorate in the

organoleptic characteristics.

References1. Sutter J, Dudler V and Meuwly R.

Packaging Materials. Printing Inks for

Food Packaging- Composition and

Properties of Printing Inks. Chapter 8.

ILSI Europe Report Series. 2011; pp:

5.

2. Printing Inks for food packaging.

Available from URL: http://www.

hubergroup.net/pdf-files/inkformarion/

INKFORMATION_3_en_08 .pd f

(Accessed on December 19, 2019)

3. Pedersen GA, Carlson E, Ekroth S,

Kostamo P, Nordström ÅL, Olafsson G

etal. Food contact materials and

articles: Printing Inks. Check lists for

compliance in industry and trade and

control by food inspection. 2012; pp:

1-59. Available at the URL: http://

norden.diva-portal.org/smash/get/

d iva2:702311/FULLTEXT01.pdf

(Accessed on December 19, 2019).

4. Printing Processes and Printing Inks,

Carbon Black and Some Nitro

Compounds. IARC Monographs on the

Evaluation of Carcinogenic Risks to

Humans, No. 65. International Agency

for Research on Cancer.1996;

Available at the URL: https://www.ncbi.

n lm.n ih.gov/books/NBK424322/


5. Printing ink for food packaging —code

of practice. Bureau of Indian

Standards (BIS). 2019; Available at the

URL: http://www.bis.gov.in (Accessed

on December 19, 2019).

6. EuPIA Customer Information Note

regarding the use of sheetfed offset

printing inks/varnishes (setting and/or

oxidative drying, or UV/EB curing) and

water-based coat ings for the

manufacture of food packaging made

from paper and board. 2015; Available

at the URL: https://www.eupia.org/

f i l e a d m i n / F i l e s A n d T r a d E x t x _

edm/2015 -10 -08_EuP IA_ in fo_

sheetfed_offset_inks_for_paper_

board_food_packaging.pdf (Accessed


7. Chavannavar S. The roles of ink resins

add both aesthetics and functional

benefits to flexible packaging.2018;

Available at the URL: https://insights.

b a s f . c o m / h o m e / a r t i c l e / r e a d /

polyurethane-ink-resins-technology-

for-the-future-of-flexible-packaging


8. Food packaging demands, water-

based inks, FDA c learance,

performance hurdles, and the signs of

a sustainable future.2017; Available at

the URL: https://insights.basf.com/

home/article/read/is-the-science-of-

foodsafe-inks-moving-fast-enough


9. Bek M, Hijlkema T and Morselli S.

Water-based inks for f lexible

packaging.2018; Available at the URL:

https://www.convertingmagazine.it/

w a t e r - b a s e d - i n k s - f o r - f l e x i b l e -

packaging/ (Accessed on December

19, 2019).

10. Podhajny RM. What Is Cationic UV

Technology? 2004; Available at the

URL: https://pffc-online.com/ar/2206-

p a p e r - c a t i o n i c - u v - t e c h n o l o g y



PACKAGING

diluents to make sure of complete

crosslinking of all available substances1

• Relevant selection of additives which

have low migration potential and which

are evaluated substances 1

• Formulation of inks should be in strict

compliance with good manufacturing

practice (GMP) 1

Conclusion A wide variety of ink and varnish

formulations are available to meet the

requirements of the printing processes,

substrate types and food packaging

specifications. For food packaging,

especially formulated low-migration inks

and overprint varnishes are available for

offset printing. Also, a number of solvent

based systems are avai lable for

f lexographic and gravure printing.

UV-curing systems are available with better

adhesion and low odour characteristics.

Contrary to the tradit ional acryl ic

dispersions, the combination of rheology-

controlled (RC) acrylic emulsions with self-

crosslinking technology has been a major

breakthrough in water based packaging.

In the recent times one of the biggest

trends in food packaging is safe packaging.

This emphasizes that the packaging

material should be manufactured in

compliance with GMPs to ensure food

safety. There is an inclination to prohibit

transference of ink constituents to food in

quantities which could endanger human

health, cause unacceptable change in the

composition of the food or deteriorate in the

organoleptic characteristics.

References1. Sutter J, Dudler V and Meuwly R.

Packaging Materials. Printing Inks for

Food Packaging- Composition and

Properties of Printing Inks. Chapter 8.

ILSI Europe Report Series. 2011; pp:

5.

2. Printing Inks for food packaging.

Available from URL: http://www.

hubergroup.net/pdf-files/inkformarion/

INKFORMATION_3_en_08 .pd f

(Accessed on December 19, 2019)

3. Pedersen GA, Carlson E, Ekroth S,

Kostamo P, Nordström ÅL, Olafsson G

etal. Food contact materials and

articles: Printing Inks. Check lists for

compliance in industry and trade and

control by food inspection. 2012; pp:

1-59. Available at the URL: http://

norden.diva-portal.org/smash/get/

d iva2:702311/FULLTEXT01.pdf


4. Printing Processes and Printing Inks,

Carbon Black and Some Nitro

Compounds. IARC Monographs on the

Evaluation of Carcinogenic Risks to

Humans, No. 65. International Agency

for Research on Cancer.1996;

Available at the URL: https://www.ncbi.

n lm.n ih.gov/books/NBK424322/


5. Printing ink for food packaging —code

of practice. Bureau of Indian

Standards (BIS). 2019; Available at the

URL: http://www.bis.gov.in (Accessed


6. EuPIA Customer Information Note

regarding the use of sheetfed offset

printing inks/varnishes (setting and/or

oxidative drying, or UV/EB curing) and

water-based coat ings for the

manufacture of food packaging made

from paper and board. 2015; Available

at the URL: https://www.eupia.org/

f i l e a d m i n / F i l e s A n d T r a d E x t x _

edm/2015 -10 -08_EuP IA _ in fo_

sheetfed_offset_inks_for_paper_

board_food_packaging.pdf (Accessed


7. Chavannavar S. The roles of ink resins

add both aesthetics and functional

benefits to flexible packaging.2018;

Available at the URL: https://insights.

b a s f . c o m / h o m e / a r t i c l e / r e a d /

polyurethane-ink-resins-technology-

for-the-future-of-flexible-packaging


8. Food packaging demands, water-

based inks, FDA c learance,

performance hurdles, and the signs of

a sustainable future.2017; Available at

the URL: https://insights.basf.com/

home/article/read/is-the-science-of-

foodsafe-inks-moving-fast-enough


9. Bek M, Hijlkema T and Morselli S.

Water-based inks for f lexible

packaging.2018; Available at the URL:

https://www.convertingmagazine.it/

w a t e r - b a s e d - i n k s - f o r - f l e x i b l e -

packaging/ (Accessed on December

19, 2019).

10. Podhajny RM. What Is Cationic UV

Technology? 2004; Available at the

URL: https://pffc-online.com/ar/2206-

p a p e r - c a t i o n i c - u v - t e c h n o l o g y



BUDGET 2020: ANAND RATHI WEALTH’S VIEWTranscript: Feroze Azeez, Deputy CEO

I think there’s been enough said on the

budget so far but let me tell you our opinion

on the same. To summarize it in one line, it

is a very ‘intelligent’ budget. Maybe not

timed very well but has had so many

provisions and progressive steps taken for

the betterment of the country’s fiscal deficit.

Why do I call it an intelligent budget? I

call it an intelligent budget because from a

direct tax standpoint, there were 4 – 5 things

which, were resulting in a no control

environment from a tax collection

perspective. For example, there are 120

provisions which can be used to bring down

the tax liability of a person, people could go

tax free for up to 14 lakh rupees in India. So

if you can go tax free, almost zero tax at 14

lakh rupees which is 14 times more than the

per capita income of this country (which is

almost 1 lakh rupees), there cannot be a

better tax regime! We were being very

generous on taxation.

That’s why another clean method has

been introduced, where a person who earns

Rs. 10 lakh rupees has to pay only Rs.

78,000 tax which I think the fairest the

government can be. Because, it’s only 7.8%

tax for a Rs. 10 lakh base. For a person who

earns 15 lakh rupees, the tax liability in the

clean method is Rs. 1,95,000 which works

around 13 to 15%! So, 13 – 15% for a Rs. 15

lakh salary in India where the average per

capita is 1 lakh odd is anyway the most

generous it could get. So these 120

provisions going away in the next 3 to 4

years is a great step for the country’s fiscal

deficit over the next 4-5-10 year period.

Second point, lot of arbitrage in taxation

existed, that has been curtailed significantly.

For example, Mutual Funds Dividends were

very differently priced than the Dividends of

Stocks to investors that has gone away and

it has benefitted immensely to people who

are in the lower tax bracket. Dividend

Distribution Tax is far higher for people who

are earning Rs. 5-8 lakhs a year. So the rich

were getting compensated on dividend and

the poor was paying for that compensation,

which now goes away.

Third, again from a tax compliance

standpoint, many were misusing the 182

days limit to become NRIs and pay NO TAX

that year on all the income they earned

globally. Now, that has been curtailed and I

think this was one of the brightest moves a

country can do and several other emerged

countries have done that. If you are a

genuine NRI with a work permit outside, you

are not impacted. Genuinely compliant are

not being dented, that’s one intelligent

moves and there are several other

intel l igent moves made to br ing

transparency and fairness in taxation.

That’s one.

Disinvestment has become far more

innovative! Speaking of borrowing 10 year

GSec from retail, where retail, participation

is negligible is a very big step to bring down

interest rate on the 10-year government

paper. Today, the 10-year government

paper is at 6.85%, because retail do not

participate in it and only large institutions

participated in it. So, now once retail starts

participating, the interest rates in this

country in the long term can come down

significantly – that’s on the debt side.

On the equity side, disinvestment was


Feroze Azeez

Sou

rce:

ww

w.e

cono

mic

times

.indi

atim

es.c

om

conventionally thought for businesses

which are not stupendous businesses. LIC

disinvestment is so innovative. It can create

huge amount of surpluses which can be

helped in the economic spends. That’s also

very bright. Disinvestment and market

development is great.

Tax has become far more transparent.

One thing which the honourable finance

minister said that she’s going to phase out

these 120 provisions which is what

everybody is suffering for.

Somebody is compensating for another

person which is not a great idea from a long-

term perspective.

Of course, there could have been more

stimulus provided to the economy, but I

think this government has exhibited that

providing stimulus is not a budget job, it’s a

continuous process.

And government has done several

things out of turn and did not wait for the

budget, so we are reasonably confident that

if economic data comes not to the liking of

the government, they will push the

expenditure and curtail any further slip in the

economic numbers.

Now coming to the strategy part of what

should the investor do?

If an Investor is not transactional and

buying a portfolio (not a product) and is

creating a portfolio with Plan A and Plan B –

If the market does well, Plan A supports. If

the market does not do well, Plan B

supports. If you have a portfolio which is

strategic in nature which has different

constituents working at different points in

time favourably for you, then there is

nothing to worry. Of course, risk also has a

larger emphasis and global risks also can

have impact on the risks and volatility on the

Indian markets which has been reasonably

lower since last 3 years.

So please take risks more seriously,

that’s my recommendation. Measure it and

make sure it is curtailed (Point 1)

(Point 2) Be strategic rather than buying

products on individual merit. Create all

weather portfolios that’s what we have been

aspiring to do and done it reasonably well I

would like to believe. If you are on that path

then this is an opportunity rather than an

adversity and I think market would realise

the same and price it in.”


conventionally thought for businesses

which are not stupendous businesses. LIC

disinvestment is so innovative. It can create

huge amount of surpluses which can be

helped in the economic spends. That’s also

very bright. Disinvestment and market

development is great.

Tax has become far more transparent.

One thing which the honourable finance

minister said that she’s going to phase out

these 120 provisions which is what

everybody is suffering for.

Somebody is compensating for another

person which is not a great idea from a long-

term perspective.

Of course, there could have been more

stimulus provided to the economy, but I

think this government has exhibited that

providing stimulus is not a budget job, it’s a

continuous process.

And government has done several

things out of turn and did not wait for the

budget, so we are reasonably confident that

if economic data comes not to the liking of

the government, they will push the

expenditure and curtail any further slip in the

economic numbers.

Now coming to the strategy part of what

should the investor do?

If an Investor is not transactional and

buying a portfolio (not a product) and is

creating a portfolio with Plan A and Plan B –

If the market does well, Plan A supports. If

the market does not do well, Plan B

supports. If you have a portfolio which is

strategic in nature which has different

constituents working at different points in

time favourably for you, then there is

nothing to worry. Of course, risk also has a

larger emphasis and global risks also can

have impact on the risks and volatility on the

Indian markets which has been reasonably

lower since last 3 years.

So please take risks more seriously,

that’s my recommendation. Measure it and

make sure it is curtailed (Point 1)

(Point 2) Be strategic rather than buying

products on individual merit. Create all

weather portfolios that’s what we have been

aspiring to do and done it reasonably well I

would like to believe. If you are on that path

then this is an opportunity rather than an

adversity and I think market would realise

the same and price it in.”


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Make the choice that is sure to make a mark for your business. All you need is the right product and innovation on your side. Our range of products are ready to cater to different needs and industries.

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AIPIMA EGMAll India Printing Inks Manufacturer’s Association held it’s Extra Ordinary General Meeting on 20th January 2020 at Hotel Novotel Juhu, Mumbai.

The amendments in the Articles of Association were passed unanimously with changes proposed during the meeting.

The amended Articles of Association, as filed by the Association with ROC, are duly approved by the Registrar of Companies.

From Left To Right Mr.Bhaumik Mehta, Mr.Mitesh Shah, Mr.B B Sen, Mr.Rahul Sharma,Mr.D N Patil, Mr.Dhananjay Sathye, Mr.Gururaj Moharir, Mr.Shekhar Iyer, Mr.Zaniul Lakadawala, Mr.Rajeev Sharma, Mr.R Shridharan, Mr.N G Shah, Mr.Bodi Kampani, Mr.Manoj Biyani, Mr. Guarav Sathye, Dr. Ravi Gandhi, Mr.Yogesh Solanki, Mr. Mohan Kathayat.


AIPIMA EGMAll India Printing Inks Manufacturer’s Association held it’s Extra Ordinary General Meeting on 20th January 2020 at Hotel Novotel Juhu, Mumbai.

The amendments in the Articles of Association were passed unanimously with changes proposed during the meeting.

The amended Articles of Association, as filed by the Association with ROC, are duly approved by the Registrar of Companies.

From Left To Right Mr.Bhaumik Mehta, Mr.Mitesh Shah, Mr.B B Sen, Mr.Rahul Sharma,Mr.D N Patil, Mr.Dhananjay Sathye, Mr.Gururaj Moharir, Mr.Shekhar Iyer, Mr.Zaniul Lakadawala, Mr.Rajeev Sharma, Mr.R Shridharan, Mr.N G Shah, Mr.Bodi Kampani, Mr.Manoj Biyani, Mr. Guarav Sathye, Dr. Ravi Gandhi, Mr.Yogesh Solanki, Mr. Mohan Kathayat.


40 YEARS OF EXCELLENCE

KAY KAY PRINTING INKS

OFFSET / MINI OFFSET PREMIUM QUALITY / RICH COLOURS

SPOT COLOURS & COLOUR MATCHING

Kay Kay Printing Inks is one of the pioneer in printing ink industry manufacturing spot (cut)

colours & matching inks for offset & mini offset, web offset, and process colour printing inks since beginning operations

from 1980. With four decades of manufacturing expertise Kay Kay Printing Ink serves clients across, Tamil Nadu,

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Phone: 04562 231014Mobile: +91 94426 31014Email: [email protected]

81,A.J. Nagar,Thiruthangal,Via Sivakasi,Tamil Nadu, India - 626130

CONTACT INFORMATIONS

MANIS

IMPORTED PRINTING INKS FROM SOUTH KOREA

IMPORTED FROM MALAYSIA

UNITED INKS

BOMBAY WELL PRINT INKS

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