Top economy news of the day- September 9, 2015

Fairness creams are again under scrutiny with the Maharashtra FDA issuing notices to Chandigarh-based pharmaceutical company Torque Pharma over the latter's attempts to position its steroid-based fairness creams as over-the-counter products. Steroid-based drugs or creams have to be prescribed by a doctor, which means these cannot be advertised at all.

Fairness creams are again under scrutiny with the Maharashtra Food & Drug Administration (FDA) issuing notices to Chandigarh-based pharmaceutical company Torque Pharma over the latter's attempts to position its steroid-based fairness creams as over-the-counter products. Steroid-based drugs or creams have to be prescribed by a doctor, which means these cannot be advertised at all.

Natural rubber market got into doldrums as the Kerala government's market intervention program miserably failed. Though the state government requested Rs10bn under the price stabilisation scheme, Union government has so far not sanctioned funds for bailing out the million plus rubber growers. RSS-4 grade rubber quoted Rs111/Kg, lowest during last 12 months.

Cotton output in India is likely to drop by up to 15% this year due to insufficient rain and pest attack in two cotton-growing regions of the country. In Gujarat, a major cotton-producing state, the crop has been hit by weak rainfall after a good sowing period, when the monsoon was strong. Rainfall in the region has been patchy and 28% below normal.