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Gold prices in India have experienced a significant decline, dropping ₹360 to ₹74,900 per 10 grams, following a weakening rupee that fell from ₹84.09 to ₹84.37 against the dollar. This downturn marks a stark contrast to the recent high of ₹79,557 per 10 grams on October 31. The decline is attributed to global uncertainty and a sluggish domestic economy, with gold remaining steady in dollar terms at $2,619 an ounce. Inflation fears in the US, exacerbated by President Donald Trump's proposed tariffs and tax cuts, are prompting investors to consider gold as a safe haven. Analysts suggest that if the dollar continues to strengthen, domestic gold prices may fall further. Additionally, competition from alternative assets like Bitcoin, which recently surged to $90,000, is impacting gold's appeal. Market indicators now show a 31% chance that the US Federal Reserve will maintain interest rates in December, affecting gold's future trajectory. 
Published: Nov 13 2024, 8 pmeznews.inIndia's economic integration with the United States is expected to continue growing, regardless of political changes in the US, according to Commerce Secretary Sunil Barthwal. Speaking to the media, Barthwal emphasized the bipartisan support for this relationship, noting that trade has steadily increased since 2001, with US imports from India rising from $9.7 billion to $87.3 billion by 2023. However, there is uncertainty regarding the trade policies of President-elect Donald Trump, particularly concerning China, where a potential resumption of trade tensions could create opportunities for India to fill supply gaps in the US market. Barthwal indicated that India's export strategy will adapt to these developments, while also confirming that the US remains India's top export destination, with shipments valued at $77.51 billion in FY24. Decisions on pursuing a proposed mini-trade deal will be made once Trump's administration is established.
Published: Nov 14 2024, 9 pmeznews.inAs of November 14, 2024, India's major reservoirs are at 85% capacity, slightly down from last week but significantly higher than last year and the 10-year average, according to the Central Water Commission (CWC). The total storage stands at 152.911 billion cubic metres, with key rabi growing states showing above-normal levels, although Punjab, Himachal Pradesh, Bihar, and Nagaland report lower-than-average storage. The Indian Meteorological Department (IMD) noted a 10% deficiency in post-monsoon rainfall, with 64% of districts experiencing below-normal precipitation. Rabi sowing is lagging by 7.4% as of November 8. The western region boasts the highest storage at 96% capacity, while the central and southern regions maintain levels of 88% and 87%, respectively. The IMD forecasts normal to above-average rainfall for southern India, although the Indian Ocean Dipole's emergence could impact western regions.
Published: Nov 14 2024, 9 pmeznews.inUnion Minister of New & Renewable Energy Pralhad Joshi, speaking at a Chintan Shivir in Bhubaneswar, underscored the urgency of achieving India's ambitious target of 500 gigawatts (GW) of installed non-fossil fuel capacity by 2030, describing it as a "clarion call for action." He proposed the establishment of a task force, in collaboration with the Power Ministry, to address critical challenges such as land acquisition, transmission infrastructure, and power purchase agreements. The two-day brainstorming session, organized by the Ministry of New and Renewable Energy (MNRE), involves top government officials and industry experts aiming to devise a comprehensive roadmap for the sector. Joshi expressed optimism about the potential of over ₹32 lakh crore in commitments made during the RE-Invest Summit, emphasizing the need for collaboration among industry players, government bodies, and financial institutions to turn these commitments into reality.
Published: Nov 14 2024, 7 pmeznews.inAs of November 8, 2024, the total area under rabi crops in India has decreased by 7.4% to 146.06 lakh hectares compared to the previous year, with significant declines in wheat, chana, mustard, and jowar sowing. Wheat acreage has dropped by 15.5% to 41.3 lakh hectares, while chana and mustard have seen reductions of 10.4% and 1.6%, respectively. Conversely, paddy coverage remains stable at 7.04 lakh hectares, and rabi maize sowing has surged by 50.3% to 2.71 lakh hectares. The government has set ambitious production targets for various crops, including 115 million tonnes for wheat. Experts warn that delayed sowing could adversely affect yields, particularly in the north-western plains, where optimal sowing should conclude by November 20. Additionally, farmers in Uttar Pradesh are weighing their options between wheat and sugarcane due to fluctuating prices and delayed state pricing announcements.
Published: Nov 14 2024, 8 pmeznews.inThe Bureau of Indian Standards has launched the fourth phase of mandatory hallmarking for gold jewellery and artifacts, effective November 5, 2024, expanding coverage to an additional 18 districts. This initiative, part of the Hallmarking of Gold Jewellery and Gold Artefacts Amendment Order, 2024, aims to enhance consumer trust and transparency in the gold market. Since the program's inception on June 23, 2021, over 40 crore gold items have been hallmarked with a unique identification number, with the total number of districts now reaching 361. The hallmarking initiative has significantly increased the number of registered jewellers from 34,647 to 194,039 and expanded Assaying and Hallmarking Centers from 945 to 1,622. The government reports that more than 400,000 gold items are hallmarked daily, reflecting the program's growing impact on the industry.
Published: Nov 14 2024, 8 pmeznews.inIndia's goods exports surged by 17.23% year-on-year in October 2024, reaching $39.2 billion, driven by increased festive demand in Western markets, according to the Commerce Department. However, the trade deficit widened to a two-month high of $27.14 billion as imports rose by 3.9% to $66.34 billion, largely due to a spike in crude oil and gold imports. Commerce Secretary Sunil Barthwal expressed optimism about the export outlook, noting that Christmas sales appear stronger than last year. Despite a modest 3.18% increase in total exports for the April-October 2024 period, declines in key sectors like petroleum and diamonds were offset by growth in engineering goods, electronics, and pharmaceuticals. Exporters remain hopeful for continued growth, urging government support for the garment sector amid shifting supply chains due to geopolitical tensions. Overall, imports during the same period increased by 5.77%, contributing to a trade deficit of $164.65 billion.
Published: Nov 14 2024, 8 pmeznews.inThe Indian Railways is set to implement its indigenous train collision prevention system, Kavach, across 66,000 route kilometers (rKM) of high-density routes by 2030, in a bid to enhance safety and reduce accidents. The rollout will occur in three phases, with the first phase currently inviting bids for 14,735 rKM. The second phase, scheduled for FY26, will cover 17,000 rKM, while the final phase will address 30,000 rKM in FY27 and FY28. The system, which includes components like RFID technology and automatic braking, has already been installed on 1,568 rKM, with ongoing work on an additional 3,000 rKM. Tenders worth over ₹2,200 crore have been issued for various components across multiple states, focusing on critical routes such as Delhi–Chennai and Chennai–Mumbai. The average installation cost is estimated at ₹50 lakh per rKM for track-side and ₹70 lakh for locomotives.
Published: Nov 14 2024, 6 pmeznews.inIndia's sports ecosystem is projected to grow to $130 billion by 2030, with a compound annual growth rate (CAGR) of 14%, nearly double that of the country's GDP, according to a report by Google and Deloitte. This growth is attributed to increased government investment, a shift towards multi-sport engagement, and widespread digital adoption. The sector could create up to 10.5 million jobs and generate $21 billion in indirect tax revenue. Notably, 90% of Indian sports fans now follow multiple sports, with kabaddi and football gaining significant popularity. The report highlights that 36% of India's 655 million sports fans are women, and 59% live in rural areas. The sports goods market is expected to double to $58 billion, while the sports technology sector could reach $1 billion, driven by advancements in AI and digital platforms. Experts emphasize the need for public-private partnerships to address challenges and enhance the sports landscape.
Published: Nov 14 2024, 7 pmeznews.inIn a keynote address at the CNBCTV18 Global Leadership Summit, Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the resilience of the Indian economy amid global challenges such as geopolitical conflicts, commodity price volatility, and climate change. He noted that despite these headwinds, India’s macroeconomic fundamentals remain strong, with stable inflation and a robust external sector. Das pointed out contradictions in global financial trends, including rising government bond yields despite easing in advanced economies and the divergence in gold and oil prices. He emphasized the importance of maintaining financial stability while navigating new challenges, including the adoption of Basel III standards and addressing climate-related financial risks. Das affirmed that the RBI's proactive policy approach aims to bolster economic growth while ensuring the financial system's resilience, urging vigilance against emerging risks.
Published: Nov 14 2024, 6 pmeznews.inAjai Chowdhry, co-founder of HCL and Chairman of the National Quantum Mission (NQM), has urged India to capitalize on potential trade shifts due to US President-elect Donald Trump's plans to impose high tariffs on Chinese goods. He advocates for India to enhance its electronics manufacturing capabilities, suggesting that the country could gain a competitive edge by producing and exporting hardware products to the US. Chowdhry highlighted the need for India to develop its own electronic brands, as current manufacturing efforts yield minimal value addition. He emphasized the importance of design in boosting this value and called for government support to incentivize local production tailored to Indian needs. Chowdhry also announced that four Section 8 companies under the NQM will be established within a week, aimed at fostering innovation and collaboration with premier institutes to advance India's hardware manufacturing landscape.
Published: Nov 14 2024, 5 pm
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