New Delhi, June 1 (SocialNews.XYZ) Commercial LPG prices have been increased once again, adding to the cost burden faced by restaurants, hotels, caterers and small businesses across the country that rely heavily on cooking gas.

According to the latest revision effective from Monday, the price of a 19-kg commercial LPG cylinder in Delhi has been raised by Rs 42, taking the retail selling price to Rs 3,113.50 per cylinder. In Kolkata, the increase is steeper at Rs 53.50, pushing the price to Rs 3,255.50.

The hike comes at a time when businesses are already dealing with higher fuel and transportation expenses. Oil marketing companies have also increased the price of 5-kg Free Trade LPG (FTL) cylinders by Rs 11. In Delhi, a 5-kg FTL cylinder will now cost Rs 821.50. However, there has been no change in the prices of domestic LPG cylinders, offering some relief to household consumers.

The latest revision continues a sharp upward trend in commercial LPG prices witnessed since the beginning of the year. In January, a 19-kg commercial LPG cylinder in Delhi was priced at Rs 1,691.50. With a series of monthly revisions, the price has now surged to Rs 3,113.50, marking a rise of more than Rs 1,400 within five months.

The increases have come in successive phases. Commercial LPG prices were raised by Rs 49 in February, followed by another Rs 115 increase in March. The steepest revision came in April when prices jumped by Rs 993 per cylinder. After remaining elevated in May, rates have been revised upward again as of June.

The impact of rising LPG costs is being felt across major cities. A 19-kg commercial cylinder now costs Rs 3,024.50 in Mumbai, Rs 3,232 in Chennai, Rs 3,294 in Hyderabad and Rs 3,322 in Patna, making several urban centres significantly more expensive for commercial fuel users.

The LPG price hike follows recent increases in other fuel categories. Compressed Natural Gas (CNG) prices in Delhi and adjoining regions have been raised by Rs 2 per kg, taking the retail rate to Rs 83.09 per kg. Since May 15, CNG prices have increased by a cumulative Rs 6 per kg through four separate revisions.

Petrol and diesel prices have also moved higher in recent weeks. Petrol rates have increased by Rs 7.35 per litre, while diesel prices have risen by Rs 7.53 per litre in multiple rounds. For businesses dependent on both transportation and commercial cooking fuel, the combined impact is likely to further increase operating costs.

Industry observers attribute the sustained rise in commercial LPG prices to ongoing volatility in global energy markets and disruptions in international supply chains, which continue to influence fuel pricing across sectors.

Source: IANS

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New Delhi, May 25 (SocialNews.XYZ) Fuel prices were again hiked for the fourth time in a span of two weeks on Monday across the country.

State-owned oil marketing companies on Monday increased petrol prices in Delhi by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre. With the latest revision, petrol is now being sold at Rs 102.12 per litre, up from Rs 99.51 per litre, while diesel prices have climbed to Rs 95.20 per litre from Rs 92.49 per litre.

The fresh hike comes just two days after fuel prices were revised upward on Saturday, with petrol increasing by Rs 0.87 per litre and diesel by Rs 0.91 per litre.

The consecutive increases in fuel rates come amid sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, which continue to affect international energy markets and domestic fuel costs.

The back-to-back hikes are expected to have a cascading effect on transportation costs and household expenses, especially in urban centres heavily dependent on road transport.

The repeated increases have added to concerns among daily commuters, transport operators and businesses, who are already dealing with rising operational costs.

Earlier, the Ministry of Petroleum and Natural Gas reassured the public that India has adequate petrol and diesel supplies.

In its statement, the ministry said that fuel availability across the country remains stable and urged citizens to avoid panic buying or unnecessary crowding at fuel stations.

It added that any temporary pressure at select retail outlets is being addressed through continuous monitoring and coordinated distribution efforts by oil marketing companies.

The ministry further emphasised that responsible consumption and public cooperation are essential to ensure smooth fuel availability during the ongoing period of high demand and global uncertainty.

Earlier, on May 16, fuel prices had witnessed a sharper upward revision, with petrol and diesel rates rising by around Rs 3 per litre in several cities following adjustments by state-run oil companies.

Experts have warned that continued increases in fuel prices may have a cascading effect on the economy, potentially raising transportation and logistics costs, which could further lead to inflationary pressure on essential goods and services.

Government officials, however, maintain that the revisions are necessary to offset rising import costs and ensure stability in fuel supplies amid volatile global crude oil markets and ongoing geopolitical tensions.

Source: IANS

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New Delhi, May 23 (SocialNews.XYZ) Petrol and diesel prices were increased once again across India on Saturday, marking the third revision in retail fuel rates in just 10 days.

Petrol became costlier by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre by state-owned oil marketing companies. The latest hike comes amid sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, which continue to impact international energy markets.

In the national Capital, Delhi, petrol prices increased from Rs 98.64 to Rs 99.51 per litre, while diesel rose from Rs 91.58 to Rs 92.49 per litre, according to PTI. The uniform revision reflects a broader nationwide adjustment in fuel prices, affecting multiple cities nationwide.

In Kolkata, petrol is now priced at Rs 110.64 per litre, while diesel has reached Rs 97.02 per litre after the latest hike.

In Mumbai, petrol has climbed to Rs 108.49 per litre and diesel to Rs 95.02 per litre.

The repeated increases have added to concerns among daily commuters, transport operators and businesses, who are already dealing with rising operational costs.

The price revision comes a day after the Ministry of Petroleum and Natural Gas reassured the public that India has adequate petrol and diesel supplies.

In its statement, the ministry said that fuel availability across the country remains stable and urged citizens to avoid panic buying or unnecessary crowding at fuel stations.

It added that any temporary pressure at select retail outlets is being addressed through continuous monitoring and coordinated distribution efforts by oil marketing companies.

The ministry further emphasised that responsible consumption and public cooperation are essential to ensure smooth fuel availability during the ongoing period of high demand and global uncertainty. Authorities also reiterated that supply systems are being closely monitored to prevent any disruption in distribution.

Earlier, on May 16, fuel prices had witnessed a sharper upward revision, with petrol and diesel rates rising by around Rs 3 per litre in several cities following adjustments by state-run oil companies.

Experts have warned that continued increases in fuel prices may have a cascading effect on the economy, potentially raising transportation and logistics costs, which could further lead to inflationary pressure on essential goods and services.

Government officials, however, maintain that the revisions are necessary to offset rising import costs and ensure stability in fuel supplies amid volatile global crude oil markets and ongoing geopolitical tensions.

Source: IANS

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New Delhi, May 15 (SocialNews.XYZ) BJP National Spokesperson Pradeep Bhandari on Friday launched a sharp attack on the Congress party, accusing it of politicising fuel price trends and ignoring India’s relative stability in global energy markets amid geopolitical tensions.

Taking to X, Bhandari wrote, “The Congress Party should be ashamed of itself to politicise everything! Congress is a party which always looks at political opportunity in any global crisis; only to have egg on their face!

"Despite Brent crude staying above $100/barrel and fuel prices surging globally after the Strait of Hormuz crisis, India has seen only a 3.5 per cent increase in petrol and diesel prices after 76 days of stable prices!”

He further compared that to: "Pakistan: +55 per cent, Malaysia: +56 per cent, US: +45 per cent, UAE: +52 per cent, China +23 per cent, and France +31 per cent."

“This is a time for economic patriotism. 140 crore Indians are with PM Narendra Modi and the Congress yet again is getting exposed because of its desperate politics!” he claimed.

His remarks came amid a broader political debate over fuel pricing and India’s response to global crude oil volatility triggered by the West Asia crisis and disruptions around the Strait of Hormuz.

Separately, BJP IT Cell incharge Amit Malviya shared a detailed analysis on X, highlighting how India has managed to keep fuel price increases significantly lower compared to other major economies during the global oil shock.

Malviya said the surge in global fuel prices following the West Asia conflict and Brent crude crossing $100 per barrel had impacted most countries, but India remained a “striking exception.”

He noted that between February 23 and May 15, countries across the world witnessed sharp fuel price increases, including Myanmar, Malaysia, Pakistan, UAE, the United States, Sri Lanka, the United Kingdom, Germany, and Japan, with rises ranging from single digits to over 100 per cent in some cases for diesel.

According to his post, India recorded a comparatively minimal increase: Petrol: +3.2 per cent and Diesel: +3.4 per cent.

He further said that only Saudi Arabia saw no change due to subsidy structures, while India among major market economies registered the lowest rise.

Malviya also stated that Indian public sector Oil Marketing Companies, which account for nearly 90 per cent of retail fuel sales, kept prices largely unchanged for about 76 days despite rising crude costs, absorbing significant under-recoveries estimated at nearly Rs 1,000 crore per day.

He added that the Rs 3 per litre revision announced on May 15 marked the first price change in nearly four years and represented only a modest 3.5 per cent adjustment on an approximately Rs 95 per litre base.

“India, however, managed to shield consumers from global volatility for over two months before implementing a calibrated increase. This matters because fuel prices do not remain confined to petrol pumps. They affect transport costs, food inflation, manufacturing, logistics and household budgets. Containing fuel volatility is also about containing inflation,” he said.

“The story here is not merely about a Rs 3 increase. The story is that while much of the world adjusted through increases of 10 per cent , 20 per cent, 50 per cent, and in some cases nearly 90 per cent, India limited the impact on its citizens to just over 3 per cent,” he added.

Source: IANS

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New Delhi, May 2 (SocialNews.XYZ) Gold prices dipped 0.81 per cent during the week as negotiations between the United States and Iran stalled, denting hopes for near‑term interest‑rate cuts.

On Friday, MCX gold June futures gained 0.01 per cent while MCX silver May futures inched up 0.49 per cent. Currently, gold futures stand at Rs 1,51,363, while silver futures stand at Rs 2,47,500 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,50,263 on Thursday, down from Rs 1,51,495 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

In international markets, bullion dropped as much as 1.2 per cent on Friday after gaining 1.5 per cent in the previous session, weighed down by rising energy costs and firmer Treasury yields. Gold has fallen nearly 14 per cent since the US-Iran conflict began on February 28, 2026, traders said.

The Iranian administration maintained that the US blockade would have to end before the Strait of Hormuz could be reopened, according to multiple media reports. Iranian state media said that Tehran had delivered a fresh proposal for talks to Pakistani mediators, but both sides signalled they were waiting for the other to make the first move.

"While diplomatic engagements remained active, the absence of a decisive breakthrough kept the geopolitical risk premium firmly embedded in prices," an analyst said.

US inflation data showed the headline PCE price index at 3.5 per cent in March, at its highest level in nearly three years, reinforcing the view that policy rates may stay higher for longer.

Analysts said that rising energy prices could lead to central banks maintaining interest rates higher for longer, which would pressure non-yielding assets like gold.

Crude oil traded with heightened volatility through the week but retained a firm undertone, holding near elevated levels as concerns around potential supply disruptions persisted. The market continues to price in risks to global oil flows, limiting meaningful downside and providing support on dips.

Precious metals entered a phase of corrective consolidation following their recent safe-haven rally, analysts said.

Gold and silver witnessed intermittent profit booking at higher levels through the week, while selective buying interest emerged near key support zones. Safe-haven demand has eased marginally but continues to lend support on declines amid lingering uncertainty.

COMEX gold traded near the $4,620–$4,650 zone, and a major resistance is seen at the $4,700–$4,760 levels. Overall, the trend remains constructive with a cautious near-term bias, with strength dependent on a breakout above resistance.

COMEX Silver is currently trading above $76, and the broader trend remains constructive but with a cautious near-term bias, market participants said.

Source: IANS

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New Delhi, May 2 (SocialNews.XYZ) Reacting to the Rs 993 increase in commercial LPG cylinder prices, Union Minister Pralhad Joshi on Saturday said the rise is due to global factors, and more than 50 per cent of India's LPG dependency is on import.

Speaking to reporters Joshi said: “That is an international problem and more than 50 per cent of our LPG dependency is there on import. And because of that, only at present, we are in difficulties.”

He added that the government has maintained stability in key fuel prices despite global volatility, noting that the Narendra Modi government has kept domestic LPG, petrol, diesel, and piped natural gas rates unchanged till now.

“Modi government has maintained the price of petrol, diesel and domestic LPG as it is, and even LNG that is piped natural gas, but this is an inevitable thing that’s why this happened,” he added.

Meanwhile in Bihar, BJP leader Ram Kripal Yadav also remarked on the increase in commercial LPG cylinder prices, saying, "...The country is facing difficulties due to the ongoing war, not only our nation but many countries around the world are dealing with major challenges. The government is closely monitoring the situation and is ensuring that consumers do not face unnecessary hardships while taking decisions accordingly."

Despite mounting pressure to raise fuel prices amid disruption linked to tensions around Iran, the government has decided to keep domestic LPG rates unchanged. The minister added that the Modi government has maintained prices of petrol, diesel, and domestic LPG, as well as piped natural gas, despite global volatility.

However, the price of commercial LPG (19-kg cylinder) has been increased by an average of Rs 993. In Delhi, commercial LPG cylinders now cost Rs 3,071.50, up from Rs 2,078.50 earlier. In Mumbai, prices have risen from Rs 2,031 to Rs 3,024.

This marks the third increase in commercial LPG prices since February 28, when the Iran conflict escalated. The first hike of Rs 144 was implemented in March, followed by another increase of nearly Rs 200 on April 1.

The repeated price revisions are expected to significantly impact restaurants, eateries, and other commercial establishments that depend heavily on LPG for daily operations. Industry observers note that food businesses may pass on the additional cost to consumers, potentially making dining out and food delivery more expensive in the coming weeks.

Source: IANS

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Washington, April 2 (SocialNews.XYZ) Global markets fell, and oil prices rose after US President Donald Trump signalled the Iran conflict would continue for weeks, raising concerns about supply disruptions and prolonged economic fallout, according to American media reports.

US stock futures declined after Trump’s address, with S&P 500 futures down about 0.8 per cent, Nasdaq futures losing around 1 per cent, and Dow futures falling roughly 350 points, reported US media, including The Wall Street Journal, The New York Times, and CNBC.

Asian markets also weakened in early trading. South Korea’s Kospi dropped more than 2 per cent, while Japan’s Nikkei fell, reflecting investor unease over the outlook for energy supplies.

Oil prices climbed sharply as traders reacted to Trump’s warning that the United States would hit Iran “extremely hard over the next two to three weeks” if no deal is reached.

The global benchmark rose more than 3 per cent during and after the speech, with Brent crude moving above $105 per barrel in Asian trading, reports said.

The Wall Street Journal and other outlets said investors had been looking for signs of de-escalation or a clearer exit strategy. Instead, even if Trump reiterated that the war was nearing completion, he also signalled further military action, adding to uncertainty over the timeline.

Markets remain focused on the Strait of Hormuz, a key route for global oil shipments that has been disrupted during the conflict.

Analysts said continued disruption in the waterway could tighten global supply and keep prices elevated.

A report by Oxford Economics, The New York Times reported, estimated the war has already resulted in a 10 per cent shortfall between global oil supply and demand, raising the risk of “widespread rationing” and supply chain disruptions in emerging economies.

Higher energy costs are also feeding inflation concerns. US gasoline prices have crossed $4 per gallon, adding pressure on households and businesses, according to reports.

Trump acknowledged rising fuel prices but described them as temporary and said markets would stabilise once the conflict ends.

However, economists said the impact could last longer, with some revising down growth forecasts and raising the risk of a slowdown if the conflict drags on.

Source: IANS

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Washington, Feb 20 (SocialNews.XYZ) The United States bought less steel from the world in 2025 — but significantly more from India.

New figures released on Thursday show that overall US steel imports fell 12.6 per cent last year, even as shipments from India surged by more than 118 per cent, reflecting a notable shift in sourcing patterns.

The American Iron and Steel Institute (AISI), citing final Census Bureau data, said the US imported a total of 1,577,000 net tonnes of steel in December 2025, including 1,160,000 net tonnes of finished steel. Compared with November, total imports were down 3.8 per cent, while finished steel imports were up 6.9 per cent.

For the full year, the decline was sharper. Total steel imports in 2025 stood at 25,241,000 net tonnes, down 12.6 per cent from 2024. Finished steel imports totalled 18,665,000 net tonnes, down 17.1 per cent year-on-year. The finished steel import market share was estimated at 14 per cent in December and 18 per cent for the full year.

India’s performance stood out in an otherwise subdued year. The US imported 553,000 net tonnes of steel from India in 2025, up 118.3 per cent compared with 2024. In December alone, India shipped 42,000 net tonnes, down 10.1 per cent from November.

Canada remained the largest overall supplier to the US in 2025 at 4,524,000 net tonnes, though this marked a 31 per cent decline from 2024. Brazil followed with 4,126,000 net tonnes, down 8 per cent. Mexico supplied 2,823,000 net tonnes, down 19.7 per cent, and South Korea 2,662,000 net tonnes, down 5.3 per cent. Germany shipped 1,128,000 net tonnes, up 5 per cent.

In December, Brazil was the top supplier at 257,000 net tonnes, up 4.1 per cent from November. Canada supplied 234,000 net tonnes, down 9 per cent. South Korea shipped 167,000 net tonnes, up 1.3 per cent, while Mexico sent 137,000 net tonnes, down 17.4 per cent. Japan recorded 109,000 net tonnes, up 52.6 per cent month-on-month.

Some product categories saw sharp month-on-month rises in December. Imports of reinforcing bars jumped 135 per cent. Cut lengths of plates rose 68 per cent. Plates in coils increased 44.6 per cent. Hot-rolled bars were up 38.9 per cent, and heavy structural shapes rose 37.3 per cent.

On an annual basis, tin plate imports increased 24.3 per cent in 2025 compared with 2024. Line pipe rose 18.5 per cent, wire rods 13.2 per cent and oil country goods 12.6 per cent.

Steel remains central to infrastructure, automobiles, energy systems, and construction. In recent years, US imports have been closely monitored amid trade measures and supply chain debates. For India, the sharp rise in shipments to the US underscores its growing footprint in the market.

Source: IANS

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Mumbai, Feb 10 (SocialNews.XYZ) The Indian equity markets posted moderate gains on Tuesday, rising for the third consecutive session, supported by strong Q3 earnings data from select companies.

At the closing bell, the Sensex gained 208 points, or 0.25 per cent, to settle at 84,065. The Nifty surged 67 points, or 0.26 per cent, to close at 25,935.

The broader markets posted stronger gains than benchmark indices, as the Nifty Midcap 100 index added 0.49 per cent, while the NSE Smallcap 100 surged 0.38 per cent.

Shares of microcap companies were in demand, as the Nifty Microcap 250 index gained 1 per cent, outperforming the benchmark indices for the second straight day amid strong earnings results in the December 2025 quarter (Q3FY26).

Market sentiment was supported by foreign institutional investor (FII) buying, firm global cues, and optimism over the India-US interim trade deal.

All sectoral indices traded with gains except pharma and PSU Bank. Nifty Media emerged as the top gainer, surging 2.40 per cent, while Nifty Auto climbed 1.37 per cent.

The Indian rupee ended higher by 0.23 per cent against the dollar to 90.52 per USD on Tuesday.

For Nifty, immediate support lies at 25,550–25,600, followed by a stronger demand area near 25,450–25,500, market watchers said.

Nifty Bank closed at 60,626.40, down 42.95 points or 0.07 per cent. Immediate support is seen at 60,500, while failure to sustain at higher levels could lead to range-bound movement or mild profit booking.

The Nifty 50 fell 3.10 per cent in January but rose 7.71 per cent over the past year. Nifty 500 remained flat in January and closed the year up 6.94 per cent, while midcap and smallcap indices were negative for the month, down about 3.53 per cent to 5.52 per cent.

Source: IANS

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Gandhinagar, Feb 9 (SocialNews.XYZ) The trade agreement between India and the United States is expected to provide a substantial boost to Gujarat’s exports, with medium-term growth in certain sectors projected to increase by 100-150 per cent, officials said on Monday.

The reduction of US tariffs on Indian goods from 50 per cent to approximately 18 per cent is set to make Indian products significantly more competitive in the American market, generating higher demand.

Gujarat, already India’s leading export-oriented state under Chief Minister Bhupendra Patel and Deputy Chief Minister Harsh Sanghavi, is likely to see major benefits across textiles, gems and jewellery, chemicals, pharmaceuticals, engineering goods, and renewable energy sectors.

According to official estimates, “The textile sector stands to gain the most from this agreement. Lower tariffs will make Gujarat’s garments and home textiles far more competitive internationally. It is expected that medium-term exports will increase by 100-150 per cent."

Increased exports are anticipated to drive production growth in the state’s key textile clusters and attract new orders from the United States, increasing profitability for manufacturers.

The agreement is also expected to provide a significant boost to Surat’s diamond industry, the world’s largest diamond polishing hub.

Tariff reductions will improve margins, stimulate fresh demand, and compensate for losses incurred due to previously high tariffs. Chemical and pharmaceutical clusters in Bharuch, Vapi, and Ahmedabad are projected to recover from past export declines of around 25-30 per cent.

Certain pharmaceutical products will now benefit from zero-duty or low-duty provisions, strengthening Gujarat’s position in regulated American markets.

Renewable energy, particularly solar manufacturing, is also expected to gain momentum, as exports of solar panels and components become commercially more viable.

The agreement is likely to facilitate the entry of handicrafts and traditional artisan products into the US market, supporting rural economies.

Officials noted that the surge in exports and industrial activity will directly impact the state’s economy, creating new employment opportunities in MSME units, factories, logistics, and ancillary services.

Enhanced industrial output and stronger MSMEs are expected to improve incomes for workers and entrepreneurs, further strengthening Gujarat’s economic framework.

The interim trade agreement is being seen as a major achievement for Gujarat’s industries, positioning the state as a leading player in the global value chain, particularly in high-value markets such as the United States.

Source: IANS

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Mumbai, Feb 6 (SocialNews.XYZ) World’s largest cryptocurrency Bitcoin extended losses on Friday, falling over 6 per cent to about $66,198 as risk aversion, heavy liquidations, weakness in technology stocks, and fears of tighter US monetary policy rattled investors.

Bitcoin saw its sharpest single‑day decline since late 2024 on Thursday when it slid 12.6 per cent to roughly $63,300, its lowest level since October 2024, wiping out billions of asset value in dollar terms, multiple reports said.

Analysts said global investors pulling back from risky assets caused a drop in crypto assets, with volatility spilling into the segment from precious metals and tech stocks.

Crypto market data analytics platforms showed that nearly $1 billion of bitcoin positions were liquidated in 24 hours as leveraged traders were forced out, which caused a domino effect across crypto markets. Bitcoin has fallen 20.22 per cent this week, 28.86 per cent in a month, and 32.85 per cent in a year.

Ether, the second‑largest token, dropped over 13 per cent in a day and has lost nearly 38 per cent in 2026 to date.

Market watchers said previous cycles like this indicated that cryptocurrency has gone into a reset mode that could take months rather than a short-term correction.

Crypto market enthusiasm fell after US President Donald Trump nominated Kevin Warsh as his choice for Federal Reserve chair, as investors felt a more hawkish Fed under Warsh would shrink the central bank balance sheet, removing liquidity that has supported risk assets, they said.

Longer‑term pressure on crypto assets came from institutional exits as sustained withdrawals from institutional exchange‑traded funds, such as outflows of over $3 billion in January from US spot bitcoin ETFs.

Bitcoin’s price has been in line with technology stocks, and the sustained sharp sell‑off in software and AI‑linked equities amplified losses as investors cut exposure, analysts said.

Market watchers also warned of forced liquidation among crypto miners if prices continue to fall, as they enter cash flow stress, reports said.

In 2025, the United States announced the creation of a Strategic Bitcoin Reserve, a move that highlighted Bitcoin’s growing importance at a national and strategic level.

This step was widely seen as a signal of increasing acceptance of digital assets within traditional financial systems.

-IANS

aar/

Source: IANS

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Mumbai, Feb 5 (SocialNews.XYZ) Gold prices fell moderately on Thursday after two days of surge, while silver posted a sharp fall of over 8 per cent.

MCX gold February futures fell 0.98 per cent to Rs 1,51,552 per 10 grams around 10.25 am on an intraday basis. Meanwhile, MCX silver March futures plummeted 8.39 per cent to Rs 2,46,283 per kg.

Gold and silver prices had risen around 6 per cent in the early morning trade but failed to sustain those levels.

Analysts said that the fall in gold and silver at the beginning of the week was checked as markets largely absorbed the nomination of Kevin Warsh as the new Fed Chairman.

Despite diplomatic talks between the US and Iran, safe-haven buying still continues due to rising tensions after US forces shot down an Iranian drone. Iran and the United States are scheduled to hold talks on Friday. The support to the rally on Wednesday also came from a partial US government shutdown and profit-taking in the dollar index from its highs.

The broader uptrend on COMEX Gold remains intact, with the pullback reflecting profit booking and healthy price digestion. Prices are trading below key moving averages, indicating short-term downward pressure and a corrective phase rather than a reversal of the broader trend, market watchers said.

Strong support is seen in the Rs 1,45,000 to Rs 1,48,000 zone for MCX gold futures, while resistance is anchored around the Rs 1,65,000 to Rs 1,75,000 zone.

The medium- to long-term outlook on silver stays constructive on steady industrial demand and structural supply constraints, despite elevated volatility, they added.

Analysts said silver has a support band at Rs 2,35,000 to Rs 2,50,000, while resistance was seen at the Rs 3,00,000-Rs 3,25,000 zone.

Structural supply deficits and steady industrial demand continue to underpin the bullish bias in silver. Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices of the yellow metal, a recent report noted.

Source: IANS

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New Delhi, Feb 1 (SocialNews.XYZ) The Confederation of All India Traders (CAIT) on Sunday welcomed the Union Budget 2026–27, describing it as inclusive and growth-oriented, with a strong focus on trade, industry, exports and ease of doing business.

Speaking to IANS, CAIT Secretary General and BJP MP Praveen Khandelwal said, “Under the leadership and guidance of Prime Minister Narendra Modi, the budget presented by Finance Minister Nirmala Sitharaman can be summarised in two words: inclusive and decisive. It aims to fulfil the vision of ‘Viksit Bharat 2047’, which is the Prime Minister’s vision.”

Khandelwal said the Budget includes significant measures for trade and industry, including the removal of customs duties on several items. “The pharma sector has received a new boost, and several initiatives have been introduced to improve ease of doing business and ease of living for the common citizen. Through the semiconductor mission, the electronics sector has been strengthened, and policies related to rare earth minerals have also been addressed,” he said.

Khandelwal stated that the Budget is a reflection of the strong, decisive, and far-sighted leadership of PM Modi, under whose guidance India continues to progress steadily despite global economic challenges.

He added that the Budget places a major focus on reducing logistics costs. “There is attention on reducing logistic costs. How waterways can be better utilised and how railways can be augmented. These aspects have been given focused budgetary support,” Khandelwal noted. He also pointed out that provisions such as the setting up of content creator labs for youth would help create new employment opportunities in emerging sectors.

According to him, “All sectors that collectively shape the economy have been equally focused on. Through these budgetary provisions, Prime Minister Modi’s ‘Swadeshi Abhiyan’ will be strengthened, ensuring that Indian production and exports receive a strong push. This is truly a ‘samaveshi’ (inclusive) budget.”

He said, “The Budget sends a strong and positive message of confidence to traders, entrepreneurs, investors, and especially to micro, small, and medium enterprises. Its focus on empowering every section of society, along with economic growth, makes this Budget truly distinctive.”

Khandelwal further mentioned, “What the Prime Minister said -- ‘Sabka Saath, Sabka Vikas, Sabka Prayas’ -- applies to everyone. In this budget, a special focus has been given to the pharma sector, which has significant export potential. Additionally, the Finance Minister has included provisions for rare diseases in her budget speech. Overall, the budget aims to ensure that healthcare reaches every individual’s home.”

Highlighting the special emphasis on the MSME sector, Khandelwal said that provisions such as easy access to credit, simplification of compliance procedures, digital empowerment, technological upgradation and encouragement to formalisation will take small industries and traders to new heights.

He further stated, “MSMEs are the backbone of the Indian economy. The measures announced for the MSME sector in this Budget will play a vital role in employment generation, promoting entrepreneurship and making Indian products globally competitive.”

Source: IANS

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Mumbai, Feb 1 (SocialNews.XYZ) Gold and silver prices continued their sharp decline on Sunday, as investors booked profits post an unprecedented rally over the past year.

MCX gold February futures fell 7.12 per cent to Rs 1,39,000 per 10 grams around 10 am on an intraday basis. Meanwhile, MCX silver March futures dipped 9 per cent to Rs 2,65,652 per kg.

CME Group raised margin requirements on Comex gold and silver futures after the metal prices saw steep declines, which raised investor caution.

Further, the US dollar strengthened, and domestic investors expected a customs duty cut in Budget 2026, which fuelled the fall in precious metals.

International markets saw spot gold prices heading for their steepest daily fall since 1983, while silver is set for its worst day on record.

CME Group said on Friday that margins for gold futures under the non-heightened risk profile will be raised to 8 per cent of the underlying contract value from the current 6 per cent. For positions under the heightened risk profile, the new margins will be 8.8 per cent, up from 6.6 per cent.

Higher margins will lead to traders locking more money upfront to hold the same futures position, which reduces speculative interests.

Analysts said that MCX Gold futures have witnessed a sharp rejection from the Rs 1,80,000–Rs 1,81,000 zone, followed by an aggressive breakdown, confirming short-term trend exhaustion.

However, they maintained that the broader long-term trend of the yellow metal was bullish.

The breakdown in MCX silver invalidates the steep bullish channel, and signals panic unwinding of leveraged long positions, they said, adding that momentum indicators have flipped from extreme overbought to oversold within a very short span, highlighting structural instability rather than healthy correction.

For silver, a critical support zone lies at Rs 2,60,000-Rs 2,55,000 zone, they said, adding that a pullback toward Rs 3,00,000-Rs 3,10,000 zone is expected to attract selling pressure.

The trend remains bearish biased in the short term, with volatility expected to stay elevated, analysts noted.

Source: IANS

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Mumbai, Jan 31 (SocialNews.XYZ) Defence‑linked stocks are expected to draw investor attention during the Union Budget 2026 announcement on February 1, with market participants looking for a moderate 8 to 10 per cent rise in defence allocation and improvement in execution momentum.

Analysts said that investors are keen on cues of faster order finalisation and clearer procurement timelines rather than large headline increases in defence allocations, according to media reports.

The market broadly anticipates the emphasis on capital expenditure and indigenisation and is looking for a clearer indication of acceleration in contract awards and timely payments to manufacturers.

Among state‑owned defence companies, Hindustan Aeronautics Ltd. is expected to benefit from its aircraft and engine manufacturing pipeline, while Bharat Electronics Ltd. can benefit from announcements related to defence electronics, radar, and communications.

Bharat Dynamics Ltd. remains in focus for missile programmes, and shipbuilders such as Mazagon Dock Shipbuilders and Garden Reach Shipbuilders can gain from programs related to naval modernisation.

Analysts said stock performance will be stock‑specific and hinge on clear execution timelines, strong cash flows, and long-term earnings visibility.

However, some market watchers maintained that much of the optimism is already priced in.

Budget 2026 will maintain fiscal prudence and prioritise strategic, capex‑heavy sectors, making the defence sector the top beneficiary, a report said.

Another recent report stated that nearly 40 per cent of investment managers flagged the defence sector as the top Budget beneficiary due to higher allocations driven by indigenisation, modernisation, export potential, and sustained government spending.

Infrastructure ranked as the second top beneficiary with about 29 per cent of respondents favouring it, reflecting confidence in public capex and long‑term growth multipliers.

Equity managers reflected confidence in India’s medium-term equity outlook with a strong preference for capex-led sectors and expectations of short-term market volatility.

Manufacturing accounted for about 18 per cent of sectoral responses, supported by expectations of continued PLI-led policy support. Consumption and agriculture were cited by roughly 7 per cent each.

Source: IANS

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Mumbai, Jan 30 (SocialNews.XYZ) Gold and silver prices fell on Friday, after hitting record highs in the previous session as investors booked profits and the US dollar gained strength.

MCX gold February futures fell 1.03 per cent to Rs 1,67,656 per 10 grams around 10 am on an intraday basis. Meanwhile, MCX silver March futures dipped 3.42 per cent to Rs 3,86,200 per kg.

The silver prices had touched Rs 4,20,048 per kg on MCX in the previous session and later fell over 6 per cent to Rs 3,75,900 before it retraced to the current level.

International markets saw spot gold prices declining over 4 per cent to $5,156.64 per ounce. Later, it retraced to $5,346.42. However, the yellow metal marked a more than 20 per cent surge this year. Year-to-date, the white metal has gained around 53 per cent.

The broader structure remains firmly bullish, though the market is witnessing fast intraday swings, reflecting short-term overheating and tactical profit booking after the recent sharp rise, market watchers said.

Analysts said that the metal remains in a strong rising channel, but the recent move has left prices overbought, resulting in aggressive profit booking. Structural supply deficits and industrial demand continue to underpin the bullish bias, they added.

Market watchers said that the key support for silver lies at Rs 3,75,000 per kg.

The dollar index inched higher from the support it gained from the US Federal Reserve's pause in interest rates. Moreover, geopolitical tensions also stayed elevated amid reports that US President Donald Trump is weighing options against Iran.

A recent report by WhiteOak Capital Mutual Fund said that investors should consider booking profits on silver and rebalance into diversified Indian equity funds or blue‑chip stocks.

The report from investors should trim precious metals allocation back to a safe‑haven allocation level and stop chasing further upside. The current Gold‑to‑Silver ratio has collapsed to about 46:1 versus a 10‑year average near 80:1.

Source: IANS

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New Delhi, Jan 29 (SocialNews.XYZ) Gold and silver prices surged to record highs on Thursday, amid a rise in geopolitical tensions following US President Donald Trump's threat of military action against Iran.

Strong buying demand, driven by central bank purchases and further weakening of the US dollar, also fuelled the rally.

MCX gold February futures rose 5.99 per cent to Rs 1,75,885 per 10 grams around 10.45 am. Meanwhile, MCX silver March futures rose 4.24 per cent to Rs 4,01,699 per kg.

International markets saw silver hovering around the $120-per-ounce mark, after a more than 60 per cent surge this year, supported by persistent supply constraints.

The strong rally of precious metals came following a firm US Federal Reserve policy stance that kept interest rates unchanged on Wednesday.

After reports of the US increasing military presence in the Middle East, Trump pressured Iran to reopen negotiations over its nuclear programme. He warned that any future military action by Washington would be more severe if Tehran refused to engage.

US gold futures April contracts rose $300 to cross $5,588.71 an ounce, after registering a fresh all-time high of $5,626 earlier.

Analysts said that the earlier resistance band around $5,600 has now decisively turned into a strong support zone, confirming the strength of the ongoing bull phase.

Renewed tariff tensions of the US with key allies and the rising probability of a US government shutdown added to the demand for safe-haven assets. Analysts said that signs of slowing global growth, elevated US debt levels, and a structural weakness in the US dollar place precious metals in a positive outlook for the medium to long term.

Further, cues from the Federal Reserve of lower interest rates over an extended period provide a favourable liquidity backdrop, leading to any minor pullbacks in precious metals being met with strong buying interest, they added.

Source: IANS

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Mumbai, Jan 28 (SocialNews.XYZ) Gold and silver prices continue to scale record highs on Wednesday, amid strong buying demand, weakening dollar, and rising geopolitical tensions, raising safe haven demand.

MCX gold February futures rose 2.97 per cent to Rs 1,62,387 per 10 grams around 11.30 am. Meanwhile, MCX silver March futures rose 6.21 per cent to Rs 3,78,401 per kg.

International markets also saw gold and silver touching records as caution grew due to ongoing policy uncertainty, fresh tariff threats, and criticism of the Federal Reserve from the US administration.

US gold futures April contracts rose above $5,200 an ounce, supported by a sharp decline in the US dollar. The dollar fell to its weakest level in four years after President Donald Trump played down worries about the currency’s strength, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Central bank buying and steady ETF inflows have helped gold gain nearly 20 per cent this year, with silver rising even faster, he added.

Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices.

Silver has surged toward $115.42 and is now consolidating in the $106.55–$113 range after marginal profit-taking. Demand from solar, EVs, AI/data centres, and electronics remains exceptionally strong, alongside safe-haven and inflation-hedge flows, as per analysts.

MCX Silver continues to display high-beta outperformance after a powerful breakout, absorbing every minor correction with ease.

The white metal's sharp price surge in the near-term sees bouts of profit-booking and consolidation, but the broader bias remains positive as long as the dollar remains under pressure.

The two-day Federal Open Market Committee (FOMC) is expected to hold interest rates steady, but traders expect at least two rate cuts later in the year.

"Gold has support at Rs 1,55,050 to Rs 1,53,310 zone, while resistance is at Rs 1,59,850 and Rs 1,61,950. Silver has support at Rs 3,44,810 and Rs 3,37,170 while resistance is at Rs 3,61,810 and Rs 3,65,470," the analyst said.

Source: IANS

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Kolkata, Jan 21 (SocialNews.XYZ) Retail prices of yellow marigold flowers surged nearly five-fold in Kolkata markets this week as the city prepares for Saraswati Puja and the birth anniversary of Netaji Subhas Chandra Bose on Friday.

Flower traders in the city said prices usually rise during this period, but the increase has been steeper this year due to lower production caused by frequent fluctuations in temperature during the current winter.

“At the same time, Saraswati Puja and the birth anniversary of Netaji Subhas Chandra Bose are falling on the same day this year, Friday. So, the demand for marigold flowers in general is much higher than in previous years,” said a member of the West Bengal government’s task force formed to ensure regulated prices of farm products in retail markets.

Two varieties of marigolds are mainly available in Kolkata, saffron marigolds and yellow marigolds. This year, prices of both are unusually high, with the yellow variety being costlier.

Normally, both varieties sell for Rs 15 to Rs 20 per kg. This week, however, yellow marigolds are priced between Rs 80 and Rs 90 a kg, while saffron marigolds are selling for Rs 50 to Rs 60 a kg.

“The price of yellow marigolds is especially high as they are essential for Saraswati Puja. Rates are expected to come down from Monday onwards,” said a retailer at the municipal market in Kasba, central Kolkata.

Cherry flowers, another key item for the puja, have also seen a sharp rise in prices. They are selling at Rs 120 to Rs 150 a kg, compared with the usual Rs 35 to Rs 40 a kg.

The colour yellow, or basanti, holds special significance in Bengali culture during Saraswati Puja. Along with the widespread use of yellow marigolds, it is customary for boys to wear yellow kurtas and girls to don yellow sarees while offering prayers to the goddess.

The festival also carries a touch of nostalgia and is often described as “Bengali Valentine’s Day”, as many young people choose the occasion to express their feelings to those they admire.

This association has historical roots. At a time when most schools were single-gender institutions, Saraswati Puja provided a rare annual opportunity for students from different schools and backgrounds to meet openly and respectfully.

Over time, this tradition led to the festival being affectionately referred to as “Bengali Valentine’s Day”.

Source: IANS

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Washington, Jan 19 (SocialNews.XYZ) Senator Mark Warner warned that renewed tariff threats by President Donald Trump could unsettle global markets and strain ties with US allies.

Appearing on CBS’ Face the Nation, Warner said repeated tariff warnings were adding volatility at a time when investors were already cautious. He said allies were watching closely to see whether the United States continued to respect long-standing economic norms.

Warner said aggressive trade tactics risked undermining confidence rather than strengthening US leverage.

Former Vice President Mike Pence, speaking separately on CNN’s State of the Union, defended tariffs as a negotiating tool but said they must be used carefully. He said tariffs needed clear goals and clear limits.

Without that clarity, Pence said, businesses and investors were left uncertain about future policy.

Concerns about tariffs and market stability were echoed across other US Sunday shows. On CNN’s Fareed Zakaria GPS, host Fareed Zakaria said tariffs were increasingly being used to pressure other countries rather than to resolve trade disputes.

Zakaria said the uncertainty surrounding US trade policy was prompting many countries to reduce their reliance on the United States. He said tariffs had raised costs but had not brought large amounts of manufacturing back to the country.

On NBC’s Meet the Press, lawmakers warned that prolonged tariff escalation could push prices higher for consumers, complicating efforts by central banks to keep inflation under control.

Several guests also raised concerns about political pressure on the US Federal Reserve. They said investor confidence depends heavily on the central bank’s independence.

Republican Rep. Mike Turner of Ohio, also appearing on Face the Nation, said tariffs could be effective in limited cases but warned against relying on them too heavily. He said extended trade disputes risked hurting US competitiveness.

For India, analysts said higher tariffs could contribute to global price swings, especially in energy and industrial goods. At the same time, shifting supply chains have created openings for Indian exporters.

Markets can adjust to policy changes, analysts said.

Source: IANS

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Stanlow (UK), Jan 14 (SocialNews.XYZ) Essar Energy Transition is proud to announce that 2025 has marked a period of record-breaking progress at the Stanlow refinery at Ellesmere Port, Liverpool. Following a landmark investment year, the company has achieved its highest-ever domestic sales since its acquisition by Essar in 2011, reinforcing its position as a cornerstone of the UK’s energy security.

The growth seen in 2025 highlights the continued strong demand for refined products in the UK and the essential role of the refining sector.

2025: A Landmark Year for Domestic Supply

Despite the complexities of a major infrastructure transition, 2025 was a record-breaking period for Essar Energy Transition. Driven by its robust pan-UK strategy, the company has successfully leveraged its extensive supply infrastructure to grow market share and deliver value to its customers.

Operational throughput has seen a significant uptick, with volumes up 8 per cent compared to 2024. This growth is most visible at the refinery gantry, where dispatch volumes are now approaching record highs, demonstrating the efficiency and reliability of the Stanlow site.

Strategic Growth Across Retail and Aviation

The record performance in 2025 was bolstered by growth across all business units:

Retail Expansion: The retail forecourt business continues to scale rapidly, with an increasing number of sites (Essar-branded retail forecourts now up to 58), widening coverage and enhanced brand presence. In addition to the branded sites, Essar Energy Transition is also delivering fuel to more than 100 dealer-owned forecourts in the UK. The company successfully delivered a “price drop” campaign that began in early December for its company-leased, dealer-operated sites, which has driven strong consumer demand.

Aviation Excellence: Essar Energy Transition has significantly widened its airport network, now directly supplying 10 major airports.

Supply Resilience: Beyond Stanlow, the company has enhanced UK fuel security through strategic supply points at Kingsbury, Northampton, Grangemouth, Oikos, and Grays. This distribution network proved vital in 2025, allowing the company to respond immediately to urgent supply requests from the rail, bus, and commercial transport sectors, which followed the closure of two of the UK’s six refineries in 2025.

Decarbonising for the Future

Highlights also include a $100 million investment in a major refinery ‘turnaround’, one of the largest and most complex in Stanlow’s history. Part of a $350m investment programme of improvement projects, this didn't just maintain the site; it transformed it. The turnaround delivered an approximate 8 per cent increase in throughput capability and saw the installation of the UK’s first hydrogen-ready furnace, a critical step in the refinery’s decarbonisation journey.

The Importance of a Thriving Domestic Sector and need for CBAM

The success of 2025 highlights the essential role of a thriving domestic refining sector. To ensure the long-term sustainability of this vital industry, Essar Energy Transition continues to advocate for the inclusion of refining in the UK’s Carbon Border Adjustment Mechanism (CBAM). This would ensure a level-playing field for industry and protect the UK from high-carbon imports.

Deepak Maheshwari, CEO of EET Fuels, commented: "I am delighted with the performance of Stanlow in 2025. This record-breaking year is a testament to the hard work and dedication of our entire team, who successfully navigated a major turnaround and delivered our best-ever domestic sales figures. I would also like to thank our customers for their support. Stanlow has been fuelling the UK for over 100 years and this performance highlights that it remains critically important to the wider UK economy. We are investing to ensure Stanlow is well-placed for a long-term, sustainable future. To secure this future, the UK domestic refining sector must remain competitive. This underscores the urgent need for refining to be included in CBAM, ensuring a level playing field when it comes to competing with high-carbon imported fuels."

Source: IANS

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New Delhi, Jan 12 (SocialNews.XYZ) India pursued strategic autonomy in 2025, which was aimed not at dominating the international system but at balancing it, drawing on historical experience and emphasising institutional continuity, economic resilience, and multidimensional diplomacy, observed a recent report in Europe.

During the Mughal period, the Indian subcontinent functioned as a balancing pillar within a fragmented regional system, not through constant military expansion, but with administrative cohesion, economic strength, and controlled management of rivalries, according to an opinion piece in EuropaWire.

Using different means, present-day New Delhi follows a similar logic, avoiding absolute alignments, investing in institutional continuity, and transforming economic resilience and multidimensional diplomacy into tools of geopolitical influence, it said.

The article explores how India’s evolving foreign policy of strategic autonomy has become a central pillar of its global engagement, and why this approach offers valuable lessons for Europe as it grapples with fragmentation, economic pressures, and geopolitical uncertainty.

India’s policy is framed not as passive non-alignment but as active multi-alignment, where it engages simultaneously with the United States, the European Union, and organisations like the BRICS and G20, while avoiding dependency on any single bloc.

At the BRICS Summit in Rio in 2025, India championed Global South representation and multilateral cooperation. Meanwhile, last year’s G20 Summit in Johannesburg saw India push climate resilience and development priorities, reinforcing its role as a bridge between developed and developing nations.

These moves highlight India’s ability to shape agendas without being subsumed by larger powers, the report said. This allows India to maximise leverage, diversify partnerships, and maintain flexibility in a multipolar world.

It pointed out that political stability under Prime Minister Narendra Modi has enabled India to absorb external shocks, where even aggressive US trade policies in Donald Trump’s current term did not derail New Delhi’s trajectory, thanks to internal cohesion and economic resilience.

With China, the report observed that border tensions and systemic differences remain central to India’s strategic calculations, where New Delhi leverages its democratic model as a counterweight to Beijing’s authoritarianism.

Also, economic growth remained the foundation of India’s global influence, it said, adding that India sustained one of the highest growth rates among major economies in 2025, with GDP expanding by approximately 6.7 per cent and exceeding 8 per cent in one quarter, driven by strong domestic demand and investment.

India’s exports and trade demonstrated notable resilience despite international headwinds, it opined.

Total exports of goods and services, estimated at $73.99 billion in November 2025, were up 15.5 per cent in year-over-year terms, while cumulative exports from April to November reached approximately $562 billion, registering an increase of 5.4 per cent.

These figures reflect that the government’s emphasis on manufacturing and skills development was paying dividends, turning trade policy into a flexible instrument of foreign policy.

Additionally, the year saw India secure improved access to key markets through free trade agreements (FTA) with New Zealand, the United Kingdom, and Oman, while strengthening ties with Gulf states and Southeast Asia and laying the groundwork for new agreements, including with the United States in 2026. Alongside, New Delhi also paid attention to national security.

Following the achievement of its objectives in a brief conflict with Pakistan, in response to the Pahalgam terrorist attack, New Delhi renewed its emphasis on modernising the armed forces and developing indigenous defence technologies.

While strikes on Pakistani military infrastructure under Operation Sindoor highlighted India’s increased precision and operational capability, New Delhi exhibited its intent to act as a mature and responsible power by avoiding undue escalation.

At the same time, heavy investment in indigenous defence technology and military modernisation is seen as both a sovereignty safeguard and a tool for strategic influence.

When Europe is facing inflation, geopolitical instability, and dependence on external actors, New Delhi’s emphasis on unity, predictability, and strategic coherence is directly relevant to the euro crisis and geopolitical fragmentation, it further added.

Deeper India-EU cooperation in trade, technology, and defence is framed as imperative to safeguard sovereignty against the weaponisation of economic power by major actors, the article concluded. Incidentally, the India-EU FTA is likely to be firmed up later this month.

Source: IANS

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Gandhinagar, Jan 11 (SocialNews.XYZ) The Vibrant Gujarat Regional Conference for Kutch and Saurashtra saw major announcements from India’s top industrial leaders, reinforcing Gujarat’s position as a national investment magnet on Sunday.

Reliance Industries Chairman Mukesh Ambani unveiled five significant commitments for Gujarat, reaffirming the company’s deep connection with the state.

He announced that Reliance will double its investment to Rs 7 lakh crore over the next five years, compared to Rs 3.5 lakh crore invested in the previous five years.

The investment is expected to generate large-scale employment and expand the state’s industrial capabilities.

Ambani said Reliance is developing the world’s largest integrated green energy ecosystem in Jamnagar, which will host solar, green hydrogen and sustainable aviation fuel projects, marking the city’s shift from a hydrocarbon hub to a global green energy exporter.

In Kutch, the company will establish a multi-gigawatt solar power project to strengthen India’s long-term energy security.

He also announced that Jamnagar will house India’s largest AI-ready data centre, alongside the launch of a new Jio Intelligence Platform - starting from Gujarat - to offer AI services in Indian languages to everyday users.

In the field of sports, Ambani said Reliance Foundation will partner with the Gujarat Government to support the 2036 Olympic vision for Ahmedabad, including taking over operations of the Veer Savarkar Multi-Sports Complex in Naranpura.

Additionally, Reliance will set up a world-class hospital in Jamnagar and expand education-related facilities across Saurashtra, strengthening the region’s social infrastructure.

Ambani described this decade as “India’s decisive decade,” crediting Prime Minister Narendra Modi’s leadership for positioning the country as a rising global power.

Adani Ports and SEZ Managing Director Karan Adani announced a massive Rs 1.50 lakh crore investment in Mundra over the next five years. He said that under Prime Minister Modi’s guidance, Kutch has emerged as India’s largest energy hub.

Mundra has become central to the group’s solar manufacturing ambitions and will soon host the world’s largest energy park with a capacity of 37 gigawatts.

He reiterated the group’s commitment to supporting the national vision of Viksit Bharat @2047.

Jyoti CNC Chairman Parakramsinh Jadeja emphasised that the Regional Conference reflects the spread of the “developed India” vision to district-level industrial ecosystems.

He announced plans to invest Rs 10,000 crore in manufacturing, R&D and skill development over the next five years.

The company will also supply advanced machinery to the aerospace and defence sectors, strengthening India’s drive towards self-reliance.

Welspun Chairman B.K. Goenka announced an investment of Rs 5,000 crore to set up the world’s largest pipeline manufacturing plant in Gujarat.

Calling Kutch the company’s birthplace, he credited the region’s transformation over the past two decades to sustained policy support.

Goenka recalled Prime Minister Modi’s 2003 advice to build in Kutch - promising exceptional returns - which he said had proven true over time.

Welspun today employs over one lakh people and plans to expand its footprint further in Gujarat.

Source: IANS

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Ahmedabad, Jan 11 (SocialNews.XYZ) The first day of the Vibrant Gujarat Regional Conference (Kutch and Saurashtra Zone) at Marwadi University, Rajkot, began with a focused seminar on ‘Plastic Waste Management and Environmental Protection’, highlighting the growing urgency of sustainable material use and eco-friendly manufacturing practices.

A key presentation was delivered by the Central Institute of Petrochemicals Engineering and Technology (CIPET), Ahmedabad.

Paritosh Diwasli, Director and Head of CIPET Ahmedabad, provided a detailed briefing on ‘Controlled Compostable Plastics and Their Testing as per IS/ISO 17088:2021 for CPCB Certification’.

His session covered crucial aspects such as product validation, certification processes, and compliance pathways for plastic manufacturers.

The seminar underscored the need to transition toward compostable plastics that break down safely and do not harm the environment.

Industry representatives were guided on how to conduct testing and meet IS/ISO 17088:2021 standards required by the Central Pollution Control Board (CPCB).

The discussion aimed to help industrial units adopt responsible plastic production practices while aligning with national environmental norms.

The session saw participation from Kinsuk Datta, entrepreneurs from the Saurashtra-Kutch region, officials of the Gujarat Pollution Control Board, departmental officers, academic experts and students - reflecting a wide interest in sustainable industry solutions.

The two-day conference continues with multiple sessions centred on the theme ‘Regional Aspirations, Global Ambitions’, exploring new opportunities in innovation, green technology and industrial growth.

Launched in 2003 by then Chief Minister Narendra Modi, Vibrant Gujarat emerged as a flagship global investors’ summit aimed at repositioning Gujarat as an economic powerhouse and a preferred investment destination.

Following the inauguration of the event on Sunday, Prime Minister Narendra Modi visited the massive exhibition covering 18,000 square meters. At the ‘Enterprise Excellence Pavilion,’ he observed the contributions from leading organisations such as Hindustan Aeronautics Limited, Essar, Nyara Energy, and Jyoti C.N.C., highlighting their role in the nation’s economic growth.

The Prime Minister also lauded Gujarat’s growing industrial capacity and technological advancements.

At the ‘Ocean of Opportunities’ Pavilion, showcasing the vast potential of Saurashtra and Kutch’s coastal regions, the Prime Minister showed keen interest.

Presentations by the Gujarat Maritime Board on the blue economy, along with innovative technologies displayed by stalls such as Reliance New Energy, attracted considerable attention.

The exhibition also demonstrated the balance between industrial growth and environmental sustainability.

Source: IANS

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Ahmedabad, Jan 11 (SocialNews.XYZ) Rwanda’s High Commissioner, Jacqueline Mukangira, lauded the Vibrant Gujarat Regional Conference on Sunday and underlined the warm and growing ties between India and Rwanda.

Recalling Prime Minister Narendra Modi’s 2018 visit to Kigali, where he presented 200 Gir cows to economically vulnerable families, she expressed deep appreciation for the gesture.

She noted that Rwanda’s President has visited India five times and attended the 2017 Vibrant Gujarat Summit, reflecting the strategic depth in bilateral relations shaped by the leadership of both nations.

Mukangira described Rwanda as one of Africa’s fastest-growing economies, backed by a strict zero-tolerance policy on corruption.

She highlighted the country's 11.8 per cent economic growth in the first quarter of 2025 and its top ranking in Africa in the World Bank’s 2024 Ease of Doing Business report, demonstrating strong governance and administrative transparency.

Pointing to rising economic engagement, she said India is now Rwanda’s second-largest foreign investor and trading partner. She added that Rwanda offers a visa-on-arrival for Indian nationals, valid for one month, further enabling business and cultural exchange.

Ukraine’s Ambassador, Oleksandr Polischuk, said Prime Minister Narendra Modi has evolved from a national leader into a respected global statesman. Participating in Vibrant Gujarat for the sixth time, he praised the Prime Minister’s efforts toward peace, including in Ukraine.

Polischuk said Ukraine’s post-war reconstruction presents significant business opportunities for Indian companies across sectors such as energy, logistics, construction, agriculture, industry and IT.

He expressed hope for strong Indian participation at the Ukraine Reconstruction Conference set to be held in Poland later this year.

He underscored the long-standing cooperation between India and Ukraine in traditional sectors like grain, pharmaceuticals and oil—partnerships that continue to bolster Ukraine’s economy.

Commending Chief Minister Bhupendra Patel’s leadership, he said Ukraine is proud to be a partner nation in a global platform like Vibrant Gujarat.

Launched in 2003 by then Chief Minister Narendra Modi, Vibrant Gujarat emerged as a flagship global investors’ summit aimed at repositioning Gujarat as an economic powerhouse and a preferred investment destination.

What began as a post-earthquake revival initiative quickly transformed into one of India’s most influential business platforms, attracting world leaders, Fortune 500 CEOs, global institutions and investors.

Over successive editions, the summit expanded its scope from investment promotion to innovation, technology, sustainability and global partnerships.

It played a pivotal role in shaping Gujarat’s manufacturing growth, infrastructure push, port-led development and MSME expansion, while also strengthening India’s economic diplomacy.

Today, Vibrant Gujarat stands as a testament to two decades of continuity, policy stability and global trust—symbolising Gujarat’s journey from resilience to global competitiveness.

Source: IANS

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Rajkot, Jan 11 (SocialNews.XYZ) A series of B2B and B2G seminars were organised to foster dialogue and collaboration across key sectors in Gujarat on Sunday, after the Vibrant Gujarat Regional Conference (VGRC) was inaugurated at Marwadi University in Rajkot by Prime Minister Narendra Modi.

An official said that a special panel discussion was held on the theme “Building a Future-Ready Fisheries Sector in Gujarat: Opportunities, Challenges and Sustainable Solutions.”

He said that the session brought together fish exporters and entrepreneurs to deliberate on critical issues such as fishing practices, fish processing, export strategies, adoption of technology in fisheries, deep-sea fishing, methods to enhance fish production, challenges faced by fishermen and boat owners, government incentives for exports, welfare schemes for fishermen, and the role of local offices in supporting the sector.

During the conference, a Fish Supplier Company signed a Memorandum of Understanding (MoU) worth Rs 11.49 crore, underscoring the growing investment and commitment towards strengthening Gujarat’s fisheries industry.

The event was attended by the Agriculture Department Additional Chief Secretary Arun Kumar Solanki, Fisheries Department Commissioner Vijay Kharadi, S. Kannappan from NDFB, entrepreneur Manojbhai Sharma, Jagdish Fofandi, along with several other entrepreneurs and senior officials.

Following the inauguration, the Prime Minister visited the massive exhibition covering 18,000 square meters. At the ‘Enterprise Excellence Pavilion,’ he observed the contributions from leading organisations such as Hindustan Aeronautics Limited, Essar, Nyara Energy, and Jyoti C.N.C., highlighting their role in the nation’s economic growth. The Prime Minister also lauded Gujarat’s growing industrial capacity and technological advancements.

At the ‘Ocean of Opportunities’ Pavilion, showcasing the vast potential of Saurashtra and Kutch’s coastal regions, the Prime Minister showed keen interest.

Presentations by the Gujarat Maritime Board on the blue economy, along with innovative technologies displayed by stalls such as Reliance New Energy, attracted considerable attention. The exhibition also demonstrated the balance between industrial growth and environmental sustainability.

Source: IANS

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New Delhi, Jan 5 (SocialNews.XYZ) Chief Minister Rekha Gupta on Monday signed an MoU with the Reserve Bank of India, enabling the Central Bank to function as the banker, debt manager and financial agent of the government of the NCT of Delhi, facilitating easy market borrowings through State Development Loans for infra projects.

The MoU enables the Reserve Bank of India to function as the banker, debt manager, and financial agent of the government of the NCT of Delhi, facilitating market borrowings through State Development Loans.

The Chief Minister expressed gratitude to Prime Minister Narendra Modi for his visionary leadership and continued guidance, and for enabling Delhi to secure an independent and transparent banking framework aligned with national fiscal norms.

Under the MoU, the RBI will also help the Delhi government in automatic investment of surplus cash, professional cash management, and access to low-cost liquidity facilities, strictly within the framework prescribed by the Government of India and the RBI Act.

The MoU was signed at a meeting held at the Delhi Secretariat, chaired by the Chief Minister, between the Reserve Bank of India and Bipul Pathak, Additional Chief Secretary (Finance) of the Delhi government. Senior officials from the Delhi Government and the Reserve Bank of India, including Delhi Chief Secretary Rajeev Verma, were also present on the occasion.

Chief Minister Gupta, who also holds the Finance portfolio in the Delhi Government, described the MoU as a transformational milestone and a long-overdue reform that previous governments failed to initiate.

“This agreement marks a historic correction in Delhi’s financial governance. Despite being the nation’s capital, Delhi was denied the benefits of structured RBI banking and market borrowings for years. Earlier governments never showed the intent or vision to adopt globally accepted norms of fiscal prudence. Today, that decisively changes,” the Chief Minister stated.

The Chief Minister underlined that successive AAP governments neither invested surplus public funds nor adopted cost-efficient borrowing mechanisms. Excess cash remained idle, resulting in loss of interest income, while borrowings were undertaken at high interest rates from other sources, placing an unnecessary burden on public finances and, ultimately, on citizens.

“In contrast, this government has placed fiscal discipline, transparency, and long-term sustainability at the core of governance. Every rupee of public money must now work for the people of Delhi,” she said.

Key features of the MoU include automatic investment of surplus funds under which any excess cash balance with the Delhi Government will now be automatically invested daily through RBI mechanisms, generating interest income and eliminating losses caused by idle funds.

Also, Delhi will have access to Ways and Means Advances and Special Drawing Facilities from the RBI, ensuring efficient management of temporary cash flow mismatches without resorting to expensive or emergency borrowing.

The MoU will also help market borrowings. For the first time, Delhi will raise funds from the open market at competitive interest rates of approximately 7 per cent through State Development Loans, replacing earlier high-cost borrowing at interest rates of 12 to 13 per cent from alternative sources.

With this MoU, Delhi now stands at par with other States and Union Territories with legislatures, benefiting from RBI’s professional banking, cash management, and debt management systems.

The Chief Minister stated that this major reform is the outcome of sustained engagement with the Union Government and follows her recent meeting with Union Finance Minister Nirmala Sitharaman in December 2025, where key issues concerning fiscal autonomy and modernisation of Delhi’s financial architecture were discussed.

Pursuant to a Government of India notification dated 2 January 2026, effective from 9 January 2026, the Public Accounts of the Government of NCT of Delhi have been separated from the Public Accounts of the Government of India, providing Delhi with an independent banking and borrowing structure for the first time.

Source: IANS

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Washington, Jan 5 (SocialNews.XYZ) US President Donald Trump on Monday said the US has taken in, and will soon receive, more than $600 billion through tariffs, arguing that the policy has strengthened the country financially and bolstered national security.

The President also accused the country’s media of downplaying the issue ahead of a key Supreme Court decision.

In a post on his Truth Social platform, Trump said: “We have taken in, and will soon be receiving, more than 600 Billion Dollars in Tariffs, but the Fake News Media refuses to talk about it because they hate and disrespect our Country, and want to interfere with the upcoming Tariff decision, one of the most important ever, of the United States Supreme Court.”

The President, in his social media post, asserted that framed trade measures are directly linked to the nation’s global standing.

“Because of Tariffs, our Country is financially, AND FROM A NATIONAL SECURITY STANDPOINT, FAR STRONGER AND MORE RESPECTED THAN EVER BEFORE,” Trump wrote.

Soon after coming to power in January 2025, Trump and his team used tariffs as a national security and foreign policy tool, imposing massive tariffs on countries around the world on imports of their products.

He has imposed a 50 per cent tariff on the import of products from India.

India pushing ahead to diversify exports amid US tariff turmoil: Report

According to an article in the South China Morning Post. New Delhi plans to diversify the country’s exports away from the US, and this approach is expected to gather pace ingoing ahead.

The article highlights that ever since US President Donald Trump imposed penal import tariffs of 50 per cent on India last year, New Delhi has maintained a resolute approach to the punitive levies, even as it has kept the door open to negotiations.

The US is India’s largest export market, receiving about 18 per cent of its total goods exports, including items such as garments and leather products, with a vast diaspora readily snapping up products shipped from their homeland.

While it remains unclear whether the two countries can negotiate a trade deal given India’s firm position on opening sensitive sectors such as agriculture and dairy to US products, experts are sceptical that Washington will significantly roll back its tariffs, the article states.

Source: IANS

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New Delhi, Jan 3 (SocialNews.XYZ) As several countries across the globe criticised the US military attack on Venezuela on Saturday, industry watchers said that India’s economic interests in the South American country are minimal and it is not dependent on Venezuela for oil.

The bilateral trade between the nations was $1.175 billion in 2023-24, according to information available on the website of the Embassy of India in Caracas.

The main items of India’s exports to Venezuela are mineral fuels and oils and products of their distillation; bituminous substances, pharmaceutical products, cotton, nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment; sound recorders and reproducers, television image and sound recorders and reproducers, articles of apparel and clothing accessories and miscellaneous chemical products.

According to industry experts, the bilateral trade is very minimal, and the country is now dependent on Venezuela for crude oil imports.

The main items of India’s imports from Venezuela are mineral fuels and oils and products of their distillation, bituminous substances, mineral waxes, iron and steel, aluminium, edible vegetables and certain roots and tubers, copper and articles thereof, lead and articles thereof, zinc and articles thereof, wood and articles of wood, among others, according to the Embassy.

ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (CVP) (subsidiary of PdVSA) have a joint venture called "PetroleraIndovenezolana SA" for the production and exploration of oil in the San Cristobal field, in which OVL has a 40 per cent stake, while PDVSA has 60 per cent of the remaining stake.

The OVL investment in the San Cristobal project is approximately US $200 million.

An international consortium comprising ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), Oil India Limited (OIL), Repsol of Spain and Petronas of Malaysia was declared the winner of an international bidding process in April 2008 to develop a multi‐million-dollar oil project integrated in Carabobo in the Orinoco belt of Venezuela.

Meanwhile, Venezuela Vice President Delcy Rodriguez on Saturday said that the whereabouts of the country's President Nicolas Maduro and his wife, Cilia Flores, are unknown following the US attacks in Caracas, Miranda, Aragua and La Guaira in the early hours of Saturday (local time).

Earlier, US President Donald Trump claimed that the Venezuelan President and his wife had been "captured" and "flown out" of the country.

Source: IANS

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New Delhi, Jan 1 (SocialNews.XYZ) Union Minister for Chemicals and Fertilisers Jagat Prakash Nadda on Thursday inaugurated the e-Bill System, which will enable the government to process the fertiliser subsidy of approximately Rs 2 lakh crore at Kartavya Bhawan in the national capital.

Addressing the event, the Minister said that this online system would play a significant role in strengthening transparent, efficient and technology-driven governance.

Secretary Fertilisers Rajat Kumar Mishra said that the launch marks a major milestone in modernising the Department’s financial operations. The newly launched system represents a paradigm shift from manual, paper-based processes to a fully digital, system-to-system workflow, eliminating the need for any physical movement of bills.

This initiative is a significant outcome of the unique technological partnership between iFMS (Integrated Financial Management System) of the Department of Fertilisers and PFMS of the Controller General of Accounts (CGA), Ministry of Finance.

This transformation significantly enhances transparency and accountability by creating a centralised and tamper-proof digital audit trail for all financial transactions, thereby facilitating easier monitoring and audits.

The system provides senior officials with real-time oversight of expenditures and strengthened financial control, as all payments are tracked and reported centrally under the unified system.

The seamless data exchange between the Department’s internal system and PFMS eliminates duplicate data entry, reduces manual errors, and improves overall processing efficiency and data accuracy.

Joint Secretary Manoj Sethi said that the system enables end-to-end digital bill processing, which will significantly accelerate payment timelines, including the timely release of weekly fertiliser subsidy payments.

Additionally, the e-Bill platform improves user convenience by allowing fertiliser companies to submit claims online and track payment status in real time, eliminating the need for physical visits and manual follow-ups.

It will enforce a standard electronic workflow (such as first-in-first-out bill processing) across the department, ensuring consistency, fairness, and compliance with financial rules in bill handling.

The integration also reduces IT system silos, simplifies system maintenance, and provides a comprehensive real-time financial information base to support informed decision-making, policy formulation, and efficient budget management.

The integrated e-Bill system significantly strengthens financial governance, with robust built-in controls that validate payments against predefined criteria, log every action for audit purposes, and reduce the risk of fraud or misuse, reinforcing the government’s commitment to transparent, efficient, and technology-driven administration, according to an official statement.

The Department of Fertilisers has taken a significant step towards strengthening digital governance and financial reforms in line with the Prime Minister’s vision of a Digital India, the statement added.

Source: IANS

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New Delhi, Dec 31 (SocialNews.XYZ): The country’s largest city gas retailer, Indraprastha Gas Ltd, on Wednesday reduced the price of piped cooking gas supplied to households by Rs 0.70 per standard cubic metre (scm) in Delhi and NCR.

The reduction in rates will be effective from January 1, the company announced in a post on X.

"IGL has announced a substantial reduction in its domestic piped natural gas (PNG) prices this coming New Year for its consumers in Delhi and NCR by Rs 0.70 per standard cubic metre (scm)," the company said.

The revised price after reduction will work out to Rs 47.89 per scm in Delhi, Rs 46.70 per scm in Gurugram and Rs 47.76 per scm in Noida, Greater Noida and Ghaziabad.

The price reduction comes in the wake of the Petroleum and Natural Gas Regulatory Board's (PNGRB) recent restructuring of pipeline tariffs, which have reduced the cost of transporting natural gas.

The gas is piped for cooking in household kitchens. It is also used as a fuel for generating electricity, as a feedstock for producing fertiliser and making CNG, which is used as a green fuel for running vehicles such as taxis and buses in cities.

"IGL reinforces its commitment to making clean energy both accessible and affordable as we step into 2026," the IGL said in a statement.

PNGRB had on December 16 announced a rationalised tariff structure for pipelines that carry natural gas.

The revised tariffs, which are kicking in from January 1, make natural gas transportation simpler, fairer and more cost-effective for consumers and city gas distribution companies.

Under the rationalised tariff structure for transporting natural gas, which will come into effect from January 1, 2026, the number of distance-based tariff zones has been reduced from three to two - up to 300 km and beyond - with a single lower Zone-1 rate (around Rs 54 per million British thermal unit) now applied nationwide for CNG and domestic PNG customers regardless of distance from the gas source, PNGRB said in a statement.

Source: IANS

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Kathmandu, Dec 29 (SocialNews.XYZ) Nepal and India have agreed to formulate and implement a biennial action plan within the next three months to translate bilateral agricultural cooperation agreements into concrete outcomes, Nepal’s Ministry of Agriculture and Livestock Development said on Monday.

During the ninth meeting of the Nepal-India Joint Agriculture Working Group, held on Sunday and Monday in Kathmandu, the two sides also decided to advance cooperation between agricultural universities and research institutions of both countries, including the Indian Council of Agricultural Research (ICAR) and the Nepal Agricultural Research Council (NARC), by developing separate action plans, the ministry said in a statement.

The two sides further agreed to work together in the livestock, poultry, and fisheries sectors under a separate memorandum of understanding.

Agreements were also reached to improve logistical processes to ensure the smooth supply of chemical fertilisers, enhance cooperation in agricultural infrastructure development, and maintain regular dialogue between relevant agencies to resolve technical issues related to food quality and quarantine.

The Indian side reiterated its intention to expand cooperation with Nepal in agricultural research, technology transfer, and infrastructure development in line with its “Neighbourhood First” policy.

Reviewing the achievements of bilateral cooperation, the Nepali side informed the Indian side that 92,766 doses of semen have so far been produced from 15 high-quality Murrah male buffaloes gifted by the Indian government.

Based on an agreement reached between the two sides during former Nepal Prime Minister Pushpa Kamal Dahal’s visit to New Delhi in 2023, the Indian side provided those high-quality male buffaloes to Nepal to help improve native buffalo breeds.

Acknowledging the significant contribution of this support to Nepal’s livestock development and breed improvement, the Nepali side expressed its gratitude to the Indian government, the ministry said.

During the meeting, the Nepali side appreciated India’s recognition of laboratory testing for eight categories of Nepali agricultural products and urged the expansion of this list.

In April, for the first time, India officially recognised test certificates issued by Nepal’s National Food and Feed Reference Laboratory, clearing the way for the export of select Nepali food products tested within Nepal. Nepal also sought unhindered access for its agricultural produce to the Indian market, according to the ministry.

In-depth discussions were also held on expanding cooperation in contemporary areas such as digital agriculture, climate-resilient farming, natural farming systems, and food security, the ministry said.

The two sides also agreed that the tenth meeting of the Joint Agriculture Working Group would be held in India on dates to be decided through mutual consultation.

The meeting was co-chaired by Hari Bahadur K.C., Joint Secretary at Nepal’s Ministry of Agriculture and Livestock Development, and Pramod Kumar Meherda, Additional Secretary at India’s Ministry of Agriculture and Farmers’ Welfare.

Source: IANS

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New Delhi, Dec 29 (SocialNews.XYZ) The government of India on Monday announced the sale (re-issue) of “6.48 per cent Government Security 2035” for a notified amount of Rs 32,000 crore through price-based auction using the multiple price method.

The auction will be conducted by the Reserve Bank of India’s Mumbai Office on January 2.

The Government will have the option to retain additional subscription up to Rs 2,000 crore against the security, according to a Finance Ministry statement.

Up to 5 per cent of the notified amount of the sale of the security will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities, the statement said.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber system) on January 2, 2026.

The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m., and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m., the statement explained.

The result of the auction will be announced on January 2, and payment by successful bidders will be on January 5.

The Security will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central government Securities’ issued by the Reserve Bank of India vide circular dated July 24, 2018, as amended from time to time.

Governments sell bonds to borrow money from investors, essentially taking loans to fund public spending like infrastructure, social programs, and to cover budget deficits, acting as a low-risk way for citizens or institutions to lend to the government in exchange for regular interest and principal repayment, thus financing national needs without immediately raising taxes.

These bonds are considered low-risk investments since they are backed by the government and are considered safe because of their relatively low risk. Government bonds typically pay low interest rates.

Source: IANS

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New Delhi, Dec 29 (SocialNews.XYZ) The total area sown under rabi crops in the ongoing winter season has increased by 6.87 lakh hectares to 614.30 lakh hectares as on December 26 this year, compared with the corresponding figure of 607.43 lakh hectares in the same period last year, data released by the Ministry of Agriculture and Farmers Welfare on Monday showed.

The increase in sown area is expected to lead to higher production, which in turn would increase the incomes of farmers and also help to keep food inflation in check.

The official figures show that the area under wheat has risen to 322.68 lakh hectares from 322.49 lakh hectares during the same period last year.

The area under pulses such as Urd, Lentils (Masur), gram and Moong has gone up by 3.65 lakh hectares to 133.44 lakh hectares from 129.79 lakh hectares during the same period last year.

The area covered under coarse cereals or millets such as jowar, bajra and ragi has increased to 49 lakh hectares during the current season so far, compared to 48.89 lakh hectares in the same period of the previous year.

The area under oilseeds such as rapeseed and mustard has increased by 1.04 lakh hectares to 94.29 lakh hectares from 93.25 lakh hectares in the same period last year.

The sown area has gone up in the current season as better monsoon rains have facilitated the sowing in unirrigated areas, which account for close to 50 per cent of the country’s farmland.

Meanwhile, the Cabinet Committee on Economic Affairs (CCEA), on October 1 this year, approved an increase in the minimum support prices (MSP) for all mandated rabi crops for the 2026-27 marketing season to ensure remunerative prices to the growers for their produce.

The minimum support prices are announced well ahead of the sowing season as farmers can accordingly draw up their cropping plans to maximise their earnings.

The highest increase in MSP has been announced for Safflower at Rs. 600 per quintal, followed by Lentil (Masur) at Rs. 300 per quintal. For rapeseed and mustard, gram, barley, and wheat, there is an increase of Rs. 250 per quintal, Rs 225 per quintal, Rs 170 per quintal and Rs 160 per quintal, respectively.

The increase in MSP for mandated Rabi Crops for Marketing Season 2026-27 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times the All-India weighted average cost of Production.

The expected margin over the All-India weighted average cost of production is 109 per cent for wheat, followed by 93 per cent for rapeseed and mustard, 89 per cent for lentil, 59 per cent for gram, 58 per cent for barley, and 50 per cent for safflower.

This increased MSP of rabi crops will ensure remunerative prices to the farmers and incentivise crop diversification.

The cost of production for these crops includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilisers, manures, irrigation charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for operation of pump sets etc., miscellaneous expenses and imputed value of family labour, the official statement explained.

Source: IANS

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New Delhi, Dec 29 (SocialNews.XYZ) Even while maintaining a stable yet modest growth rate averaging about 6 per cent per annum, India would become a US$26 trillion economy by 2047-48, with a per capita income exceeding $15,000, which is nearly six times the current value, according to an Ernst and Young (EY) report.

The report highlights that there are a few key enablers of growth that uniquely strengthen India’s position in the global economy over the next decade and beyond, as it is most likely to overtake Germany and Japan and will become the third largest economy after China and the US by 2030.

India has attained critical mass as the fifth largest economy in the world, realised primarily on account of its policies of economic liberalisation, which made it more market-oriented, allowed for a greater role for private capital and in the process increased its global competitiveness. The growth projections for the Indian economy are the highest for any large economy over the coming decades.

India’s strong services exports have grown by 14 per cent over the last two decades and stood at $254.5 billion in 2021-22. A large part of services exports is from the Information Technology (IT) Services and Business Process Outsourcing (BPO) services, with $157 billion in 2021-22.

This growth has been driven by both Indian headquartered and global IT companies.

Besides, other global corporations are leveraging Indian talent through their capability centres in India, which employ over 5 million people. What began as a cost arbitrage has now become a key source of high-quality talent and leading-edge innovation. The 1,500 Global Capability Centers (GCCs) in India representing 45 per cent of global GCCs are an acknowledgement that these centers are scalable with access to manpower skilled in new technologies, while adhering to business processes while adhering to business processes of the highest quality and efficiency.

All of these have converged to allow India to become the “office of the world” for corporations as they look to adopt technology at a global scale.

India is well-positioned to leverage this success and cater to more skill-intensive and increasingly digitised services. Indian and global IT services players will leverage India for higher value services such as consulting, experience design, full-stack digital engineering, product development for Industry 4.0 and incubate and industrialise new business process management use cases and processes often considered core to businesses today.

Most Indian and global IT services players will have their centres of excellence for Cloud, analytics and AI and other new-age technologies in India. Besides, great strides are being made in IP-based platform and product businesses, which are more scalable, sticky and differentiated, creating a potent ecosystem for India Hyperscalers to emerge over the next two decades.

Similarly, in non-IT services segments, India has a unique opportunity to fill in the talent gap as developed economies face a shortage of skilled talent due to demographic changes. This would be in areas such as education and healthcare, where services are increasingly being delivered over digital channels.

A large telecom subscriber base of 1.2 billion and 837 million internet users, combined with the government’s focus on building digital platforms, have laid the foundations for a digital economy, enabled the development of a robust digital payment ecosystem and strengthened governance.

A special focus and consistent backing of the GoI over the last decade in creating India’s uniquely scalable Digital Public Infrastructure has borne fruit, yielding economic benefits and growth of innovation and entrepreneurship.

The report highlights that over the period 2014-19, in absolute US dollar terms, the digital economy grew by 15.6 per cent, which was 2.4 times faster than the growth of the Indian economy.

India’s success is important for the world economy as it is home to approximately 1/6th of the global population. In 2023, India is slated to become the largest country in terms of population, enabling it to become the largest contributor to the global workforce for the next several decades, the report added.

Source: IANS

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