Metal sector is not too happy from Budget announcements for the sector
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
Any revision in gold import duty is unlikely to take place before the Budget, says finance ministry official.
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
The Union Budget has proposed to extend concessional basic customs duty of 5 per cent with full exemption from excise/countervailing duty to six specified life-saving drugs and vaccines, even as the stress has been laid on vaccine security.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
The budget has been neutral with positive bias for the auto component industry.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
The hike in Custom and Excise duty on crude oil and petroleum products will be passed on by the refineries as well as oil marketing companies
The industry expects 0% duty on all types of fuels, low duty rate of 2% on basic building blocks like benzene, toluene, xylene, naphthalene etc.; moderate duty rate on Intermediates of 5% and high duty rate on finished products of 7.5%.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Mohammed Shami's much-awaited return to top-flight cricket did not receive too many supporting signals during the seasoned pacer's nearly hour-long stint of varying intensity at the India nets here on Friday. Despite working hard on finding his bowling rhythm, Shami never really hit his flowing peak. While he was expected to feature in the playing 11 during India's first T20I against England at Kolkata on Wednesday, the management decided to delay his comeback. Shami's rhythm and sharpness gradually hit a higher gear but the whole picture was one of rustiness, raising questions about his current form and the decision to select him for the series against England and the Champions Trophy.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
Commerce and Industry Minister Piyush Goyal has visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India. The minister is in the US on a four-day visit. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
India and Australia would now implement the free trade agreement on a mutually agreed date as the Australian Parliament on Tuesday approved the pact between the two countries. "BREAKING: Our Free Trade Agreement with India has passed through parliament," Australian Prime Minister Anthony Albanese said in a tweet. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament before its implementation.
Granting SCS to the state has been a long-pending demand of the JD-U supremo and Bihar chief minister Nitish Kumar, whose Bihar cabinet had even passed a resolution last year requesting the Centre to grant SCS to the state.
Finance Minister Nirmala Sitharaman also said that the government proposes to increase the benefit of carrying forward losses for startups to 10 years.
For India to be atmanirbhar, domestic manufacturers cannot remain merely assemblers of imported parts. Manufacturing in India cannot survive on support of imports forever.
Rising fuel prices, intense competition and inability to pass on spiralling expenses have been negatively impacting the domestic airlines.
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade. The infrastructure segment is the largest steel user, and the government's focus has fuelled steel consumption even as international markets have underperformed. According to provisional statistics, steel consumption grew 13.6 per cent in FY24, reaching 136 million tonnes (mt), according to a CRISIL report.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
US President Donald Trump has proposed a deal to China that would see the sale of TikTok's US operations to an American buyer in exchange for a reduction in tariffs on Chinese exports to the US. The proposal comes amid a trade war between the two countries and follows China's retaliation of Trump's tariffs on Chinese goods. Trump has also said that tariffs are a powerful economic tool and that he is determined to ensure fair trade between the US and China.
The Union Finance Minister Nirmala Sitharaman undertook a day long review of the Customs activities at Nhava Sheva in Raigad district off the Mumbai coast on November 25.
Mohammed Shami has conceded that operating as India's lone front-line pacer after coming back from a lengthy injury layoff is a heavy "responsibility", even as he tries to regain his "rhythm" to suit the team's needs in the ongoing Champions Trophy .
'He needs to see results while he is in office.'
On the 134th birth anniversary of the chief architect of the Indian Constitution, Utkarsh Mishra revisits three incidents from Dr B R Ambedkar's life that lay bare the deeply entrenched nature of caste prejudice.
From November 12, Vistara aircraft will be operated under Air India's banner, identifiable by a special four-digit flight code beginning with '2'. For example, flight UK 955 will become AI 2955, making it easier for customers to recognise when booking on airindia.com after this date.
From the rollback of customs duty on key electronic components to fast tracking delivery of goods imported from China, players are looking for incentives on several counts.
All investors should ideally have a 10 to 15 per cent allocation to gold. Whether they invest in gold ETFs or SGBs should depend on their investment horizon.
Petrol attracts a total excise duty of Rs 17.46 per litre.
In a virtual mini-Budget ahead of a possible vote-on-account and early Lok Sabha elections, the government on Thursday slashed customs duties on various non-agricultural goods
A string of measures includes specific provisions in rules governing anti-dumping, safeguards, and basic Customs duties.
Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax, while COVID drugs and oxygen concentrators attract a 12 per cent levy.
Finance Minister Nirmala Sitharaman on Saturday announced increasing customs duty on imported footwear and furniture. In her second Budget presentation, the finance minister also imposed health cess on import of medical equipment.
Since the last nine years, gold investors have made money each year, while gains in silver have been consistent only in the last five years.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
A security guard posted at the Station Road branch of Bank of Baroda in Bareilly on Friday allegedly opened fire at a customer who was trying to force his way inside without a mask, the police said.
