Union Minister Bandi Sanjay Kumar announced India's ambitious plan to rank among the top 10 sporting nations by 2036 and top five by 2047. He highlighted the central government's commitment to sports development through initiatives like Khelo India, increased budget allocation, and a special fund for sports equipment and technology, emphasising sports as a tool for nation-building and youth empowerment.
Union Minister Bandi Sanjay Kumar announced India's ambitious plan to rank among the top 10 sporting nations by 2036 and top five by 2047. He highlighted the central government's commitment to sports development through initiatives like Khelo India, increased budget allocation, and a special fund for sports equipment and technology, emphasising sports as a tool for nation-building and youth empowerment.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
The finance ministry is considering raising import duty on gold by two percentage points to six per cent, as the surge in demand for the yellow metal threatens to further widen India's current account deficit.
Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh, director, Delhi School of Economics.
Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
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Attributing the high Current Account Deficit to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of $50 billion.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
Import is returning to the normal prevailing three years ago
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
Both the government as well as the RBI took a series of steps to curb imports of gold and other non-essential items in addition to increase foreign exchange inflows.
Dealers are selling gold at a discount of Rs 175 for 10 gm.
India has protected the interest of domestic farmers and MSMEs by not extending any duty concessions on products across several sectors, including agricultural items such as dairy, as well as chocolates, gold, silver, jewellery, footwear, and sports goods, under the trade pact with Oman.
Chidambaram said he expected gold imports to touch $40 billion in the current fiscal year to end-March, down 31 percent from the year-ago bill of $58 billion.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
By December 2015, the total imports will touch 1000 tonnes.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
Import duty on diamonds may be scrapped
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Some are eying the competitive markets abroad.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion
Govt has so far refused to bring down the import duty to 2% from the current 10%.
If CAD remains high for 3-4 quarters, central bank may intervene.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
However, worries on inadequate import and issues for the FTA pacts.
This is good news for the central government at a time when crude oil prices are rising.
'Once the market decides it wants to go up, it goes up -- no amount of bad news can really hold it back.'
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
At 12-15 tonnes, the imports in September are estimated to be much lower than in the same month last year.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November.
'The situation globally is quite challenging, but we have the confidence and courage of conviction that we will come out winners even in this challenging time.'
Prices have remained lower this year.
15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
The gold market has remained under pressure.
