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<div type="image" title="Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!" height="900" width="1200" msid="114507055" hostid="261" sizebytes="439216" caption="&amp;lt;p&amp;gt;Save yourself the trouble of buying physical gold this Diwali, and instead, go digital with Gold ETFs!&amp;lt;/p&amp;gt;"></div> Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from <keyword id="23657519" type="General" weightage="20" keywordseo="king-midas" source="keywords">King Midas</keyword> to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the <keyword id="6384667" type="General" weightage="20" keywordseo="Bullion" source="Orion">bullion</keyword>. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind China. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With <keyword id="188" type="General" weightage="20" keywordseo="Diwali" source="Orion">Diwali</keyword> and <keyword id="4067" type="General" weightage="20" keywordseo="Dhanteras" source="Orion">Dhanteras</keyword> knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure 24k gold, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an <keyword id="19930506" type="General" weightage="20" keywordseo="etf" source="keywords">ETF</keyword> on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2>Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the RBI and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2>Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3- and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the LTCG (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Simply put: Can investing in gold this festive season add the much-touted Midas touch to your investments?

The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

The <keyword id="19901179" type="General" weightage="20" keywordseo="international-cricket-council" source="keywords">International Cricket Council</keyword> (<keyword id="19901177" type="General" weightage="20" keywordseo="ICC" source="keywords">ICC</keyword>) is mulling a dedicated fund of at least USD 15 million for <keyword id="19935483" type="General" weightage="100" keywordseo="Test-cricket" source="keywords">Test cricket</keyword> that will help increase the players' match fee and address the migration of talent to lucrative <keyword id="22888428" type="General" weightage="20" keywordseo="T20-franchise-leagues" source="keywords">T20 franchise leagues</keyword>. The initiative, which was was proposed by <keyword id="19897940" type="General" weightage="20" keywordseo="Cricket-Australia" source="keywords">Cricket Australia</keyword> (CA), has the support of <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="261" meta.entityid="BCCI">BCCI</keyword> Secretary <keyword id="19930802" type="General" weightage="20" keywordseo="jay-shah" source="keywords">Jay Shah</keyword>, who is the front-runner to become the next ICC Chairman, and the <keyword id="20312896" type="General" weightage="20" keywordseo="England-and-Wales-Cricket-Board" source="keywords">England and Wales Cricket Board</keyword> (ECB), a report in 'The Sydney Morning Herald' stated. The fund would increase the minimum match payment for Test players and cover the cost of sending teams on overseas tours. It would support national boards like the West Indies that currently struggle to compete with the wages offered in global T20 competitions. "The fund would ensure a minimum Test payment for all players, thought to be USD 10,000, and pay the costs of overseas tours for struggling countries," the report stated. "It's fantastic to see some momentum behind the Test match fund," CA chairman <keyword id="21076759" type="General" weightage="20" keywordseo="mike-baird" source="keywords">Mike Baird</keyword>, who floated the concept in January, said. "We need to take away the barriers and encourage Test cricket to be the best of the best. To retain that history and that legacy, which goes alongside the newer forms of white ball cricket," he added. The fund is unlikely to benefit the three wealthiest cricket nations — India, Australia, and England — since they already offer substantial salaries to their players. However, how much money is available for Test cricket from the ICC is also likely to depend on a dispute with broadcaster Star, the report added. The Star network wants to renegotiate a 2022 broadcast deal with the ICC and reduce its value to half of the original cost of over USD three billion. The BCCI had introduced an incentive scheme for India's men's Test cricketers earlier this year to encourage players to prioritise Test cricket and reward consistent performances in the longest format of the game. Under the new scheme, a player who plays at least 75 per cent of India's Test matches in its annual cycle, from October to September, will earn a whopping Rs 45 lakh per match in addition to the Test match fees of Rs 15 lakh. The players who feature in the 50-75 per cent games bracket will earn a bonus of Rs 30 lakh per match. The non-playing members — if selected in the squad — will be paid half the amount.

ICC planning multi-million dollar fund to save Test cricket: Report

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

<keyword id="19895579" type="General" weightage="100" keywordseo="gold" source="keywords">Gold</keyword> consistently reduces portfolio <keyword id="19908008" type="General" weightage="20" keywordseo="volatility" source="keywords">volatility</keyword> while improving returns, even with increased <keyword id="20108512" type="General" weightage="20" keywordseo="allocation" source="keywords">allocation</keyword>. By simulating portfolio performance with varying allocations of gold (2.5% to 10%), it's evident that the yellow metal bolsters return without adding significant risk, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. On the other hand, <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> shows diminishing returns as its allocation increases. A 2.5% allocation of bitcoin can enhance risk-adjusted returns, but beyond that, the portfolio's volatility rises, leading to larger drawdowns and lower overall performance. The data underscores that while bitcoin may offer short-term upside, it introduces risk that erodes its effectiveness as a stable <keyword id="22820244" type="General" weightage="20" keywordseo="store-of-value" source="keywords">store of value</keyword>. Global equities experienced a sharp downturn, with the <keyword id="19919944" type="General" weightage="20" keywordseo="SP-500" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P 500" meta.hostid="261" meta.entityid="S&amp;P 500">S&amp;P 500</keyword> and <keyword id="19951906" type="General" weightage="20" keywordseo="NASDAQ" source="keywords" meta.keywordsubtype="org" meta.entityname="NASDAQ" meta.hostid="261" meta.entityid="NASDAQ">NASDAQ</keyword> dropping over 4% and 6%, respectively, at the peak of the selloff. Amid this volatility, the debate over whether bitcoin can be considered "digital gold" resurfaced, as investors re-examined its place as an inflation hedge and a store of value. While bitcoin enthusiasts often label the cryptocurrency as "digital gold," a closer examination of the data, particularly during turbulent market periods, challenges this claim. Gold, a time-tested asset known for its stability, has long been a <keyword id="20466459" type="General" weightage="20" keywordseo="safe-haven" source="keywords">safe haven</keyword> during <keyword id="22820245" type="General" weightage="20" keywordseo="market-downturns" source="keywords">market downturns</keyword>. Bitcoin, on the other hand, displays characteristics more akin to high-risk technology stocks, making it an unsuitable substitute for gold in times of market stress. The primary distinction between gold and bitcoin lies in volatility. On a five-year rolling basis, gold has proven to be far less volatile than bitcoin, a trend that underscores its role as a safe haven asset. Gold's stable value is supported by central bank holdings, long-term investment demand, and its status as a global store of wealth. Bitcoin, conversely, is at the extreme end of the volatility spectrum, with its price fluctuations resembling those of tech stocks--closely tied to blockchain adoption and innovation trends. The most recent market correction in early August 2024 further emphasized these differences. While bitcoin experienced sharp losses, gold remained relatively stable, reinforcing its value as a risk mitigator during crises. The comparison of year-to-date returns reveals the stark contrast: bitcoin's wild swings have made it less reliable for investors seeking protection in a turbulent market. Bitcoin and gold also show stark differences in their correlation with broader markets. Gold has historically exhibited a negative correlation during down markets, and a positive correlation during up markets, making it an ideal asset for a diversified portfolio. Bitcoin, on the other hand, behaves more like risk assets, amplifying market stress rather than mitigating it. This was especially evident during the Russian invasion of Ukraine in 2022, when gold outperformed while bitcoin faltered, aligning with other high-risk equities. Gold's global acceptance as a store of value--unrestricted by geographic or regulatory boundaries--provides further stability. Bitcoin, while growing in prominence, has not demonstrated the same universal acceptance or reliability, particularly during significant market downturns. The critical takeaway from the events of early August 2024 is that bitcoin has yet to demonstrate the same safe haven characteristics as gold. In times of significant market drawdowns, bitcoin has tracked risk assets like tech stocks, offering no meaningful protection for investors seeking stability. This reinforces the notion that bitcoin's most common use case is as an indicator of blockchain adoption rather than a dependable hedge against inflation or market turmoil.

Gold boosts returns and lowers risk, while Bitcoin heightens volatility, says World Gold Council

New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

Newly appointed <keyword id="22895734" type="General" weightage="20" keywordseo="ICC-chairman" source="keywords">ICC Chairman</keyword> <keyword id="19930802" type="General" weightage="100" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword> extended his wishes to everyone on the occasion of the <keyword id="408358" type="General" weightage="20" keywordseo="National-Sports-Day" source="Orion">National Sports Day</keyword> (Major <keyword id="60219" type="General" weightage="20" keywordseo="Dhyan-Chand" source="Orion">Dhyan Chand</keyword>'s birth anniversary) on Thursday. Dhyan Chand, celebrated as 'The Wizard', represented the Indian hockey team from 1925 to 1949, scoring over 1500 goals in the 185 matches he played as a centre forward during his international career, which includes three Olympic Gold Medal wins in 1928,1932 and 1936. He was felicitated with the Padma Bhushan in 1956 and his birth anniversary on August 29, is celebrated as National <keyword id="6541281" type="General" weightage="20" keywordseo="Sports-Day" source="Orion">Sports Day</keyword>. "On this National <keyword id="6356028" type="General" weightage="20" keywordseo="Sports" source="Orion">Sports</keyword> Day, I warmly commend our athletes, coaches, and everyone who has devoted their life to sports. As we honour the legacy of Major Dhyan Chand Ji on his birth anniversary, let's commit ourselves to making India a powerhouse on the global sporting stage, the newly elected ICC Chairman said in a post on X. Earlier on Tuesday, Jay Shah was elected unopposed as the next Chairman of the <keyword id="19901179" type="General" weightage="20" keywordseo="International-Cricket-Council" source="keywords">International Cricket Council</keyword> (ICC). Shah, who has served as the BCCI Secretary since October 2019 and Chairman of the Asian Cricket Council since January 2021, will assume this prestigious role on December 1, 2024. Shah was the sole nominee for the chairmanship after current Chair Greg Barclay decided not to seek a third term, as per a media release by ICC. Upon his election, Shah expressed his intent to advancing the global reach and popularity of cricket, particularly with its upcoming inclusion in the LA 2028 Olympics--a moment he views as a pivotal opportunity for the sport's growth. "I am humbled by the nomination as the Chair of the International Cricket Council," Shah stated as quoted by ICC. "I am committed to working closely with the ICC team and our member nations to further globalize cricket. We stand at a critical juncture where it is increasingly important to balance the coexistence of multiple formats, promote the adoption of advanced technologies, and introduce our marquee events to new global markets. Our goal is to make cricket more inclusive and popular than ever before," Shah added. "While we will build on the valuable lessons learned, we must also embrace fresh thinking and innovation to elevate the love for cricket worldwide. The inclusion of our sport in the Olympics at LA 2028 represents a significant inflection point for the growth of cricket, and I am confident that it will drive the sport forward in unprecedented ways," Shah concluded. Jay Shah becomes the youngest person to lead the ICC. He joins the likes of Jagmohan Dalmiya, Sharad Pawar, N Srinivasan and Shashank Manohar as Indians who have led the ICC in the past. Shah's election marks a new chapter for the ICC as it seeks to expand the game's reach and continue its evolution on the global stage.

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