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<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have corrected sharply by 7% or Rs 5,000 per 10 grams in the local markets after the government slashed the basic customs duty on gold. Lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset, experts say. Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised <keyword id="22107284" type="General" weightage="20" keywordseo="jewellery-sector" source="keywords">jewellery sector</keyword>. "The cut in basic <keyword id="20330317" type="General" weightage="20" keywordseo="custom-duty" source="keywords">custom duty</keyword> on gold prices makes the yellow metal cheaper. While this can lead to weaker market sentiments due to the sudden change, <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword> stand to benefit from the new, more attractive pricing for gold," said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities Echoing similar sentiments, Krishnan R, Director &amp; CEO of Unimoni Financial Services said lower costs will encourage more people to invest in gold, both as a commodity and as a financial asset, which is often seen as a hedge against inflation and currency devaluation. Following the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> announcement by finance minister Nirmala Sitharaman that the government has slashed basic customs duties on gold and silver from 15 per cent to 6 per cent, gold prices crashed by Rs 3,350 to Rs 72,300 per 10 grams in the national capital on Tuesday. The precious metal prices continued the downtrend and plunged by Rs 650 on Wednesday. The yellow metal rates saw another steep fall on Thursday, nosediving by Rs 1,000 to settle at Rs 70,650 per 10 grams, as per the All India Sarafa Association. After the duty cut, the yellow metal has declined Rs 5,000 per 10 grams or 7.1% in the past three sessions, since July 23 when it had fallen Rs 3,350 to end at Rs 72,300 per kg. Also, gold of 99.5% purity declined by Rs 1,000 to Rs 70,300 per 10 grams on Thursday. It had also lost ground by Rs 5,000 per 10 grams in the previous three sessions. On Thursday, silver rates also lost ground by Rs 3,500 per kg to Rs 84,000 per kg. In the past three sessions, the rates of the bright metal fell sharply by Rs 7,000 or 8.3% to Rs 84,000 per kg from Rs 91,000 per kg. Traders also said that a sharp correction in gold prices have revived the demand for jewellery among consumers as they flocked to jewellery outlets to take advantage of lower prices. "The reduction in basic custom duties have spurted the demand for jewellery in the domestic markets. Further, this will act as a sales booster for jewellers before the festive seasons, encouraging fresh buying by the consumers due to lower prices," PC Jeweller's Managing Director Balram Garg. Low gold prices will help domestic jewellers, particularly the organised ones, Garg said. According to MP Ahammed, Chairman, Malabar Group, the reduction has been a long-standing demand of traders in the gold sector, as it is expected to curb the rampant issue of gold smuggling, which poses a substantial threat to the Indian economy. "With the new rates, the duty on one kilogram of gold drops from Rs 9.82 lakh to Rs 3.93 lakh, making smuggling less attractive and more manageable. "This move will help dismantle the mafia chain involved in smuggling, leading to growth in the organised jewellery sector and increasing government revenue through GST and income tax," Ahammed said. Meanwhile, in futures trade on the <keyword id="20316358" type="General" weightage="20" keywordseo="multi-commodity-exchange" source="keywords">Multi Commodity Exchange</keyword> (MCX), gold futures have partially recovered on Friday, after three days of slump. The most traded August contract jumped Rs 288 to Rs 67,750 per 10 grams on the MCX. It had settled at Rs 67,462 per 10 grams in the previous session on Thursday. However, silver contracts for September delivery continued its downward trend by declining Rs 241 to Rs 81,090 per kg. It had closed at Rs 81,331 per kg in the previous session on Thursday. Experts anticipate stability in bullion prices once there is clarity on several economic and political factors such as interest rate cut by the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>. "Stability in gold prices is expected once there is clarity on several economic and political factors including, potential interest rate cuts in the US and India, and the outcome of the US Presidential elections will provide a clear direction for gold prices," Trivedi said.

Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

<ul class="summary-list"><li>Birgir Jónsson is the CEO of Play, an Icelandic airline offering cheap transatlantic flights.</li><li>He played drums in a metal band until 2018, and has held several other jobs outside aviation.</li></ul>Birgir Jónsson is well aware of how a budget airline's fortunes can quickly turn around.From 2014 to 2015, he was the deputy CEO of <a target="_blank" href="https://www.businessinsider.com/what-its-like-to-fly-on-budget-airline-wow-air-2017-1">Wow Air</a>, an Icelandic ultra-low-cost carrier that went bankrupt in 2019. Shortly afterward, two former Wow executives set up its spiritual successor, Play. Jónsson was brought on as CEO in 2021.Play is now one of, if not the <a target="_blank" href="https://www.businessinsider.com/new-european-low-cost-carrier-entering-us-market-spain-iceland-2021-12">cheapest way to fly transatlantic</a>. It made headlines in 2022 for $99 flights between the US and Europe — but that was only for one leg of a roundtrip.Looking at flights for next month, a roundtrip from New York to London starts at around $450.It costs at least $560 for the same journey with <a target="_blank" href="https://www.businessinsider.com/flying-saga-premium-class-on-icelandair-review-worth-it-2023-5">Icelandair</a> — the country's flag carrier which Jónsson calls its main competitor since both would include a connection in Reykjavík.For <a target="_blank" href="https://www.businessinsider.com/norse-atlantic-flight-review-paris-new-york-2023-6">Norse Atlantic</a>, the low-cost airline that instead uses widebody jets for direct flights, return tickets in April start around $400. Although with varying prices, Play is still cheaper on some days.<a target="_blank" href="https://www.businessinsider.com/play-icelandic-airlines-budget-red-eye-flight-photos-2023-4">Play</a> is run by a CEO with an unconventional medley of experience.Speaking to Business Insider over a video call while wearing a black t-shirt and jacket, Jónsson was modest in saying: "I'm not an interesting guy."His foray into the sector began as CEO of Iceland Express, which was acquired by Wow. But unusually for an airline boss, he has also had several jobs outside aviation.Jónsson's LinkedIn lists him as the co-owner of a Reykjavík perfumery and, until 2018, the drummer for a metal band called Dimma. YouTube <a target="_blank" href="https://www.youtube.com/watch?v=ry3x4pQai8A">videos</a> show his tattoo sleeve on display during concerts.He told BI his past jobs included turning around the Icelandic Post Office and running a Romanian printing company."I've done a lot of things, but it's always the same things," he said. "Running companies, creating a team, building a good culture, and getting shit done, basically."<div type="image" title="Birgir Jónsson, CEO of Play, wears a navy suit and black shirt with his arms crossed." height="4917" width="7371" msid="108370145" hostid="261" sizebytes="503350"></div><h2>How the budget airline keeps costs low</h2>With a fleet of only 10 jets covering 41 destinations (some of which are seasonal), <a target="_blank" href="https://www.businessinsider.com/play-airline-flying-between-iceland-us-with-airbus-a321neo-2022-4">Play</a> is able to operate the low-cost model across the Atlantic thanks to Iceland's geography: it's two hours closer to New York than London is.It's a similar airline to the likes of Southwest and Ryanair in the sense that it's strictly no-frills. There's no in-flight entertainment, minimal legroom, and it flies to smaller airports like <a target="_blank" href="https://www.businessinsider.com/see-inside-new-yorks-nearly-abandoned-stewart-airport-play-2022-6">New York's Stewart International</a>, a nearly-unused facility about 60 miles from Manhattan.Costs are also saved on training and maintenance by only using one type of jet: the Airbus A320neo and <a target="_blank" href="https://www.businessinsider.com/see-inside-airbus-a321neo-pioneering-long-haul-single-aisle-trend-2022-1">A321neo</a>.Plus the fleet is almost constantly in the air — around five flights a day for a total of 12 or 13 hours, Jónsson said."That's the only way to make money in this game, you know," he added. "The aircraft, they're meant for flying."Transatlantic flights aren't the only part of the business model. Jónsson also pointed to the flow of tourists between Iceland and mainland Europe.<h2>Icelandic tourism</h2>He told BI the average Icelander travels abroad two or three times a year because "it's a relatively affluent place."The island nation with a population of 370,000 — about the same as New Orleans — has a long history with aviation.Back in the 1960s, Icelandair started offering connecting customers the opportunity to extend their <a target="_blank" href="https://www.businessinsider.com/iceland-first-visit-what-surprised-me-no-trains-mcdonalds-population-2024-1">stay in Iceland</a> for no extra cost — a benefit also offered by Play. That helped put it on the map as a tourism destination.Tourists are also drawn by the country's incredible scenery and volcanic activity. Iceland sits on the meeting point of the North American and Eurasian tectonic plates.Volcanic activity is dangerous for planes: if ash gets into the engines, they can stop working, as in the case of <a target="_blank" href="https://www.businessinsider.com/captain-announcement-after-all-four-engines-failed-2013-2">British Airways Flight 009</a> back in 1982.But Jónsson says volcanic eruptions are great for the country's image because tourists "want to experience brutal nature, ice and fire.""This is what we're selling, as long as we don't lose any people or lives," he added.Jónsson pointed to the <a target="_blank" href="https://www.businessinsider.com/eyjafjallajokull-ash-crisis-business-2010-4">2010 eruption of Eyjafjallajökull</a>, which caused huge disruption to European air travel."That made Iceland a household name everywhere and started a massive tourist boom," he told BI. "So that was the greatest marketing campaign ever done by a destination in the history of the world, basically."<div type="image" title="Ash plume from Iceland's Eyjafjallajokull crater during it's eruption, spewing tephra and ashes that drift toward continental Europe, Seen from a Cesna aircraft on May 15, 2010 near Reykjavik, Iceland" height="3744" width="5616" msid="108370150" hostid="261" sizebytes="601826"></div>"So we are not doing anything new. We are doing the same business model that has been operating here in Iceland for decades," Jónsson said. "We just knew that if we could do this with a lower cost and offer lower fares, we would be successful."However, Jónsson is also wary not to repeat the mistakes of Wow Air.He pointed to different financing and bad business moves. Wow was privately owned by one person whereas Play is listed on the Nasdaq stock exchange. Wow, the extinct airline increased spending by using three Airbus A330 jets to expand its offerings to the likes of India and Los Angeles — instead of keeping to one type of plane like most budget airlines.Play's jets are all part of Airbus' single-aisle A320 family, and Jónsson said it's also eager to order the <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">A321XLR</a>. The extra-long-range version of the A321 could open up California and Dubai as destinations, without the need to retrain pilots, he added.<h2>Building an airline during the pandemic</h2>Another advantage for Play is that it has the youngest fleet in Europe. Born out of the pandemic, it was able to start on a more even footing as other airlines suffered lower demand, as well as getting good deals on new aircraft."We were able to get the neos, the latest generation Airbus, brand new at exceptional prices," Jónsson said. "They're probably 30, 40% more expensive now."Play was also in the rare position of benefiting from sanctions against Russia. While other airlines had to avoid the country's airspace — <a target="_blank" href="https://www.businessinsider.com/russia-closed-airspace-adds-hours-flight-times-united-ba-finnair-2023-8">lengthening journey times</a> — Play got planes at discount prices."I think we got one of the aircraft that were confiscated from Russia, so we even got that on very good terms," he told BI.Jónsson said last year came with "unbelievable" pressure on Play as it expanded: hiring 200 new people, adding 30 destinations, plus a "really big hurry" to get to 10 aircraft."So we are all here — I'm not gonna say taking a breather — but we're focusing on our daily jobs, and not just always on growth," he added."That's what I'm excited about. Actually, we will emerge from this year stronger than before."

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Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

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