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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?

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

The Indian mutual fund industry continued to register strong growth in fund inflows during May 2024, as monthly data released by the Association of Mutual Funds in India (AMFI) today showed. This was a record month for equity mutual funds, with the category’s inflows jumping up by a whopping 83% since April. The mutual fund industry’s AUM (net assets under management) stood at Rs 58.91 lakh crore, rising marginally from Rs 57.25 lakh crore in April 2024. With total inflows worth Rs 42,294.99 crore, debt mutual funds continued to receive more investor attention than their equity counterparts during the month, which saw inflows of around Rs 34,697 crore. Notably, this is the 39th consecutive month where <keyword id="19925781" type="General" weightage="100" keywordseo="equities" source="keywords">equities</keyword> have seen positive inflows. Hybrid funds also ended their month in green, garnering Rs 17,990 crore in May. <cmsannotation type="cmsannotation" annotationid="Expectations around election results behind the surge, say experts" comment="subhead" text="Expectations around election results behind the surge, say experts">Expectations around election results behind the surge, say experts</cmsannotation> Expectations around the continuation of a stable regime led by the ruling party BJP during the election month of May could have been the major driver behind the record inflows into the MFs. Venkat Chalasani, Chief Executive, AMFI, said "Political stability creates an environment conducive to sustainable economic growth, attracting investments and fostering long-term investments. Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by a rebound in global trade. The overall outlook for Indian capital markets remains positive, supported by strong fundamentals, and favourable demographics. However, it remains to be seen how the lesser-than-expected seats for the Narendra Modi-led BJP have impacted the MF sector in the month of June. However, a continuation of the NDA regime is likely to have contributed to the improved market sentiments as evident with surging markets post the counting day, and could reflect into the MF activity as well. "Although coalition governments face challenges in consensus-building and decision-making, infrastructure and nation-first initiatives introduced earlier are likely to receive support from allies across the political spectrum. The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government's priorities for the Indian economy," says Gopal Kavalireddi, Vice President of Research at FYERS. <cmsannotation type="cmsannotation" annotationid="Equity inflows mark a record high" comment="subhead" text="Equity inflows mark a record high"><keyword id="421833" type="General" weightage="20" keywordseo="Equity-inflows" source="Orion">Equity inflows</keyword> mark a record high</cmsannotation> Equity inflows remained positive for the 39th consecutive month, starting from March 2021. Growth Equity fund inflows for the month of May was ₹ 34,697, pushing the total inflows into mutual funds to Rs.1.1 lakh crore for the month. A total of 9 schemes were launched last month in the category of open-ended schemes, raising a total of ₹ 10,140 crores, said AMFI. Kavalireddi says, “Despite potential high volatility from FII selling, general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative." In a clear indication of investors looking to diversify their investments, multi-cap funds garnered Rs 2,644.88 crore. Large-cap funds amassed Rs 663 crore, while mid-cap funds made Rs 2,605.70 crore. On the other hand, small-cap funds have seemingly begun gaining their lost sheen, managing to take in Rs 2,724.67 crores during the month. Flexi-cap funds led the troupe, with inflows worth Rs 3,155 crore. "Equity flows have been largely driven by expectations of the election outcome, coupled with some NFO (new fund offer) launches, which perhaps led to a much higher than expected quantum in the equity category. On the equity side, investors possibly wanted to position their portfolios in advance to avoid any kind of gap risk as election exit polls were coming out over the weekend, which could have led to a spike in equity allocations towards the end of the month," Anand Vardarajan, Head Business Head – Banking, Institutional Clients, Alternate Products and Product Strategy, Tata Asset Management. Amidst hybrid funds, the majority came from arbitrage funds, which saw inflows worth Rs 12,758.12 crores in May. Notably, index funds and other ETFs collectively raked in Rs. 15,180 crore. <cmsannotation type="cmsannotation" annotationid="SIPs going strong" comment="subhead" text="SIPs going strong"><keyword id="159805" type="General" weightage="20" keywordseo="SIPs" source="Orion">SIPs</keyword> going strong</cmsannotation> Systematic investment plan (SIP) contributions continued to breach their record highs on a month-on-month basis. SIP contributions rose marginally to an all-time high of Rs 20.90 crore last month, as opposed to Rs 20.37 crore in April. SIP accounts also jumped to their highest figure in May, standing at 8,75,89,485. During the month, around 49,74,400 new SIPs were registered. As per <keyword id="1029773" type="General" weightage="20" keywordseo="AMFI-data" source="Orion">AMFI data</keyword>, SIP plans accounted for 19% of the net flows during the month. In the debt category, liquid funds saw the most influx, worth Rs 25,873.38 crore. Sectoral or thematic funds amassed Rs 19,213.43 crore during the month, trumping inflows by small-cap funds, which stood at Rs 2,724.67 crore, by a significant margin. Inflows into thematic funds were largely bolstered by the NFO of HDFC Manufacturing Fund, which drew Rs. 9,563 crores. Although Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, has a word of caution for all those flocking to sectoral funds, “investors must be cautious while investing in such funds. They are cyclical, and hence investors should have the necessary skills or the right set of advice in place to track sector dynamics and time their entry and exit from these funds. These are high-risk return propositions, and hence investors must take a judicious call while investing in them.” <cmsannotation type="cmsannotation" annotationid="Gold continues to shine" comment="subhead" text="Gold continues to shine">Gold continues to shine</cmsannotation> The quantum of net flows in <keyword id="20050894" type="General" weightage="20" keywordseo="gold-ETFs" source="keywords">gold ETFs</keyword> saw a sharp uptick to Rs 827 crore in May 2024, from a net outflow of Rs 396 crore in April. Srivastava further notes that the enduring <keyword id="19950651" type="General" weightage="20" keywordseo="global-inflation" source="keywords">global inflation</keyword>, which remains above central banks' comfort levels, and the persistent uncertainty surrounding <keyword id="19962135" type="General" weightage="20" keywordseo="interest-rate-cuts" source="keywords">interest rate cuts</keyword> have bolstered gold's appeal as a haven and as a hedge against inflation, thereby attracting more investors. “Also, over the years, gold has gained prominence as an effective diversifier, prompting many investors to include gold ETFs in their portfolios. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> also saw some corrections in May, which spurred buying from investors. In INR terms, gold has done fairly well over the last year but dwarfs in comparison to how equities have fared. Given this backdrop, flows in the gold ETF category have been somewhat patchy relative to the equity asset class," he continued. 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.

Election fever? Equities and SIP inflows mark record highs in May, per AMFI data

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

Mohali (Punjab) [India], August 28 (ANI): Union Sports Minister Anurag Thakur heaped praise on India's javelin ace <keyword id="1115774" type="General" weightage="20" keywordseo="Neeraj-Chopra" source="Orion">Neeraj Chopra</keyword> who clinched India's first <keyword id="28217" type="General" weightage="20" keywordseo="gold-medal" source="Orion">gold medal</keyword> at the <keyword id="124430" type="General" weightage="20" keywordseo="world-athletics-championships" source="Orion">World Athletics Championships</keyword>. Neeraj recorded his best throw of 88.17 m in his second attempt in the Championship final and managed to keep his lead intact till the very end. Arshad Nadeem of Pakistan, the Commonwealth Games champion finished with silver with a throw of 87.82 m. Czech Republic's Jakub Vadlejch secured bronze with a best throw of 86.67 m. "Congratulations to Neeraj Chopra for winning gold at the World Athletics Championship 2023. The Golden Boy of athletics has done it again. Not only in the World Athletics Championship, Neeraj Chopra has won gold in several other Championships also. This is a big achievement for India in the field of Athletics. I am also pleased about the fact that not only Neeraj, but in the final six three Indian athletes made their place, Kishore Jenna and Manu DP performed well," Anurag Thakur said while speaking to ANI. The other two Indian athletes in the mix were <keyword id="4904763" type="General" weightage="50" keywordseo="kishore-jena" source="Orion">Kishore Jena</keyword> (best of 84.77 m), who finished fifth while DP Manu (best of 84.14 m) finished sixth. "The environment of sports in India has changed over the last few years. The Prime Minister also increased the sports budget by 3 times, he gave the go-ahead for the TOP scheme and also green lighted the Khelo India games. This has ethused the athletes and this has shown in their performance also" said the minister. With Chopra's success, India now has medals of all colours at the World Championships. This was Neeraj's second medal at the World Championships after he secured a silver last year. India's last medalist at the prestigious world event was Anju Bobby George back in the 2003 World Championships when she clinched bronze in the women's long jump. In the first round of attempts, Finland's <keyword id="14198716" type="General" weightage="50" keywordseo="oliver-helander" source="Orion">Oliver Helander</keyword> took the lead with a throw of 83.38 m. Neeraj Chopra's first throw was a foul, giving him a start that he did not want. The first throws of Kishore Jena and DP Manu were 75.70 m and 78.44 respectively. But it was not enough to give them a top-three spot. At the end of the first round of attempts, Helander led the field. In the second round of attempts, Czech Republic's Jakub Vadlejch took the lead with a throw of 84.18 m. However, Neeraj overcame the nerves of a bad start, outdoing Jakub with a monstrous 88.17 m throw to take the lead. Manu's second attempt was a foul. Jena's second throw was a solid 82.82 m and took him to the fifth spot. Neeraj led with a massive 88.17 m after the second round of attempts. The third round of attempts started and Neeraj recorded a throw of 86.32 m, the second-best in the competition so far. He managed to maintain his lead. However, with a massive throw of 87.82 m, Pakistan's Commonwealth Games champion Arshad Nadeem jumped to the number two spot. He recorded his season-best throw and less than a meter separated him from the Olympic champion Neeraj. With a third attempt of 83.72 m, Manu was still in fifth. Jena's third attempt was a foul and he remained at seventh spot. Neeraj led with 88.17 at the end of round three of attempts. Jena's fourth attempt was 80.19 m and kept him at the seventh spot at the start of fourth round of attempts. Manu's fourth attempt was a foul, keeping him at the fifth spot. Neeraj recorded the fourth throw of 84.64 m, still in the lead. However, Nadeem was still pretty close to him, throwing 87.15 m in the fourth attempt and having the second-best throw overall from earlier. Neeraj led the field at the end of the fourth round of attempts. Jena's fifth attempt was 84.77 m, taking him to fourth spot, one away from a bronze. Nadeem's fifth throw was a foul, delivering a blow to his hopes of a first spot. Neeraj's fifth throw was 87.73 m and kept him in the lead. However, it was just inches away from Nadeem's second-best throw of 87.82 m from earlier. Manu recorded 83.48 m and Jena recorded 84.77 in their fifth attempts. Jena was fifth while Manu at sixth. Neeraj still led the field. In the final round of attempts, Manu was still at sixth with an 84.14 m throw in the final attempt. Jena committed a foul and stayed at fifth. Nadeem's final throw was 81.86 m and failed to overcome Neeraj's 88.17 m in his final attempt. In this way, Nadeem settled for a silver and Neeraj made history with India's first-ever World Championships gold. (ANI)

Golden Boy of athletics has done it again: Sports Minister Anurag Thakur lauds Neeraj Chopra

Mumbai, The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> on Friday announced doubling the lending limits for <keyword id="185013" type="General" weightage="20" keywordseo="gold-loans" source="Orion">gold loans</keyword> under the bullet repayment scheme for <keyword id="117575" type="General" weightage="50" keywordseo="urban-cooperative-banks" source="Orion">urban cooperative banks</keyword> to Rs 4 lakh. "It has been decided to increase the existing limit for gold loans under the bullet repayment scheme from Rs 2 lakh to Rs 4 lakh in respect of Urban Cooperative Banks (UCBs) who have met the overall target and sub-targets under the Priority Sector Lending (PSL) as on March 31, 2023," <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said. A bullet repayment scheme is one where a borrower repays interest and the principal amount at the end of a loan tenure without worrying about repayment during the loan tenure. Das, who had a meeting with top brass of UCBs recently, said the measure is in line with the RBI's earlier announcement of providing "suitable incentives" to UCBs that have met the prescribed PSL targets, wherein a lender is mandated to devote a certain part of its overall lending for the marginalised sector. Speaking after announcing the bi-monthly policy review, Das also announced that the RBI will be issuing a comprehensive regulatory framework on project finance. "With a view to strengthen the extant regulatory framework governing project finance and to harmonise the instructions across all regulated entities, the extant prudential norms for projects under implementation have been reviewed," he said, adding that detailed draft guidelines will be released for public comments. He also announced that non-bank lenders in the 'middle and base layers' will be permitted to use Credit Risk Mitigation instruments for reducing their counter party exposure under the credit concentration norms, just like their peers classified in the 'upper layer' are allowed to right now. The RBI is also mulling introducing Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank level, given the growing acceptance and benefits of tokenisation of card data, Das said, adding that this will help make e-commerce transactions more convenient.

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