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Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, 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="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

New Delhi [India], July 25 (ANI): The discussion on the <keyword id="6360189" type="General" weightage="20" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> 2024-25, presented on July 23, will continue in both <keyword id="244400" type="General" weightage="20" keywordseo="Houses-of-Parliament" source="Orion">Houses of Parliament</keyword> on Thursday. The discussion on <keyword id="6358021" type="General" weightage="20" keywordseo="Budget" source="Orion">Budget</keyword> of <keyword id="17605" type="General" weightage="20" keywordseo="jammu-and-kashmir" source="Orion">Jammu and Kashmir</keyword>, 2024-25, which was also presented on Tuesday, will also continue today. Union Minister Gajendra Singh Shekhawat, Jitendra Singh, Arjun Ram Meghwal and Kirtivardhan Singh will lay papers on the table today. Union Minister Sukanta Majumdar is likely to make a statement regarding status of implementation of recommendations and observations contained in the 250th report of the department-related parliamentary standing committee on Home Affairs on action taken by the government on the recommendations and observations contained in the 243rd report of the committee on demands for grants (2023-24) of the Ministry of Development of North Eastern Region. Both Houses of <keyword id="19895397" type="General" weightage="20" keywordseo="Parliament" source="keywords">Parliament</keyword> took up discussion on the <keyword id="15626720" type="General" weightage="20" keywordseo="union-budget-2024" source="Orion">Union Budget 2024</keyword> on July 24, with opposition parties accusing it of being "discriminatory" to most states and lacking vision. The discussion was initiated by former Finance Minister and Congress MP P Chidambaram in Rajya Sabha and Congress MP Kumari Selja initiated the discussion in Lok Sabha. Raising four major challenges, Chidambaram said the most significant challenge is unemployment and data released by the Centre for Monitoring Indian Economy (CMIE) indicates that the unemployment rate for June 2024 is 9.2 per cent . Chidambaram emphasised that the primary challenge for the economy is creating sufficient employment opportunities. He pointed out that the budget's announcement of the employment-linked incentives (ELI) scheme suggests that the Production Linked Incentives (PLI) scheme is not generating the expected employment. He urged the finance minister to disclose the number of jobs created by the PLI scheme. Radha Mohan Das Aggarwal of the BJP highlighted the achievements made by the government led by Prime Minister Narendra Modi in the last ten years. He said the Jan Dhan Yojana has provided banking services to crores of people in the country. Biplab Kumar Deb of the BJP said the Economic Survey has estimated real GDP growth of 6.5 per cent to 7 per cent in 2024-25. He highlighted the provisions in the budget for various sections, including farmers and the education sector. Trinamool Congress MP Abhishek Banerjee launched a strong attack on the Modi government, alleging that the Union Budget lacks clarity or vision, that it has been rolled out to satisfy the coalition partners of the BJP and that it "was planned by two individuals to keep another two in good faith." The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

Discussions on Union Budget, Budget for Jammu and Kashmir to continue in Parliament today

New Delhi [India], July 24 (ANI): Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Wednesday lashed out at the opposition's claim that the budget was 'discriminatory' and said that it was an '<keyword id="22528799" type="General" weightage="20" keywordseo="Outrageous-allegation" source="Orion">outrageous allegation</keyword>' and a deliberate attempt by the opposition parties led by the Congress to give the people the wrong impression that their states were not allocated funds or schemes. The Finance Minister reacted after Leader of Opposition <keyword id="19897159" type="General" weightage="20" keywordseo="Mallikarjun-Kharge" source="keywords">Mallikarjun Kharge</keyword> made claims that the budget was discriminatory towards the states of the country. Speaking in the Rajya Sabha, the Finance Minister said, "It is unfortunate that the opposition, particularly a senior leader, Mallikarjun Kharge, stood up to say what he heard of the budget yesterday. Now that the leader of the opposition raised issues on the budget, which was presented and tabled in the house yesterday." "Just to the point he raised, I have not named many states and only spoken of two states. There are a few points I would like to make here as to what happens in a speech. The Congress party has been in power for a very long time in this country and they have presented so many budgets that they would know clearly that in every budget, you don't get an opportunity to name every state of this country," she said. "I'll take this example: between the vote on account which was presented on February 1 this year and the full budget that was presented yesterday for this year, I have not named very many states. The Cabinet, under the leadership of Prime Minister Narendra Modi, decided to set up a port at Vadhvan, but Maharashtra's name was not included in the budget yesterday. Does this mean that Maharashtra feels ignored?" she said. The Finance Minister said that 76 thousand crores have been announced for Mahrashtra for that project. "Maharashtra's name was not taken on vote-on-account. The state's name was not mentioned even yesterday; does that mean the state got ignored?" she stated. Adding further, she said, "And I can take the name of so many different states that have so many major projects. If the speech does not mention the name of a particular state, does that mean the schemes and programmes of the government of India, the externally aided assistance that we obtain from the World Bank, ADB, AIB and so on, do not go to these states?" "They go as per routine, and, in the expenditure statement of the government, the department-wise allocation of the government mentions all this," she stated. "I am saying with responsibility that this is a 'deliberate attempt' of the opposition parties led by the Congress to give the people the wrong impression that their states were not allocated funds or schemes," said Sitharaman. Challenging the Congress, the Finance Minister said, "I would challenge the Congress party that for all the budget speeches they have delivered. Have they named every state of the country in each of their budget speeches? This is an outrageous allegation," she stated. This comes after Mallikarjun Kharge condemned the budget presented yesterday and claimed that no other states other than Andhra Pradesh and Bihar received anything. "Sabke thali khali aur sirf do ke thali mai pakoda aur jalebi. Ye do states ko chodkar, kisi ko kuch nai mila. Neither Tamil Nadu Kerala nor Karnataka got anything. Neither Maharashtra nor Punjab or Rajasthan and neither Chhattisgarh," he said. "Even Delhi did not receive anything nor did Odisha. I have not seen this kind of budget until now. This budget has been presented only to keep some people happy and it has all been done save their chairs, 'Kursi bachane ke liye' kiya gaya. We condemn this budget and protest against it. The whole of INDIA bloc condemns this," said Kharge. Meanwhile, the opposition INDIA bloc MPs held a protest in the Parliament complex on Wednesday, against the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword>, presented on Tuesday by Finance Minister Nirmala Sitharaman. "Opposition virodhi kursi bachao Budget murda baad" slogans were raised by the INDIA bloc leaders as they protested holding placards in the Parliament building, claiming that the Budget is "discriminatory" in nature. Leader of Opposition Rahul Gandhi, Congress MP Sonia Gandhi, Congress president Mallikarjun Kharge, party General Secretary KC Venugopal, Samajwadi Party chief Akhilesh Yadav, TMC MP Dola Sen were seen participating in the protest.

"Outrageous allegation!": Nirmala Sitharaman reacts to opposition protesting budget, labeling it 'discriminatory'

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

After a 10.2% increase last year, <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> are expected to rise another 9.9%, <keyword id="22706139" type="General" weightage="20" keywordseo="Infomerics-Ratings" source="keywords" meta.keywordsubtype="org" meta.entityname="Infomerics Ratings" meta.hostid="261" meta.entityid="Infomerics Ratings">Infomerics Ratings</keyword> said in a report, attributing largely to the <keyword id="20132853" type="General" weightage="20" keywordseo="Middle-East-crisis" source="keywords">Middle East crisis</keyword> involving Iran and Israel. The dragged <keyword id="20130144" type="General" weightage="20" keywordseo="geopolitical-crisis" source="keywords">geopolitical crisis</keyword> in the Middle East has spurred a rush into safe-haven assets such as gold. Historically, gold, as an asset, is considered a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. "But this rise would now partly be offset by the reduced duty cut (in India)," said the Infomerics Ratings report. Historical trends, such as the surge during the Russia-Ukraine war, highlight gold's role as a safeguard against inflation and market instability during <keyword id="19982403" type="General" weightage="20" keywordseo="global-uncertainties" source="keywords">global uncertainties</keyword>. Prices of gold, considered safe investment bets, have seen a mild correction after the latest stellar bull run. Gold has been in demand for a considerable period, with its prices rallying to hit record highs now and then. Geopolitical conflict in West Asia that stretched for a long time, buying by several central banks, including the RBI, and physical demand, have altogether pushed gold prices northwards. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger a sharp price rise. "Gold's diverse uses, in jewellery, technology and by central banks and investors, mean different sectors of the gold market rise to prominence at different points in the global economic cycle. This diversity of demand and self-balancing nature of the gold market underpin gold's robust qualities as an investment asset," said Infomerics Ratings. Festive season buying, a weak dollar, uncertainty surrounding the US elections, and possible Fed rate cuts in September could raise prices, the report noted. In the wake of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> on July 23, 2024, by the Finance Minister, gold prices in India declined sharply. Finance Minister Nirmala Sitharaman slashed the import duty on gold from 15% to 6% in the Budget presented on July 23. Days after the Budget, gold became cheaper by Rs 6,200 in most states of India. In the capital Delhi, the price of 10 grams of 24 carat gold came down to about Rs 69,140. "With surging demand for gold, especially as the <keyword id="19896655" type="General" weightage="20" keywordseo="wedding-season" source="keywords">wedding season</keyword> approaches, gold prices are likely to rise this financial year, driven by escalating geopolitical tensions, robust central bank buying, and expectations of <keyword id="21050688" type="General" weightage="20" keywordseo="US-Fed-rate-cuts" source="keywords">US Fed rate cuts</keyword>." Infomerics Ratings report said. In India, gold has strong cultural and religious significance. As per <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>, India is one of the largest consumers of gold jewellery, accounting for about 25% of global gold demand. The demand for gold in India is primarily driven by weddings and festivals, making it an integral part of the country's culture and traditions. Touching upon regulatory structure and challenges in the gold sector, the report noted that the regulatory landscape for the gold industry in India is fragmented. "The regulatory landscape for the gold industry in India is fragmented, involving multiple circulars and notifications from various authorities such as the RBI, Ministry of Finance, Ministry of Commerce, DGFT, Customs, and others. This patchwork of regulations leads to confusion, inefficiency, and difficulty in compliance, as stakeholders must navigate through numerous documents to understand the rules," the report read.

Gold shines as demand for safe haven asset strong; Infomerics Ratings anticipates 10% price jump this year

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, <keyword id="20006170" type="General" weightage="100" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said on Monday. The August update of <keyword id="19896400" type="General" weightage="20" keywordseo="deloitte" source="keywords">Deloitte</keyword>'s India Economic Outlook said several initiatives in the <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">Union Budget</keyword> 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword>, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global liquidity conditions, as central banks in the West ease their monetary policy stance, will enhance capital flows and drive higher investments, particularly in the private sector," Majumdar said. Observing that strong economic fundamentals would drive <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> between 7 per cent and 7.2 per cent in FY25, the Economic Outlook report said effectively addressing the urban-rural consumer spending gaps, inflation, and employment concerns can significantly enhance the affordability of aspirational rural consumers. "The much-desirable policy pivot was evident in the Union Budget presented last month. Reducing the urban and rural spending gap in the coming years will ensure sustained consumer demand from a larger consumer base," it added. Deloitte India's growth projection is at par with that of RBI, which projected FY'25 growth at 7.2 per cent. It is higher than Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. The <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> grew at 8.2 per cent in 2023-24 fiscal year. The report further said despite strong growth, private consumption spending has remained modest over the past five years. The pandemic, high global and domestic inflation, consequent tightening of financial conditions, and the effects of poor agriculture output on rural demand seem to have capped private consumption growth in India. But a Deloitte research showed that India is witnessing distinct and broad-based shifts in consumption patterns. There is a broad-based shift in the composition of consumption towards more non-food and discretionary items, reflecting changing lifestyles and preferences that are here to stay. According to the Household Consumption Expenditure Survey, spending on discretionary goods and services (including conveyance) has gone up both in rural and urban India, with the former quickly catching up in spending on discretionary durable goods (including automobiles, electric and electronic goods) with the latter in just one decade. "Demand for processed food has been among the highest in most states, suggesting a shift towards ready-to-eat options. Rapid urbanization, increasing women's participation in the workforce, and enhanced marketing and availability are driving these changing dietary habits," the report said. According to Deloitte research, if increasing income in states results in a relatively equitable distribution and higher rural spending, businesses can tap into a larger proportion of the state's population that resides in rural areas. This gives businesses access to a large consumer base and a sustainable consumer spending demand, as compared to states with a widening gap.

Indian economy likely to grow at 7-7.2 percent in FY25,Deloitte India says

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> made major announcements for <keyword id="19903647" type="General" weightage="20" keywordseo="Bihar" source="keywords">Bihar</keyword> and <keyword id="19896313" type="General" weightage="20" keywordseo="Andhra-Pradesh" source="keywords">Andhra Pradesh</keyword> on Tuesday, including a boost in <keyword id="19916864" type="General" weightage="20" keywordseo="infrastructure" source="keywords">infrastructure</keyword> and special financial support. The announcement covers human resource development, infrastructure and the generation of economic opportunities to make the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra pradesh an engine to attain Viksit Bharat. In her Budget speech in Parliament, Nirmala Sitharaman said, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. We will also support the construction of road connectivity projects namely Patna-Purnia Expressway, Buxar-Bagalpur Expressway, Bodhgaya-Rajgir-Vaishali-Darbanga and an additional two-lane bridge over river Ganga at Buxar at a total cost of Rs 26,000 cr." "Power projects, including setting up of a new 2400 megawatt power plant at Pirpainti, will be taken up at a cost of Rs 21400 crore," she added. The Finance Minister said that new airports, medical colleges and sports infrastructure in Bihar will be constructed. An additional allocation to support capital investments will be provided, she said. She emphasised that the requests of the Bihar government for external assistance from multi-lateral development banks will be expedited. The FM also announce an allocation of Rs 11500 crore or flood control measures in Bihar. Funds have also been provided for developing the Temple corridors in the iconic temples in NIhar. The Kashi Model will be implemented in Bodh Gaya. Special funds have also been provided for the Rajgir Jain Temple site. Andhra Pradesh also benefited from the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 as the Finance Minister announced special financial support to the state, recognising the state's need for capital. "Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," Sitharaman said. "In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," she added. The Finance Minister is presenting the first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/markets-turn-highly-volatile-amid-budget-presentation/articleshow/111950281.cms" data-type="tilCustomLink" target="_blank">Markets turn highly volatile amid Budget presentation</a>

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