Sovereign Gold Bond scheme was meant to reduce physical gold imports & provide govt a cheaper borrowing option. But gold imports haven’t gone down while govt liability has surged.
Sales slumped 18% from a year earlier & imports plummeted over half in the first quarter as prices surged & fresh Covid outbreak kept people away from stores, World Gold Council said.
Marriage and festive demand, and high inflation are pushing gold imports. Decline in interest rates on savings instruments, and equity market issues could boost this further.
Recovery in India's gold demand, which bounced back in the first three months of 2021, has faltered again as surging infections force many states to impose lockdown-like curbs.
The rebound in demand follows a nearly 80% drop in imports between January and June and comes as India slowly eases restrictions put in place to control the Covid outbreak.
The consumption of gold fell 56% from a year earlier to 165.6 tons in the first half of 2020. The drop is unlikely to be made up during the rest of the year.
Elevated prices and a weak economy have deterred gold buyers in India, the second-biggest bullion consumer in the world, even on the auspicious day of Dhanteras.
Like Turkey and Egypt, Pakistan is one of a handful of powers with the human resources and infrastructure to help secure the Persian Gulf as Trump’s America draws down its military presence.
ACM Katre was 2nd IAF chief to die in harness. It was at a memorial lecture in his honour where IAF chief AP Singh revealed that India shot down 6 Pakistani aircraft in Op Sindoor.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
Excellent news indeed!
The Modi government has sucked the Indian middle class dry over the last decade. High income taxes coupled with high GST rates have life difficult for the great Indian middle class.
But as far as the SGB is concerned, it seems that the Indian middle class has got the better of the Modi government. And that’s great news indeed!
Hope the Union government continues with further tranches of the SGB in the days to come.
Excellent news indeed!
The Modi government has sucked the Indian middle class dry over the last decade. High income taxes coupled with high GST rates have life difficult for the great Indian middle class.
But as far as the SGB is concerned, it seems that the Indian middle class has got the better of the Modi government. And that’s great news indeed!
Hope the Union government continues with further tranches of the SGB in the days to come.