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.
In Episode 1612, Editor-in-Chief Shekhar Gupta looks at how ongoing global financial uncertainty, inflation & weakening dollar are making gold the preferred asset for long-term security.
Duty cut brought down domestic prices of gold last week to Rs 67,500 ($806.20) per 10 grams, their lowest in 4 months, from a record high of Rs 74,777 earlier this month.
A well-oiled nexus of carriers, receivers, airline & airport personnel keeps the racket running. As import duties & gold prices increase, the smuggling market becomes more lucrative. Read ThePrint investigation.
Global media also reports declining gold sales amid soaring prices in India and predicts a drop in LNG imports as rain cools homes & reduces power demand.
Bullion has gained 12% in 2022 and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy.
Bullion dipped after jumping almost 2% in the previous session. It rose by the most since May last year amid concern over the penalties against Russia could dim global growth.
Due to spread of omicron, US business payrolls fell the most last month, since early days of pandemic. Meanwhile, US govt has given a stronger military message of support for Ukraine.
Disenfranchisement by institutional fiat is profoundly undemocratic. The effect of the ECI's new documentary process in Bihar will tilt the scales in favour of the BJP.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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.