Gold demand of India in the fourth quarter is expected to recover after falling 30% in the previous quarter as festivals are expected to strengthen retail jewellery purchases, the World Gold Council (WGC) said today.
On Monday RBI released the K V Kamath-led Committee report, which had recommended financial parameters to be factored in the resolution plans under the ‘Resolution Framework for Coronavirus-related Stress’ along with sector specific benchmark ranges for such parameters.
Indian lenders had brought down dodgy loans from 11.6% in FY18 to just 8.5% of their book in FY20. It seems that was just a number on the sand, and all it took was a wave of the pandemic to wipe off this minor victory.
The Ministry of Finance today amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters that directly or indirectly relate to the national security of the country, said and official release.
Bullish factors building in the gold market are set to see prices take out the record set in 2011, according to Citigroup Inc. The metal is benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation, the bank’s analysts including Ed Morse wrote in a report. Gold is expected to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.
The ongoing coronavirus pandemic will have an even larger impact on the FMCG sector than Prime Minister Narendra Modi’s demonetisation move in November 2016, which was followed by introduction of Goods and Services Tax. “Impact of the on-going pandemic will be sharper, compared with earlier large macro-economic events such as demonetisation and GST implementation,” a CARE Ratings report said in its outlook of the fast-moving consumer goods industry on Tuesday. In fact, April month of Q1FY21 will remain the most affected duration for the FMCG industry even while the sector will continue to face the headwinds of coronavirus for the entire fiscal year 2020-21.
Technology giant Google has announced that it plans to invest over ₹75,000 crore($10 billion) in India over a period of 5-7 years. Google and Alphabet CEO Sundar Pichai made the announcement today at ‘Google for India’ virtual event. The Google’s investment in India will be made through equity investments and tie-ups, marking its biggest commitment to a growth market.