County Union Financial News

Goa Liberation Day is celebrated every year on December 19 mark Goa's freedom from Portuguese rule in 1961. The liberation ended the struggle of freedom fighters against the 451 years of colonial rule. Goa became an integral part of India. The day celebrates the struggle, resilience, and fight of all freedom fighters who fought to achieve the freedom. On this day, various activities are organised in different schools and colleges such as speech competitions, drawing, poster making etc. to commemorate the day.

ICRA expects the domestic gold jewellery consumption (in value terms) to continue its momentum in the current fiscal with an estimated growth of 14-18% Y-o-Y. This follows the sharp increase of 18% in FY2024, which was primarily driven by realisations even as volume growth was subdued. A sharp 900 basis points (bps) cut in import duty in the Union Budget in July 2024 and consequent correction in gold prices for a brief period led to some pre-buying of jewellery as well as bars and coins during Q2 FY2025, which is generally a seasonally weak quarter. While gold prices were volatile, improving consumer sentiments and festive-led demand increased consumption in recent months. This, coupled with a higher number of auspicious and wedding days, and favourable monsoons aiding better rural output, is likely to help jewellery demand growth in H2 FY2025, in ICRA’s view. Revenue growth for organised jewellery in FY2024 had been supported by realisations with gold prices rising by ~14% YoY. The same trend is expected to continue this fiscal as well. So far in the current fiscal, the average gold price has risen by a sharp ~25% vis-à-vis FY2024 average price, despite occasional corrections – first, after the cut in customs duty in late July 2024 and then in November 2024, following the US elections and currency movements. The evolving global economic and geopolitical scenario and rising investment demand for gold have stimulated the continuing uptick in gold prices for the last seven quarters.

Union Budget 2025 set to be presented in February, it’s a great time to dive into the concept of government borrowing and how it connects to the fiscal deficit.

Brijinder Singh was re-elected as the president of the Indian Golf Union (IGU) for a second consecutive term during the Annual General Meeting (AGM) here on Sunday. The elections for IGU office-bearers and the Governing Council for the 2024-2026 term were held unopposed as the number of candidates matched the available positions. Singh was the lone candidate for the president's post, while S K Sharma and Sanjiv Rattan were elected unopposed as secretary and treasurer, respectively. The nine members elected to the Governing Council are Farzan R Heerjee (Jharkhand), Harpuneet Singh Sandhu (Chandigarh), Harish Kumar (Uttarakhand), Nagesh Singh (Assam), Dr Param Navdeep Singh (Rajasthan), Sameer Sinha (Gujarat), Shashank Sandu (Maharashtra), Simarjeet Singh (Uttar Pradesh), and Viren Singh Ghumman (Punjab).

Jammu and Kashmir Chief Minister Omar Abdullah has bluntly termed the dual governance model in the Union Territory — where he shares power with the lieutenant governor — a «recipe for disaster», as he urged the Centre to keep its promise and restore statehood to the region at the earliest. In his first sit-down interview since assuming office in October, Abdullah expressed cautious optimism over the Centre's commitment to restoring J-K's statehood, citing repeated promises made by Prime Minister Narendra Modi and Home Minister Amit Shah during election campaigns. The chief minister's candid remarks underscore the complex political landscape in Jammu and Kashmir, and the difficulties in pushing for a more defined and unified administrative leadership by virtue of getting statehood. Abdullah drew parallels with corporate leadership, challenging anyone to name a successful business with multiple leaders.

A senior citizen fixed deposit is a kind of investment designed especially for those sixty years of age and above. Depending on their financial objectives and needs, senior citizens can select an FD duration that ranges from a few months to several years. Senior citizens looking to lock in higher returns on their savings might consider a three-year fixed deposit. Current interest rates on these deposits are attractive. It is important to note that if the Reserve Bank of India (RBI) decides to reduce interest rates, future FD rates may decrease.

Parliamentary Affairs Minister Kiren Rijiju on Friday described the Constitution of India as not only the longest but also the most remarkable and beautiful in the world. Speaking in Lok Sabha during the discussion on the 75th anniversary of the adoption of the Constitution of India, Union Parliamentary Affairs Minister Kiren Rijiju said, «I come from such a region where I have seen airplane first and cars later because it was only after I became an MP that the roads for cars were built. When Prime Minister Modi gave me the opportunity to sit in the place where Babasaheb Bhimrao Ambedkar had sat. When I became the law minister of this country. Before assuming the post of Law Minister, I first tried to understand what Baba Saheb Ambedkar wanted and what all things and thoughts were in his mind that he could not do. Our Constitution is not only the largest Constitution in the world but also the most beautiful in the world.» Rijiju claimed that BR Ambedkar's ideas and writings were misinterpreted after his death, noting that Baba Saheb had renounced Hinduism, but he was never hostile towards it.

fiscal deficit target of 4.9 per cent of GDP for 2024-25 and 4.5 per cent for 2025-26, cautioning that «overly aggressive targets» beyond these could adversely affect India's economic growth. «India has been growing rapidly amidst a slowing global economy. Prudent fiscal management for macroeconomic stability has been pivotal to this growth,» said Chandrajit Banerjee, Director General, CII, elaborating on suggestions for the forthcoming Union Budget. CII also highlighted the announcement in the Union Budget 2024-25 to keep the fiscal deficit at levels that help reduce the debt-to-GDP ratio. In preparation for this, the forthcoming budget could lay out a glide path to bring the central government's debt to below 50 per cent of GDP in the medium term (by 2030-31), and below 40 per cent of GDP in the long term, CII has suggested.

8th Pay Commission as it will help revise their basic pay, allowances, pension, and other benefits. Pankaj Chaudhary, Minister of State in the Ministry of Finance, said in response to a Rajya Sabha question that no proposal for the establishment of the 8th Central Pay Commission is presently being considered. Legislators Javed Ali Khan and Ramji Lal Suman asked whether the Centre was thinking of making an announcement about the new pay commission in the Union Budget 2025–26, which is likely to be presented on February 1, 2025. The Seventh Pay Commission revamped salary structures, allowances, and pensions, prioritising pay parity. This overhaul positively impacted both central government employees and retired pensioners

India on Tuesday said that adequate financing holds the key to achieving the objectives of the United Nations Convention to Combat Desertification (UNCCD). During a ministerial dialogue on finance at the 16th UN conference to combat desertification in Riyadh, Saudi Arabia, Union Environment Minister Bhupender Yadav also shared that India has already restored 22.5 million hectares of degraded land against the target of 26 million hectares by 2030. The minister said adequate financing holds the «key to achieving the objectives of the UNCCD» and that the World Drought Atlas released on Monday could serve as a guide for increasing mobilization of financial resources. Yadav also highlighted government initiatives like the Green Credit Programme, which involves identifying and restoring degraded land with financial support from industries.

Subscribe to enjoy similar stories. India, the third largest electricity producer, is gradually shifting to renewable sources of energy to meet its rising power demand. The country's installed solar power capacity stands at 92.19 gigawatts (GW), a 35x growth since 2014, according to the data as of October 2024.

Jammu and Kashmir BJP leaders on Sunday demanded action against PDP president Mehbooba Mufti for her «anti-national» remarks comparing the situation in Bangladesh with India. They welcomed the recent termination of services of two government employees over alleged terror links by the Lieutenant Governor Manoj Sinha and said such actions should continue in the future to completely finish the terror ecosystem in the Union Territory. «Mehbooba's controversial statement comparing the situation in Bangladesh with India is completely wrong and condemnable. The world is aware of the worst kind of human rights violations in Bangladesh where the minority community is facing targeted attacks, women insulted and an elected prime minister forced to flee the country, besides the statues of its founder desecrated. »The J-K government should take a serious note of the anti-national statement of Mehbooba and her conspiracies. Action should be taken against her," former J-K BJP president Ravinder Raina told PTI on the sidelines of a party function here.

Pradhan Mantri Gram Sadak Yojana (PMGSY) over the past two decades in Jammu and Kashmir, officials said on Sunday. The information was given at a meeting chaired by Joint Secretary, Ministry of Rural Development, Amit Shukla here to conduct a comprehensive review of the implementation of the PMGSY in the Union territory. The review focused on expediting project completion, ensuring adherence to quality standards and enhancing rural connectivity across the region, the officials said. The PMGSY was launched in Jammu and Kashmir during 2001-02 with the aim to provide all-weather connectivity to unconnected habitations in rural areas with a population of more than 250 as per the 2001 Census.

Amazon staff in India have joined strike action calling for better wages

Hurriyat Conference chairman Mirwaiz Umar Farooq on Saturday asked the elected government in Jammu and Kashmir to take measures to stop the «injustice» of dismissing employees over alleged terror links and reinstate all those who have been terminated so far. His remark came a day after two government employees were dismissed from service by Lieutenant Governor Manoj Sinha for alleged terror links. «Two more government employees terminated by the stroke of a pen without any legal recourse! Families rendered destitute before the onset of harsh winters. Punishment and fear is the hallmark of an authoritarian mindset that has been ruling us here,» Farooq said in a post on X. He also called upon the elected government headed by Chief Minister Omar Abdullah in the Union territory to reinstate all the employees who have been terminated «in an unjust manner».

Adani stocks will be in focus on Friday after reports suggested Indian banks are reevaluating their exposure to the conglomerate. This follows charges of bribery and fraud filed by U.S. prosecutors against Chairman Gautam Adani and others. Public sector banks, including the State Bank of India (SBI), Bank of India, and Union Bank of India, are leading the review, with private lenders such as ICICI Bank, Canara Bank, IDBI Bank, and RBL Bank also involved, according to a Reuters report.

State Bank of India, are reviewing their exposure to Adani Group and examining whether they need to tighten their due diligence when offering new loans to them, after the U.S. accused Chairman Gautam Adani of bribery, eight bankers said. Bank of India, Union Bank, ICICI Bank, Canara Bank, IDBI Bank and RBL Bank, which have a relatively smaller exposure to the group, are also undertaking a similar exercise. A review would not necessarily entail any change in the lenders' credit approach with regards to the group.

Subscribe to enjoy similar stories. Employees Provident Fund Organisation (EPFO) data shows that around 12-13 million formal jobs are added every year. This is good news.

Interpol says it arrested 1,006 suspects in Africa during a massive two-month operation, clamping down on cybercrime that left tens of thousands of victims, including some who were trafficked, and produced millions in financial damages

Subscribe to enjoy similar stories. Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Tax buoyancy has improved, while taxation has been simplified and ease of paying taxes enhanced.

Eminent Electricity Distribution Ltd, a subsidiary of CESC Ltd, has received the Letter of Intent (LOI) for acquiring 100 per cent equity in a company responsible for electricity distribution and retail supply in Chandigarh. CESC, part of the RP-Sanjiv Goenka Group, had emerged as the highest bidder for the Rs 871-crore deal, securing the tender for the Chandigarh distribution business in 2021. However, the privatisation bid was challenged by trade unions.