Amid US pressure on India ahead of a likely trade agreement, Modi asks people to embrace ‘Swadeshi’

Amid US pressure on India ahead of a likely trade agreement, Modi asks people to embrace ‘Swadeshi’


Prime Minister Narendra Modi addresses a public meeting, in Varanasi.

Prime Minister Narendra Modi addresses a public meeting, in Varanasi.
| Photo Credit:
PMO

Amid rising trade tensions with the US, Prime Minister Narendra Modi has emphasised on “Swadeshi” and assured that India has to guard its own economic interests. He also said that the government accords top priority to protect the interests of farmers, medium and small enterprises,

“The global economy is passing through many uncertainties, situation is not stable. Countries are focussing solely on their own interests, paying attention to their own benefits. As India is going to become third largest economy, the country has to be vigilant about its own economic interests. The government accords top priority to protect the interests of farmers, MSMEs, jobs of the youth,” Modi said addressing an event in Varanasi to transfer the PM-Kisan installment of ₹2,000 each to over 9 crore farmers across the country.

Probably for the first time, Modi has made a special appeal to traders and shopkeepers to adopt Swadeshi. “At a time when the world is going through uncertainty, let us take a pledge to sell only Swadeshi goods from our shops and markets. Promoting made in India goods will be the truest service to the country,” he said. With the festival and wedding seasons approaching, Modi also appealed people to avoid foreign shopping and all new purchases are made in India.

Stating that the government has been trying everything possible in this direction (of protecting interests of farmers, MSMEs, jobs), Modi reminded people that they should too perform certain duties as citizens of India.

The prime minister’s push for ‘Swadeshi’ (buying Make in India products), though not new, has come after the US recently announced 25 per cent tariff to allow Indian products into American market and also threatened a penalty for buying crude oil from Russia, which is under sanctions due to war with Ukraine.

Calling for a national movement to support local products, the prime minister said: “This is not just about Modi saying it, every Indian should say this — if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in national interest and awaken the spirit of Swadeshi among the people.”

He urged people to be conscious consumers — “Whatever we buy, we should ask ourselves whether any Indian was involved in making it? If it has been made by the sweat of our people, with their skills, that product is Swadeshi for us.”

He recalled how many citizens changed their wedding plans from abroad to India after his earlier appeal.

“The feeling of swadeshi in every action will define our future. This will also be a true tribute to Mahatma Gandhi. Only through collective effort can we fulfil the dream of a developed India,” Modi said.

The prime minister also spoke at length on the success of “Operation Sindoor” and criticised Congress and other opposition parties alleging that they do not support Indian defence forces.

Published on August 2, 2025



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फिर से बढ़ गई सोने की डिमांड, 1 महीने के निचले स्तर पर पहुंची कीमत

फिर से बढ़ गई सोने की डिमांड, 1 महीने के निचले स्तर पर पहुंची कीमत


Gold Prices in India: भारत में 24 कैरेट सोने की कीमत पिछले हफ्ते 1,00,555 रुपये तक पहुंच गई थी. जबकि शुक्रवार को प्रति 10 ग्राम 24 कैरेट सोने का कारोबार लगभग 97,700 रुपये में हो रहा था. हालांकि, अमेरिका में कमजोर रोजगार के आंकड़ों के चलते शनिवार को इनकी कीमतों में फिर उछाल आया है.

रॉयटर्स की एक रिपोर्ट के मुताबिक, अंतर्राष्ट्रीय बाजारों में इस हफ्ते हाजिर सोने की कीमत अपने निचले स्तर पर पहुंच गई थी और इसमें लगातार तीन हफ्ते से गिरावट दर्ज की जा रही है. कीमतों में आई इस गिरावट की वजह से खरीदारी में दिलचस्पी बढ़ी है और भारत सहित दूसरे एशियाई बाजारों में सोने की डिमांड में सुधार देखने को मिला है. 

सोने की खरीदारी में आई सुधार 

पुणे के एक ज्वेलर्स के हवाले से रॉयटर्स की रिपोर्ट में बताया गया, इस हफ्ते ग्राहकों की संख्या पिछले हफ्ते से बेहतर रही. लोग कीमतों के बारे में भी पूछताछ कर रहे थे और छोटी-मोदी खरीदारी भी कर रहे थे. भारतीय डीलरों ने आधिकारिक घरेलू मूल्य पर प्रति औंस 7 डॉलर तक की छूट की पेशकश की, जिसमें 6 परसेंट आयात शुल्क और 3 परसेंट बिक्री शुल्क शामिल हैं, जबकि पिछले हफ्ते यह छूट 15 डॉलर प्रति औंस तक थी.  

मुंबई में एक प्राइवेट बैंक के सर्राफा व्यापारी ने कहा कि अंतर्राष्ट्रीय बाजारों में सोने की कीमत गिरने के बाद ज्वेलर्स अपना स्टॉक बढ़ाने के लिए उत्सुक थे, लेकिन रुपये में आई कमजोरी से कीमतों में आई गिरावट के असर को कम कर दिया. 

दूसरे एशियाई देशों में सोने की मांग

चीन में भी डीलरों ने सोने की कीमत को अंतर्राष्ट्रीय दरों से 4.2 डॉलर की छूट और 12 डॉलर प्रति औंस के प्रीमियम के रेंज में रखा है. रॉयटर्स के मुताबिक, InProved में गोल्ड ट्रेडर ह्यूगो पास्कल ने कहा, ऐसा लगता है कि चीन सोने की कीमत में आई गिरावट को थोड़ा भुना रहा है. शंघाई गोल्ड एक्सचेंज पर कल 11 टन सोने का कारोबार हुआ, जो इसमें नए सिरे से बढ़ रही दिलचस्पी को दर्शाता है. हांगकांग में भी सोना 1.50 डॉलर के प्रीमियम पर बेचा गया. वहीं, सिंगापुर में 1.40 डॉलर के प्रीमियम पर कारोबार हुआ. जापान में सोना 0.60 डॉलर के प्रीमियम पर बेचा गया.

जापान में एक कारोबारी के हवाले से रॉयटर्स ने अपनी रिपोर्ट में बताया, “कीमत में आई थोड़ी सी गिरावट के बाद भी खरीदारी को लेकर काफी डिमांड थी. जापान और अमेरिका के बीच ट्रेड डील होने के बावजूद कम ब्याज दरों के बीच एक एसेट के रूप में सोने की खरीदारी जारी है. 

 

 

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Q1 Results: नेट प्रॉफिट 1000 करोड़ के पार, रेवेन्यू ने भी लगाई लंबी छलांग; अगले हफ्ते फोकस में रहेंगे Tata Power के शेयर



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Banks' credit growth to remain low as corporates using other funding sources in low interest rate regime: SBI Report

Banks' credit growth to remain low as corporates using other funding sources in low interest rate regime: SBI Report


The report noted that corporates tend to avoid bank loans when interest rates are low and instead explore other sources of funding.

The report noted that corporates tend to avoid bank loans when interest rates are low and instead explore other sources of funding.

Credit growth of banks in the country is likely to remain low as corporates continue to opt for alternative methods of funding in the current low-interest rate environment, according to a report by the State Bank of India (SBI).

The report noted that corporates tend to avoid bank loans when interest rates are low and instead explore other sources of funding.

It stated, “Bank credit to remain low as corporates are using other avenues of funding in low-interest rate regime.”

The report has analysed data on resource flows over the past eight years and observed that during periods like FY21 and FY22, when interest rates were low, companies typically relied on non-bank sources for raising funds. The same pattern appears to be repeating now.

The share of incremental bank credit in total resource flow is expected to fall from 31.3 per cent in FY25 to just 22 per cent by the second quarter of FY26.

Currently, the headline credit growth is at 9.5 per cent as of June 2025, while non-bank resource flows are growing at a much faster pace of 15.6 per cent.Credit to the Micro, Small and Medium Enterprises (MSME) sector stands out with a higher growth rate of 21.8 per cent.

The report expects it to remain muted in FY26. It mentioned that the credit growth by Scheduled Commercial Banks (SCBs) slowed to 9.8 per cent as of July 11, 2025, compared to a robust 14.0 per cent growth in the same period last year.

Between April and July this year, bank credit increased by ₹2.19 lakh crore, showing a year-to-date (YTD) growth of 1.2 per cent.

In the same period last year, credit had grown by ₹3.79 lakh crore or 2.3 per cent YTD.

Meanwhile, deposits grew by ₹7.45 lakh crore (3.3 per cent YTD) in the current year, slightly higher than the ₹7.01 lakh crore (3.4 per cent YTD) growth seen last year.

The report also pointed out a shift in deposit patterns. Higher returns on term deposits have led to greater inflows in these instruments.

As a result, the share of savings deposits fell to 29.1 per cent in March 2025 from 30.8 per cent a year ago and 33.0 per cent two years ago.

Going forward, the report projects that deposits will grow in the range of 12-13 per cent, while credit growth is expected to be between 10-11 per cent in FY26.

Published on August 2, 2025



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RBI may announce 25 bps rate cut in August to boost credit growth ahead of Diwali: SBI Report

RBI may announce 25 bps rate cut in August to boost credit growth ahead of Diwali: SBI Report


The Reserve Bank of India (RBI) is expected to announce a 25 basis points (bps) repo rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled from August 5 to 7, according to a report by the State Bank of India (SBI).

The report said a frontloaded rate cut in August could bring an “early Diwali” by boosting credit growth, especially as the festive season in FY26 is also frontloaded. It added that past data show a clear trend, any repo rate cut ahead of Diwali results in higher credit growth during the festive period.

It stated, “We expect RBI to continue frontloading with a 25 bps cut in August policy.” Citing an example, the report noted that a 25 bps repo rate cut in August 2017 led to an incremental credit growth of ₹1,956 billion by the end of Diwali, with almost 30 per cent of this in personal loans. It added that Diwali, being one of the biggest festivals in India, sees higher consumer spending, and a low-interest rate environment before Diwali helps improve credit demand.”

Empirical evidence suggests a strong pick up in credit growth whenever festive season has been early and has been preceded with a rate cut,” the report added.

The report emphasised that with inflation now well within the RBI’s target band for several months, continuing with a restrictive policy stance may lead to output losses, which are hard to reverse. It said monetary policy works with a lag, and delaying a rate cut until inflation drops further or growth slows more visibly may cause deeper and long-lasting damage to the economy.

“The marginal benefit of waiting is low, while the cost of inaction in terms of forgone output, investment sentiment is likely to be significant,” the report said. The report further explained that central banks operate with a dual mandate of price stability and output stabilization.

Referring to the standard Quadratic Loss Function, it warned against making a Type II error by not cutting rates now, assuming low inflation is temporary. In reality, inflation may stay low, and the output gap could worsen. It added that tariff uncertainties, GDP growth, CPI numbers for FY27, and even the festive season in FY26 are all being frontloaded.

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Crude oil prices may surge to  per barrel amid fresh US-Russia tensions: Experts

Crude oil prices may surge to $80 per barrel amid fresh US-Russia tensions: Experts


Brent crude oil prices are expected to rise to $80 per barrel in the coming months as tensions between the United States and Russia threaten to disrupt the global oil supply chain, highlighted oil market experts in conversation with ANI.

Oil prices may face upward pressure as geopolitical risks increase. NS Ramaswamy, Head of Commodities & CRM at Ventura, said, “Brent Oil (Oct’25) from $72.07 has a short-term target of $76. Year end 2025 could reach $80-82. Downside support and cap at $69. US President Donald Trump has given Russia a deadline of 10-12 days to end the war in Ukraine, failing which it runs a risk of additional sanctions and secondary tariffs of 100 per cent on countries trading with Russia, which would push the oil prices higher.

“This move by US President Trump could further increase oil prices, as countries dependent on Russian crude would face a difficult choice between buying cheaper oil and facing heavy export tariffs to the US. For WTI Crude Oil (Sep’25), experts expect a short-term target of $73 from the current level of $69.65. The price could rise to $76-79 by the end of 2025, while the downside support is at $65.

Experts said such developments could disrupt the global oil market. A supply shock may result from reduced spare production capacity, which would likely push oil prices higher through 2026. The dilemma remains that President Trump wants lower oil prices, but a quick increase in US oil production is not possible, as it involves infrastructure, labour, and investment. Energy expert Narendra Taneja told ANI, “Russia exports 5 million barrels of oil into the global (oil) supply system every day. Crude oil prices would rise significantly – $100 to 120 per barrel, if not more – if the Russian oil is forced out of the global supply chains”.

He also added, “If Russian oil stops flowing into Indian refineries, prices would rise globally for sure. There would be no shortage of oil in India because our refiners import from 40 different countries, but balancing the price for consumers would be a challenge.” Even if Saudi Arabia and select OPEC countries step in to fill the supply gap, it will take time, adding to short-term price pressure. The oil market could shift into a deficit situation even if OPEC+ does not announce further production cuts.

Meanwhile, the recent US-EU trade deal has provided some support to the market, but geopolitical tensions persist and continue to add upside risks. The market is also closely watching US inventory levels and the upcoming interest rate decision, with a stronger US dollar keeping some pressure on oil prices.The extended US-China trade truce has also supported market sentiment, but risks remain elevated in the oil sector.

Published on August 2, 2025



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ARCIL plans IPO comprising OFS by Avenue India Resurgence, SBI and other investors

ARCIL plans IPO comprising OFS by Avenue India Resurgence, SBI and other investors


Offer for sale to comprise of up to 105,463,892 equity shares of face value of ₹10 each.

Offer for sale to comprise of up to 105,463,892 equity shares of face value of ₹10 each.

Asset Reconstruction Company (India) Ltd is planning an initial public offering (IPO) comprising an offer for sale (OFS) of up to 105,463,892 equity shares of face value of ₹10 each. This will be the first IPO by an asset reconstruction company (ARC).

The OFS comprises of up to 68,739,034 equity shares of face value of ₹10 each by Avenue India Resurgence Pte Ltd, up to 19,445,000 shares by State Bank of India, up to 16,244,858 shares by Lathe Investment Pte Limited and up to 1,035,000 shares by Federal Bank, according to the Draft Red Herring Prospectus (DRHP) filed by India’s first asset reconstruction company (ARC) with market regulator Securities and Exchange Board of India (SEBI).

Established in 2002, Asset Reconstruction Company (India) Limited (ARCIL) was the second largest in terms of assets under management (AUM) at ₹15,230 crore and had the second highest net worth among private ARCs in India at ₹2462.511 crores.

ARCIL is promoted by Avenue India Resurgence Pte Ltd (an affiliate of Avenue Capital Group) and the State Bank of India, which are also identified as sponsors of the Company under the SARFAESI Act.

The ARC operates across three business verticals including corporate loans, SME and other loans, and retail loans classifying acquired stressed assets based on internally assessed resolution mechanism. It primarily derives its revenue from management fees/ trusteeship fees, portfolio recovery fees, income from investments and write backs.

During fiscals 2025, 2024 and 2023, the company acquired ₹3,976 crore, ₹2,069 crore and ₹4,289 crore of stressed assets, respectively, and the AUM was ₹16,853 crore as of March 31, 2025, ₹15,230 crore as of March 31, 2024, and ₹16,223.50 crore as of March 31, 2023.

For the year ended 31 March 2025, ARCIL’s revenue from operations stood at ₹596 crore, total income stood at ₹623 crore, PAT stood at ₹355 crore and PAT margin stood at 57 per cent.

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Published on August 2, 2025



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