No plan to hike gold and silver import duties, US-India trade talks expected soon: Govt source
Government sources indicate no immediate plans to hike gold and silver import duties, despite calls to curb non-essential gold purchases. Meanwhile, India anticipates US trade talks addressing pending issues, including a Section 301 probe, though a comprehensive deal remains distant. India has contested US allegations of structural overcapacity, urging the termination of the investigation.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/JOFfV40
Amidst the escalating Middle East conflict, Union Minister Ashwini Vaishnaw echoed PM Modi's call for Indians to reduce import spending and conserve foreign exchange. He urged citizens and businesses to make conscious choices to save forex, highlighting fuel expenditure as a key area for reduction. This initiative aims to protect the nation's economic interests as global energy supplies face strain.
Gold and silver prices are expected to trade within a narrow band this week, with investors closely watching US-Iran peace talks and key global economic data. Analysts noted that while gold's momentum appears steady, silver shows positive movement. Geopolitical tensions and central bank buying are also influencing precious metal markets.
State-owned oil companies are facing over Rs 1 lakh crore in losses due to soaring global fuel prices, with daily under-recoveries reaching Rs 1,700 crore. Despite this, petrol and diesel prices remain unchanged, impacting the financial health of these crucial energy providers. A fuel price hike now appears inevitable, with the government facing a political decision on timing and extent.
Asian Development Bank Chief Economist Albert Park forecasts elevated crude oil prices, averaging $96 per barrel in 2026 and $80 in 2027, due to prolonged Middle East tensions. This outlook suggests a 0.6% reduction in India's GDP growth for FY27, pushing inflation to 6.9% amid reliance on imported oil and gas.
Indian equity markets experienced a downturn Friday, with both Sensex and Nifty closing lower. Renewed military tensions near the Strait of Hormuz dampened investor sentiment, leading to profit-booking across various sectors. While IT stocks showed resilience, PSU banks were significantly impacted. Global markets also reflected cautious sentiment.
Massive oil market bets, totaling up to $7 billion, were placed just before significant US President Trump announcements concerning Iran. Traders executed large sell orders minutes before key political developments, leading to substantial price drops. This unusual timing and scale have triggered regulatory scrutiny, with investigators examining potential insider trading concerns.
Pakistan is foregoing urgent LNG purchases, betting on a swift de-escalation of Middle East tensions and the timely arrival of cheaper Qatari shipments. This risky strategy comes as the country faces a significant gas deficit and widespread electricity outages, exacerbated by disruptions in the Strait of Hormuz.
The United States has stepped up efforts to restrict Iranian oil exports, a major source of revenue for Tehran. Late last month, the Treasury Department’s Office of Foreign Assets Control imposed sanctions on Hengli, targeting one of the most prominent and well-connected companies in China’s large crude-processing sector.
The India-New Zealand FTA highlights that the provisions on student mobility, professional pathways, working holiday visa creates an unprecedented opportunity for Indian youth and professionals to gain global exposure. 
Shipping through the Strait of Hormuz has been severely disrupted since the conflict escalated toward the end of February, and renewed clashes between the US and Iran on Monday have raised fresh concerns.
Oil prices surged Tuesday as Iranian-linked attacks and military clashes heightened fears of disruption in the Strait of Hormuz. Brent crude rose 6% to $114.44 a barrel, while WTI settled 4% higher at $106.42. The Fujairah Oil Industry Zone was struck by a drone, with Emirati officials blaming Iran.
India's leather and footwear industry faces a 40-60% surge in input costs due to the Middle East crisis, impacting petroleum-based materials and imports. Industry representatives are urging the government for import duty exemptions on raw materials and machinery to mitigate these rising expenses and strengthen domestic manufacturing.
Markets brace for a crucial week as investors await state election results, with potential impacts on sentiment. Developments in the West Asia conflict and their influence on crude oil prices remain a significant concern for India's import-dependent economy. Key economic data and Q4 earnings will also shape market movements.
The central government has announced 100% Foreign Direct Investment (FDI) in insurance companies via the automatic route, enabling full foreign ownership. This move, aligning with the Sabka Bima Sabki Raksha Act, 2025, aims to boost foreign participation, with IRDAI approval required. LIC remains an exception with a 20% FDI limit.
In Emilia-Romagna, Italy, hundreds of thousands of wheels of Parmigiano Reggiano cheese are stored in climate-controlled warehouses, serving as valuable collateral for loans. This unique financial system allows producers to overcome cash flow challenges caused by the cheese's lengthy aging process, ensuring the industry's continued operation and growth.
An India-linked LPG supertanker, Sarv Shakti, is navigating the Strait of Hormuz, a critical energy route under severe strain due to Middle East tensions. Its successful passage would be a significant breakthrough for India, a major LPG consumer grappling with supply disruptions. This bold move underscores India's determination to secure essential cooking fuel amidst global energy challenges.
India's first barrier-less toll system is now operational at Gujarat's Chorayasi Toll Plaza, thanks to Union Minister Nitin Gadkari's announcement. This Multi-Lane Free Flow system uses ANPR and FASTag, allowing vehicles to pass without stopping. The initiative aims to ease traffic, save time and fuel, and reduce emissions, reflecting the government's commitment to modern, efficient highways.
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