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SPMCIL delivered 3.4 tn refined gold to RBI in FY25, says FM Sitharaman
The Security Printing and Minting Corporation of India Ltd (SPMCIL) delivered 3.4 metric tonnes of refined gold to the Reserve Bank of India (RBI) in FY 2024–25, Finance Minister Nirmala Sitharaman said on Monday. The gold was refined from seizures transferred by the Customs department.
'You purified it, and post-purification you sent it to the RBI, and that alone for one financial year 24–25 — 3.4 metric tonnes,' she said, speaking at the inauguration of SPMCIL's new corporate office.
Sitharaman added that SPMCIL also refines silver and gold received from institutions such as the Tirumala Tirupati Devasthanams and the Vaishno Devi Shrine Board.
She noted that SPMCIL has significantly advanced in precious metal refining, especially after the 2021 Budget. Earlier, all confiscated and smuggled gold used to be handed over to the State Bank of India, which would auction it back into the market. To discourage this, a conscious decision was made—guided by the Prime Minister—that instead of auctioning, the gold should be purified and added to the RBI's gold reserves.
The Minister said that once legal processes are completed in each case of smuggled gold, SPMCIL ensures its purification to meet the quality standards required by the RBI. The RBI holds this gold as bullion, which must conform to global standards. Since international prices are based on Troy ounces, the purity of each ounce must match global benchmarks.
Even as India pushes for digital payments and fintech adoption, Sitharaman underlined that currency notes and coins remain relevant.
'Although we talk about Digital India, payments, fintech and so on, there are still currencies required for circulation. It doesn't have to be as much as before but it is still there,' she said.
Sitharaman informed that in the last financial year ending March 31, 2025, SPMCIL produced 1,200 crore banknotes and 150 crore circulation coins. 'Then you've also done 1.5 crore passport booklets, all in one year. 700 crore excise adhesive labels, and various categories of postal and security-related stationery, which is essential for government and public services,' she added.
She also hinted at a potential upgrade of the public sector unit. 'So proof that you are actually moving in the right, professionally run organisation scheme of things. No wonder the MoS (Finance) commented that it might be just the right thing for us to see if you're going to move to be Navratna... So I'm just saying that again only to make sure that all of you say yes to the idea which makes you perform to make yourself Navratna,' she said.
Following its capital restructuring in 2015, SPMCIL fully repaid its loan with interest by 2016–17, the Minister stated. In FY 2023–24, the company paid a dividend of ₹364 crore, following a record ₹534 crore dividend the previous year.
'It is heartening to note SPMCIL's consistent and reliable financial performance,' Sitharaman said.
The Minister also praised the popularity of souvenir coins issued by SPMCIL. 'I am equally impressed with the popularity of all the souvenir coins that you produce. They are very important in promoting the rich cultural heritage, history and art,' she said.
'In free India's recorded history, a total of 210 commemorative coins have been issued, out of which 105 have been issued in the last decade,' she added. These include coins celebrating events such as the 2,900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, 1,000 years of the Brihadeeswarar Temple, and India's G20 Presidency.
Over 20,000 coins have been purchased by the public from the new series of colour souvenir coins themed around the Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya, according to Sitharaman.
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India Gazette
2 hours ago
- India Gazette
Modi govt invested Rs 44,859 crore in over 3,600 projects for Northeast: Union Minister Sonowal
New Delhi [India], June 10 (ANI): Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, strongly countered the Congress party's criticism of the Modi government's performance over the past 11 years, asserting that the grand old party has 'forfeited the right to criticise' in the court of the people. Emphasising the transformative progress made under Prime Minister Narendra Modi's leadership, the Minister said the Congress, which neglected the people's aspirations for more than six decades, now stands exposed before a new India that rewards performance and punishes apathy. 'Congress has lost all moral rights. They had destroyed the prospect of the Northeast when they misgoverned the country for more than six decades. The dark days of Congress governments were filled with violence, insurgency, terrorism that dragged our beautiful region into a vortex of deprivation, devastation, discord and division. Peace was a distant dream. This was reversed only with the dynamic leadership of PM Modi, who took decisive steps to transform the region, respect the aspirations of the people, find solutions, usher a new era of peace and brotherhood, and ultimately, transform it as the Growth Engine of new India,' said Sarbananda Sonowal. Addressing a press conference in Shillong, Union Minister Sarbananda Sonowal highlighted the significant achievements of the PM Modi led government over 11 years and explained how it delivered unprecedented welfare benefits to every section of the society -- uplifting the poor 'Garib Kalyan', empowering the women 'Nari Shakti', transforming agriculture 'Krishak Kalyan' and empowering the youth through skill-based training and employment opportunities through innovative policy action via Start Up India or Digital India campaigns. Sonowal also underlined how more than 2.19 lakh farmers benefited from the Mission Organic Value Chain Development, 434 Farmer Producer Organisations formed, covering 1.73 lakh hectares. Sarbananda Sonowal said, 'Under the dynamic leadership of PM Modi, the Govt is working towards building Viksit Bharat during this Amrit Kala by focusing on 'Seva, Sushasan and Garib Kalyan' (Service, Good Governance and Welfare of the Poor). Over 81 crore people now receive free rations under the PM Garib Kalyan Anna Yojana, more than 15 crore rural households have access to tap water under 'Har Ghar Jal', and Rs 3.7 lakh crore has been disbursed to farmers through PM-KISAN. 'Women's empowerment has seen historic strides--from 33 per cent reservation in legislatures under the Nari Shakti Vandan Adhiniyam to direct benefit transfers for more than 3.9 crore pregnant women, and the historic admission of women into the National Defence Academy (NDA),' he added. Since 2014, the Modi government has brought the Northeast into the mainstream of India's development journey with unprecedented investment and focused attention. The Northeast has emerged transformative, 'Insurgency has declined by 64 per cent since 2014, and AFSPA has been withdrawn from 75 per cent of the region,' added Sonowal. The government has approved over 3,600 projects worth Rs 44,859 crore, built 10 greenfield airports, and expanded connectivity and organic farming through focused missions. 'Under PM Modi's leadership, the Northeast is being repositioned not as a peripheral zone, but as India's vital Gateway to the East, with peace, progress, and prosperity at its core,' Sonowal further said. Sarbananda Sonowal highlighted the immense possibilities of the tourism sector in the region. Tourism-led growth has emerged as a key pillar of Meghalaya's development under Prime Minister Narendra Modi's government. Sonowal said, 'Shillong is a beautiful city, Meghalaya is a gift of Mother Earth. We must celebrate her with utmost sincerity and ensure sustainable development through harnessing the immense possibilities in the tourism sector. The boom in tourism in the state is a positive sign as Meghalaya has become a destination of choice for most domestic and international tourists visiting India. Meghalaya is a shining example of the success of schemes like Swadesh Darshan.' He said that the Modi Government sanctioned Rs 244 crore to boost Sustainable Tourism, which has created potential in iconic destinations like Umium Lake, Sohpetbneng, Krang Suri Falls, Siju Caves, and Nokrek Reserve, which are being transformed into world-class tourist attractions. 'From waterfall trails to the Meghalayan Age Cave Experience, the focus on sustainable and immersive tourism has revitalised local economies and created livelihood opportunities. Spiritual and heritage sites like Nartiang and Mawphlang villages are also being promoted under niche tourism categories, positioning Meghalaya as a vibrant destination within India's Northeast tourism circuit,' he added. Landmark initiatives such as establishing South Asia's largest cancer care network in Assam reflect the government's commitment to bridging decades of neglect. The recently held Rising North East Investors Summit 2025 further reinforced this vision, securing Rs 4.3 lakh crore in investment commitments that promise to unlock the region's economic potential and generate widespread employment. 'For decades under successive Congress Govts, the Northeast remained on the margins, but under Prime Minister Narendra Modi's leadership, the region realised its true potential to become a centre of development, connectivity, and opportunity. The scale of investment and transformation we see today reflects our deep commitment to the people of the Northeast,' said Sonowal. Northeast is undergoing rapid development in connectivity, agriculture, and industry. Operational airports have increased from 9 in 2014 to 19 in 2024. The region is emerging as a hub for organic farming and edible oil production, with 3.3 lakh gatherers and over 19,000 SHGs supported under Van Dhan Vikas Yojana. The bamboo industry has also grown through reclassification and targeted missions. Healthcare and heritage conservation are also priorities. Cultural initiatives include a tribal museum in Manipur and the development of Sivasagar as a heritage site. Speaking on the fiscal aid to Meghalaya, Sonowal said, 'Meghalaya, backed by a 105 percent increase in central grants-in-aid, has seen a substantial scale-up in infrastructure & social welfare. Landmark initiatives include the Rs 22,864 crore Greenfield High-Speed Corridor between Mawlyngkhung and Panchgram, set to drastically improve regional connectivity & logistics. Over 540 km of National Highways have been constructed, and urban mobility projects in New Shillong and Tura are being implemented under PM-DevINE.' Welfare interventions such as post-metric scholarships for over 76,000 SC/ST/OBC students, Rs 2,331 crore disbursed under MUDRA loans, and a threefold increase in National Health Mission (NHM) funding have empowered communities across Meghalaya. These milestones reflect the Modi government's unwavering commitment to inclusive development, economic empowerment, and regional integration of the Northeast. The Union Minister was joined by AL Hek, Minister of Animal Husbandry and Veterinary Department, Fisheries Department, Printing & Stationery Department, Secretariat Administration Department, Govt of Meghalaya; Rikman G Momin, State President, BJP (Meghalaya), Wankitbok Pohshna, State General Secretary and Convenor, BJP (Meghalaya), and Shanbor Shullai, MLA and Chairman, Meghalaya Tourism Development Corporation (MTDC). (ANI)


United News of India
3 hours ago
- United News of India
Congress 'forfeited the right to criticise' in the court of the people: Sonowal
Shillong, June 10 (UNI) Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal has strongly countered the Congress party's criticism of the Modi government's performance over the past 11 years, asserting that the grand old party has 'forfeited the right to criticise' in the court of the people. Emphasising the transformative progress made under Prime Minister Narendra Modi's leadership, Sonowal said the Congress, which neglected the aspirations of the people for more than six decades, now stands exposed before a new India that rewards performance and punishes apathy. 'Congress has lost all moral rights. They had destroyed the prospect of Northeast when they misgoverned the country for more than six decades. The dark days of Congress governments were filled with violence, insurgency, terrorism that dragged our beautiful region in to a vortex of deprivation, devastation, discord and division. Peace was a distant dream,' the Union Minister said. He added : 'This was reversed only with the dynamic leadership of Prime Minister Narendra Modi who took decisive steps to transform the region, respect the aspirations of the people, find solutions, usher a new era of peace and brotherhood, and ultimately, transform it as the Growth Engine of new India.' Highlighting the major achievements of the Narendra Modi-led government over 11 years, Sonowal explained how it delivered unprecedented welfare benefits to every section of the society — uplifting the poor 'Garib Kalyan', empowering the women 'Nari Shakti', transforming agriculture 'Krishak Kalyan' and empowering the youth through skill based training and employment opportunities though innovative policy action via Start Up India or Digital India campaigns. Sonowal also underlined how more than 2.19 lakh farmers benefitted from the Mission Organic Value Chain Development, 434 Farmer Producer Organisations formed, covering 1.73 lakh hectares. Sonowal said the government is working towards building Viksit Bharat during this Amrit Kala by focussing on 'Seva, Sushasan and Garib Kalyan' (Service, Good Governance and Welfare of the Poor). Over 81 crore people now, he said are receiving free rations under the PM Garib Kalyan Anna Yojana, more than 15 crore rural households have access to tap water under 'Har Ghar Jal', and Rs. 3.7 lakh crore has been disbursed to farmers through PM-KISAN Sonowal said women's empowerment has seen historic strides—from 33 per cent reservation in legislatures under the Nari Shakti Vandan Adhiniyam to direct benefit transfers for more than 3.9 crore pregnant women, and the historic admission of women into the National Defence Academy,' Stating that the Modi government has brought the Northeast into the mainstream of India's development journey with unprecedented investment and focused attention, the Union Minister said, 'The Northeast has emerged transformative with 'Insurgency has declined by 64 per cent since 2014, AFSPA has been withdrawn from 75 per cent of the region,' The government has approved over 3,600 projects worth Rs. 44,859 crore, built 10 greenfield airports, and expanded connectivity and organic farming through focused missions. 'Under Modi's leadership, the Northeast is being repositioned not as a peripheral zone, but as India's vital Gateway to the East, with peace, progress, and prosperity at its core', Sonowal further said. UNI RRK GNK


Time of India
4 hours ago
- Time of India
World Bank predicts India dhoom amid global gloom
New Delhi: The World Bank has lowered India's growth forecast for FY26 to 6.3% from 6.7% estimated in January, though it's projected to remain one of the fastest growing economies globally. The country's FY27 growth is also seen 0.2 percentage point lower at 6.5%, according to the World Bank's latest Global Economic Prospects (GEP) report. The World Bank attributed the reduction in expected growth to weaker export performance on the part of key trade partners and rising global trade barriers. Investment growth is also expected to decelerate amid rising global policy uncertainty, the report said. India's gross domestic product (GDP) expanded by 6.5% in FY25, according to official data released last month. Last week, the Reserve Bank of India (RBI) retained its 6.5% growth projection for FY26 as it cut the key interest rate by a higher-than-expected half a percentage point to support growth. Global growth is expected to slow to 2.3% in 2025 compared with 2.7% projected in January, amid the rise in trade barriers and an uncertain policy environment, marking the slowest pace of expansion since 2008, excluding periods of recession. Live Events The US' growth forecast has been revised downwards to 1.4% in 2025 from 2.3% projected in January by the multilateral lender. China's growth projection remains unchanged at 4.5% in 2025. India: A Bright Spot "Emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict," said M Ayhan Kose, World Bank's deputy chief economist and director of the prospects group. "India continues to grow faster than any other major economy." The South Asian region is likely to face a slowdown with growth expected at 5.8% in 2025 compared with an estimated 6% in 2024, due to the impact of rising trade barriers, dampened business confidence and weaker investment, according to the World Bank. Growth is then anticipated to increase to an average of 6.2% annually in 2026-27, driven by improving activity in India and elsewhere, aligning with the region's potential estimates, it added. Per-capita income growth in South Asia is estimated to stabilise at 5%, on average, over 2025-27, which would further reduce poverty. However, excluding India, per-capita income growth is expected to rise to 3% in 2027 from 2.1% in 2025. Between 2011-12 and 2022-23, nearly 270 million people in India were lifted out of extreme poverty in India, according to the latest data released by the World Bank.