Gold futures breach Rs 1 lakh mark, hit all-time high
Indian gold futures have surged to an unprecedented high, surpassing 100,000 rupees per 10 grams on Friday morning.
Synopsis Indian gold futures surged past 100,000 rupees per 10 grams for the first time on Friday, fueled by a weak rupee and positive global cues. The 2% jump to a record 100,403 rupees is impacting demand in India, the world's second-largest gold consumer. Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share
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Mint
38 minutes ago
- Mint
India in anti-dumping crosshairs: US, Pakistan target Indian exports at WTO
New Delhi: The US, Brazil and Pakistan have initiated anti-dumping measures against India, which has been fighting its own battle against low-priced products flooding domestic markets. Trade experts suggest some of these measures may be strategic, signalling a growing wave of trade defense actions against India and aimed at influencing New Delhi's trade negotiations with key partners. Pakistan's anti-dumping charges against India are particularly baffling, as the two duelling neighbours have banned any trade between them. Yet, Pakistan has initiated an anti-dumping investigation against India over exports of sulfonic acid, which is used in manufacturing detergents, dyes, and catalysts, according to a World Trade Organization report released late on Thursday (12 June). The WTO document details preliminary and final anti-dumping measures undertaken by 11 members of the trade body, including major economies such as the US, Brazil, Pakistan, Indonesia, and the UK, against various countries. The report is based on notices submitted in May under Article 16.4 of the WTO Anti-Dumping Agreement. 'Such measures reflect the growing wave of trade protectionism aimed at shielding domestic industries," said Abhash Kumar, a trade economist and assistant professor of economics at Delhi University, referring to the anti-dumping charges against India. 'The repeated targeting of Indian products highlights the need for India to adopt a more proactive trade defense strategy." The commerce ministry didn't immediately reply to Mint's queries on the development. Amid India-US trade talks India and the US concluded a fifth round of face-to-face talks on 10 June on streamlining tariffs and reducing non-tariff barriers towards finalising a landmark bilateral trade agreement. But New Delhi also approached the WTO over the US's steep tariffs on Indian steel, aluminium and auto component exports. Washington has rejected India's notices at the WTO against the US's 25% tariff on steel and aluminium—both of which have since been increased to 50%—as well as the 25% duty on auto components. However, as per a Mint report on 10 June, the US has agreed to discuss both issues with India outside the WTO framework. Amidst this, the US has initiated a broad set of investigations into Indian exports across critical sectors, according to the WTO report. These include ceramic tiles, cold-drawn mechanical tubing of carbon and alloy steel, and corrosion-resistant steel products, which are central to India's manufacturing and infrastructure export strategy. Also read | US puts hard terms on table, presents a take-it-or-leave-it offer India's total exports of ceramic products to the US stood at $403.87 million in 2023-24, but declined to $361.44 million in FY25, according to commerce ministry data. In the chemical sector, Indian-origin epoxy resins, glycine, melamine, and granular polytetrafluoroethylene (PTFE) resins are facing trade restrictions. The US has also listed Indian exports of 2,4-D herbicide and raw honey under anti-dumping scrutiny, pointing to growing tensions over India's role in global agricultural commodity markets. Exports of Indian-origin resins to the US increased from $358.07 million in FY24 to $448.73 million in FY25, while India's honey exports to the US jumped from $176.29 million to $204.58 million. Pakistan's puzzling charges India's challenges are not limited to Washington. Brazil has named India in an investigation into pre-painted steel, raising concerns over competitive steel pricing from South Asia. Pakistan, meanwhile, has initiated an anti-dumping investigation into sulphonic acid imports from six countries, including India. This development is particularly puzzling given that India banned exports to Pakistan after the Pulwama attack in 2019, and Pakistan banned all trade with India in August 2019 following India's decision to revoke Article 370 in Jammu and Kashmir. With direct imports from India into Pakistan prohibited for nearly six years, analysts suggest that Islamabad's investigation may be aimed at Indian-origin sulphonic acid entering Pakistan through third countries such as the UAE, Singapore, or Malaysia. Also read | After US's 50% tariff blow, India now faces EU heat on steel quotas 'These shipments may have been relabelled to hide their Indian origin, raising concerns within Pakistan's domestic industry. It's also possible that the investigation is based on the injury caused by imports that took place before the trade ban came into effect," said Ajay Srivastava, co-founder of the Global Trade Research Initiative, a think tank. 'Alternatively, the move could be strategic, aimed at formally challenging India's pricing practices and laying the groundwork for future trade negotiations," he added. India's anti-dumping woes India's trade investigation body, the Directorate General of Trade Remedies (DGTR), has initiated 11 anti-dumping investigations and issued final findings in 13 cases—mostly targeting Chinese products—in FY25. In the past, India had launched an anti‑dumping probe on high‑speed steel imports from Brazil in 2018. In January this year, the DGTR launched anti-dumping investigations into imports of nylon filament yarn and sulphenamides accelerators originating from the US. 'As anti-dumping actions rise globally, including from key partners like the US, India will use both its legal rights at the WTO and the ongoing BTA negotiations to defend its exporters, push for fairer trade rules, and address protectionist barriers," a government official said. However, India did not file any new cases during the May reporting period.
Hindustan Times
an hour ago
- Hindustan Times
Delhi govt to start evening buses for tourists to PM Museum, War Memorial
Tourism minister Kapil Mishra on Friday said the Delhi government is going to start AC electric bus services to ferry tourists from Pradhan Mantri Sanghrahalya to the National War Memorial on an evening tour. He said more such bus services are being planned for other tourist places in the Capital. 'We have planned to start evening tours by AC electric buses from the Prime Minister Museum to the National War Memorial. We will hire new nine-metre electric buses from the Delhi Transport Corporation for the purpose. The service is going to start soon,' Mishra told HT. The Pradhan Mantri Sangrahalaya at Teen Murti Bhavan is a tribute to all Prime Ministers of India. The museum was inaugurated in 2022 by Prime Minister Narendra Modi. The National War Memorial at India Gate is a memorial to the valour and sacrifice of Indian soldiers who laid down their lives in service to the nation. It was inaugurated in 2019 by Modi. Mishra said the details of other tourist places which will be covered under this service are being worked out and will be finalised soon. The minister said the buses will have a coloured design to make them stand out. An official in the minister's office said that according to the fare plans discussed so far, the bus ride will cost ₹500 for adults and ₹300 for children aged between six and 12. There will be a tourist guide on-board who will inform visitors about the significance of these places. Fares are likely to be finalised soon, officials said. While presenting the 2025-26 budget, chief minister Rekha Gupta had announced that her government would develop a new tourist circuit to cover the National War Memorial, Kartavya Path and the Pradhan Mantri Sangrahalaya.
Indian Express
an hour ago
- Indian Express
Flyover connecting North Delhi and Ghaziabad: PWD to carry out feasibility study
To provide smooth connectivity between North Delhi and Ghaziabad, the Public Works Department (PWD) has proposed an integrated transit corridor development project. The department has invited bids to carry out a feasibility study for constructing a 6-km-long elevated corridor under this project, starting from Nanaksar Gurudwara T-Point in Northeast Delhi's Sonia Vihar Pusta Road to the Delhi-UP corridor near Tronica City. According to officials, the stretch currently falls under the jurisdiction of the Irrigation and Flood Control Department (I&FC), but as the PWD is the expert agency executing roads and flyovers, the department will hire an agency to carry out the feasibility study. Currently, the 6-km-long stretch is plagued by encroachment by the roadside and traffic snarls caused by vehicles, e-rickshaws, and pedestrian footfall. 'It was a long-pending request from residents… development of an elevated corridor will ease traffic movement for commuters and residents… The stretch passes through a densely populated area, which also has a market… Also, there are trees on both sides of Pushta Road… a Delhi Jal Board (DJB) underground water pipeline also falls on the route… all of this will be taken into consideration during the study,' said officials. The DJB's Sonia Vihar treatment plant is located near the alignment of the proposed flyover. In April, PWD Minister Parvesh Sahib Singh, along with Tourism Minister Kapil Mishra, inspected the stretch and announced the project. Officials said it is likely to cost approximately Rs 500 crore.
