National News
GJ sector sees 84.39% growth in FDI
India’s foreign direct investment (FDI) inflows have witnessed a remarkable 45.4% surge in the first half of FY24, reaching USD 29 billion.
Even more dazzling is the performance of the gems and jewellery sector, which saw an 84.39% jump in FDI, signalling renewed investor confidence in this crucial industry.
India recorded a sharp 45.4% increase in overall Foreign Direct Investment (FDI) inflows during April-September 2024, reaching USD 29 billion (INR 2.49 lakh crore), compared to USD 20 billion (INR 1.68 lakh crore) in the same period a year earlier, according to data from the Department for Promotion of Industry and Internal Trade (DPIIT).
The gems and jewellery sector also witnessed an impressive surge in FDI inflows, rising by 84.39% to USD 45.7 million (INR 381.67 crore) during April-September 2024, compared to USD 24.8 million (INR 205.29 crore) in the corresponding period in 2023. This marks a significant recovery in investment inflows into the sector, which had seen a fluctuating trend in recent years.
According to DPIIT data, total FDI equity inflows into India have been on an upward trajectory, increasing from USD 40 billion in 2015-16 to USD 44.42 billion in 2023-24. The latest data indicates strong investor confidence in India’s economic policies and business environment, despite global uncertainties.
National News
MCX Gold, Silver Futures Surge
While Precious Metals Staged A Modest Recovery The Broader Bullion Market Remains Near Nine-Month Lows.
Domestic and global commodities markets experienced significant upward momentum in early Monday trading. While precious metals staged a modest recovery—led by a strong performance in silver—the broader bullion market remains near nine-month lows. MCX: Gold futures rose by 0.3%, while silver outpaced the broader bullion complex with gains exceeding 1%. Spot gold traded marginally higher, hovering near $4,020 per ounce. Spot silver demonstrated robust momentum, surging 2% to trade near $57 per ounce. Despite recent headwinds, the bullion market saw positive inflows during early trading sessions.
MCX Gold future has resumed with gapped up this week at 141,364 and started trading over 50-EMA on hourly charts placed at 141,150. Price has inclined today due to continues weakness in Indian Rupee which has weaken further by 15 paisa against US Dollar today.
Crude oil prices continued their steep upward trajectory, gaining approximately 30% from their July lows. This rally follows a severe escalation in the Middle East over the weekend, including fresh U.S. airstrikes in response to the casualties of three American service members, and Iran’s subsequent declaration that its ceasefire with the U.S. has collapsed. Furthermore, Tehran reported the interception of four vessels in the Strait of Hormuz.
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