BUSINESS

Gold prices increased minimally on Saturday as the price of 24 carat gold closed morning trade at Rs 7,785.3 per gram, up by Rs 120 on the previous day. The price of 22 carat gold has risen by Rs 110 to Rs 7,138.3 per gram.

The forex spurted $12.59 billion, which marked the highest weekly increase since mid-July 2023. India joins a very small league in the world, with only three countries crossing the $700-billion mark in reserves: China, Japan, and Switzerland. At a time when the same stood at $616 billion, the foreign currency assets (FCAs) recorded an increase of $10.4 billion. Another component that witnessed growth was the increase of gold reserves to $65.7 billion from $63.7 billion.

During the period, the GDP had grown at an average of over 6.5 per cent.

Speaking at the Kautilya Economic Conclave, an initiative of the Ministry of Finance and instituted by Institute of Economic Growth (IEG), in the capital, FM Sitharaman said the other benefit which the country has is its demographic dividend wherein around 43% of the population is below 24 years of age, which is a key driver for organic consumption growth. She said that we are far better off than many other countries, even if they are advanced economies. "Today, they are struggling to grow. We are standing out as an economy which is growing at the fastest rate in the last few years, this year and the next few years also, for which we can make predictions," said the Finance Minister. "India finds herself amidst the global geopolitical repositioning process that has been underway. This repositioning can become a structural enabler to India's advantage through strong supply chains with countries where there is strategic congruence," she added.

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"If the need arises, we can relook at any of these or the government has the authority through cabinet approval to allow greater percentages (of foreign stakes in various sectors). Or we can go to Parliament and change it also, not a problem, though I don't think any of these requires parliamentary changes," Goyal said in response to a question at the Centre for Strategic and International Studies think-tank here.

Slamming the previous Congress-led government, he said it was a matter of "shame" that India permitted sub-standard, opaquely-priced Chinese goods to flood Indian markets and slaughter Indian manufacturing.

Weak trend continued to be there in the broader markets through the early trading hour. On the National Stock Exchange, 256 were reported to be trading green while 1,188 were trading red .

The Sensex declined 1,769 points, or 2.10 per cent, to 82,497 at close, and Nifty had declined 546 points, or 2.12 per cent, to 25,250.