Indian Markets today saw a sharp decline in Gold prices, following the fall of global rates. Gold futures fell about 0.5% on the MCX, which converts to INR 45,000 from INR 235, extending the previous session’s INR 1,600 decline on per gram.
Amid some profit-taking when the rate was as high as INR 47,327 in the derivatives segment; the gold prices in India have now come off these highs. Silver, on the other hand, has come moved slightly up on the MCX segment, 0.3% high to be specific, to stop at the rate of INR 42,940 per kilogram.
In global markets, the gold prices have seen the sharpest decline in over a week. However, the investors also remained hopeful that industry will open up from the lockdown. The decline in spot gold rates is as follows – 0.5% to USD 1,675.92 per ounce, widening the 2% slump of the previous session.
Some other precious metals were traded as follows – platinum fell by 0.9% to USD 76.8.12 and silver eased 0.3% to USD 15.08.
Hareesh V, Head Commodity Researcher at Geojit Financial Services, said – “A strong dollar and optimism that top economies will restart activities after the lockdown may hit the demand for the commodity. However, fears of a global recession and hopes of more quantitative easing programs from central banks continue to support the yellow metal’s short term positive outlook.”
He added that as long as the prices in the London region hold the support of USD 1,640, we can see the recovery upticks continue throughout the day. He also added that it must also remain above USD 1,638 in order to trigger significant rallies. However, an unexpected drop to USD 1,638 might take the lead to even more decline in prices, as low as USD 1,600 and more.
Digital Marketer Aayush Rana all set to launch FirstBox
Success not a day’s task but, eventually, the day comes when you keep following the right path. Aayush Rana is an example of how one can achieve the heights of success if one gives 100% to an idea and sticks to it until the seeds become the fruit-bearing tree. Aayush Rana had great affection for programming since his early childhood, and he is making his own websites since grade 11.
Aayush has founded many techs and news entertainment sites like FoxExclusive and Today in Bermuda, just to name a few. He also owns over 20 million audiences on various social media sites, which he occasionally used to promote other brands. Aayush Rana achieved a lot in so little time. But, the journey doesn’t end here.
The Creation Of KR Media and Launch of FirstBox by Aayush Rana :
Aayush Rana is the owner of KR Media and also has launched various entertainment and tech news websites like FoxExclusive and Today in Bermuda, just to name a few. With the launch of KR Media, Aayush Rana began running social media campaigns for various brands that led to the increase in the influence of Aayush Rana in the field of marketing. This success is not a day’s journey, of course, and in the end, he ended up created digital strategies for a few of the top brands in the Indian market.
Aayush also used to be involved in the digital promotion of various Bollywood and regional artists.
The versatility of Aayush Rana has provided him with great fame, and now, he is one of the youngest marketers in our country. His plans of launching the online B2B e-commerce store, FirstBox, seem to be gathering quite a buzz from the whole market. With Narendra Dagar, Aayush Rana aims at conquering the B2B space and increase his influence among the small scale buyers with a low purchasing power. He plans to roll out FirstBox by the fourth quarter of 2021. He plans to keep no markup fees on the platform and will help buyers from small towns to easily purchase goods. The only charge they levy is the membership fees, that’s it.!
We wish him the best of luck and hope he succeeds in his venture.
Boycott Chinese Product Says CAIT
On account of the continued border clash between China and India, even after 3 Indian Army men died. In the face-off that happened at the Galwan Valley in Eastern Ladakh, three army men, including a colonel rank officer, have sacrificed their lives. It turned violent on Monday with multiple casualties on both sides.
Following this military aggression of China, the Confederation of All India Traders (CAIT) has made a list of 450 imported goods that are made in China. It calls for nationwide aggressive boycotting of all these products and encourages purchasing All India products. India being one of the most influential traders of China, is sure to set up a massive loss to the Chinese economy.
Praveen Khandelwal, CAIT general secretary, announced that CAIT has decided to step up its nationwide boycott of Chinese imports from June 10 under the campaign ‘Bhartiya Samaan-Hamara Abhimaan,’ due to the border skirmishers.
Currently, India imports about finished goods of worth Rs 5.25 lakh crore, i.e., $ 70 billion annually. However, CAIT aims to decrease the annual import by $13 billion or about Rs 1 lakh crore by December 2021.
CAIT has identified about 3000 finished goods belonging to 500 categories, that are even made indigenously by Indian manufacturers but are imported from China due to low cost. Now it is time for Indian goods to replace the Chinese. This can be done easily as it does not require any sophisticated technology, says a statement by CAIT. For those goods that we rely upon China for, we are proposing the Indian Manufacturers.
Raising the issue to Union Commerce Minister Piyush Goyal, CAIT has suggested to provide incentives and assistance to small-scale industries and start-ups.
The list released by the CAIT includes all types of daily products ranging from toys and textiles to electrical, electronics, and building hardware.
First GST Council Meeting Post Lockdown: GST Revenue falls
The first council Meeting regarding GST post the nationwide lockdown is held today at 11 am through video conferencing. However, no cut in tax rates is determined. The 40th council meeting includes Finance Minister Nirmala Sitharaman, Anurag Thakur, finance ministers of states & UTs, and senior government officers.
The business people are naturally expecting a fall in GST rates to cut down the loss suffered and high demand during the COVID-19 pandemic that has led to an economic slowdown, but the government is aiming in generating revenue as the GST falls short and for the compensation of states; and to provide relief measures to people.
Taxpayers can expect relief measures regarding the late old GST and input tax credit relaxation by inverted duty structure. GST data for April to May 2020 is yet to be produced. But the tax revenue collections have been severely hit. Methods to manage these will be discussed in the meeting.
The government has already suffered losses due to the GSTR-3B from February to May 2020. So now, the government will concentrate on generating funds for compensating the revenue loss of the states.
Several relief measures like tax returns regarding GST were announced during the lockdown, and the E-way payments were extended. Even filing GST return online was facilitated.
In the meeting, the Chief Minister of Uttar Pradesh, Yogi Adityanath, announced that the state government would take care of all its expenses of child laborers and their families in its Bal Shramik Vidya Yojana.
However, the gaming industry has been benefitted immensely since the onset of the lockdown due to the surge in the number of users.
The GST Council will plan to manage the revenue requirements, industry, and people’s needs. It has considered exempting direct taxes so as to encourage consumption, which will, in turn, increase the economy. The GST revenues will shoot up as a result of the State as well as the Central governments.
The government has decided to refund individual taxes, levies, and duties outside PM Modi’s Atma Nirbhar Bharat package, such as VAT for fuel.
After the meeting ends, Finance Minister Nirmala Sitharaman will give out statements to the media at 12:45
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