India's gold demand up 13% at 975 tonnes in 2013: Report

February 18, 2014

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Mumbai, Feb 18: India's gold demand remained buoyant in 2013 and rose by 13 per cent to 975 tonnes compared to 2012, despite government putting in several restrictions to curb imports, according to a World Gold Council report.

Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.

"India's gold demand was up 13 per cent in 2013, compared to 2012. Demand in the second half was lower due to the effect of the supply curbs introduced in that period, but, equally, it was due to households having met a large part of their annual gold requirements in the first half, using the price drop in April as a buying opportunity," WGC Managing Director India Somasundaram P R said.

The total jewellery demand in the country in 2013 was up by 11 per cent at 612.7 tonne valued at Rs 1,61,750.6 crore compared to 552 tonne valued at Rs 1,58,359.1 crore in 2012.

The total investment demand for 2013, was up by 16 per cent at 362.1 tonnes from 312.2 tonnes in 2012.

In value terms, gold investment demand rose by six per cent at Rs 95,460.8 crore against Rs 90,184.6 crore in 2012.

Recycled gold, however, declined by 10.79 per cent to 100.8 tonnes in 2013, compared to 113 tonnes in 2012.

The latter half of 2013, Somasundaram said, has seen intense grey market activity but its impact will be more visible and significant this year if the import curbs continue.

Estimates of the extent of gold smuggling in India vary widely, market analysts have suggested it could have added between 20-30 tonnes per month, the report pointed out.

"However, our estimation, based on our own analysis of the market, is that these unofficial flows may be considerably higher. We have previously been on record with our estimate of between 150-200 for 2013, and we feel that the total for 2013, was closer to the top-end of this range," he said.

Talking about 2014, Somasundaram said the industry is not in a very happy situation but the year will be a come back for the precious metal.

"In India, even as the current scenario is not very good, I am positive about gold. I am confident that gold will play a significant role in the country's economy. In 2014, market estimation of gold demand is between 900-1,000 tonnes," he added.

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News Network
November 19,2024

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In the wake of the tragic drowning of three students at a resort near Ullal on the outskirts of Mangaluru city, the tourism department in Dakshina Kannada is set to implement comprehensive safety guidelines for properties with swimming pools or beach access. This initiative aims to ensure guest safety and prevent similar incidents in the future.

New Safety Mandates for Resorts and Homestays

Rashmi S.R., deputy director (in-charge) of the tourism department, announced, “We will instruct all homestays and resorts to enforce precautionary measures, especially those with pools or direct beach access. Properties must ensure 24/7 supervision, particularly during guest hours. This tragedy highlights the importance of having trained personnel on-site.”

Key Safety Guidelines

The district, home to around 150 homestays and 130 resorts, will see the following measures enforced:

  • Clearly displaying pool depths.
  • Installing adequate safety equipment, such as life buoys.
  • Employing trained lifeguards at all times.
  • Establishing clear pool operating hours.
  • Reviewing and implementing standard operating procedures (SOPs) for pool and beach usage.

Booming Beach Tourism Calls for Vigilance

Manohar Shetty, president of the Association for Coastal Tourism (ACT), Udupi, highlighted the growing popularity of beachside resorts, particularly during peak seasons. Properties in Udupi, often fully booked with tourists from Bengaluru, Mysuru, Kodagu, and Shivamogga, face increasing pressure to maintain safety standards.

Udupi district boasts 22 beachside commercial properties catering to this rising demand.

Shetty emphasized, “Authorities must scrutinize safety measures and carefully evaluate guidelines before issuing new resort licenses. Panchayats should rely on the Karnataka Town and Country Planning Act when handling such cases.”

Long-Term Solutions for Water Safety

Recognizing the need for a cultural shift in water safety, Shetty proposed integrating swimming lessons into school curricula. This move would not only equip students with essential skills but also encourage safe participation in water-based activities.

A Safer Tomorrow for Coastal Tourism

As the tourism sector thrives, Mangaluru’s proactive approach underscores its commitment to visitor safety. The tragic incident serves as a wake-up call, propelling the industry towards stricter regulations and better preparedness, ensuring that coastal vacations remain both enjoyable and safe.

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News Network
November 10,2024

Bengaluru: The Karnataka government has warned that disciplinary action will be taken against those officials who change the land mutation records and serve eviction notices to farmers under the Waqf Act.

In a letter, the Revenue Department Principal Secretary Rajender Kumar Kataria reminded all regional commissioners and deputy commissioners in the districts that Chief Minister Siddaramaiah recently had a meeting following complaints about certain land properties being made in favour of the Karnataka Board of Waqfs.

In the meeting it was decided that all the directions issued previously by any government office or authority to change the mutation records has been withdrawn, the letter said.

It added that all the notices served in the past have also been withdrawn and no action should be taken against the farmers who are cultivating on the said land.

On the directions of the chief minister, the previous letters and the latest reminders served on November 7 to the farmers and land owners have been withdraw, the letter said.

"The officials who served reminder-2 despite the chief minister's direction will face appropriate disciplinary action," Kataria said in his letter.

He said he has been instructed to strictly implement the chief minister's direction.

The fresh direction was issued in poll-bound Karnataka, where bypolls to three crucial assembly segments are due on November 13.

Some farmers in Honwad village in Vijayapura in north Karnataka had alleged last month that they were served eviction notices as the Waqf Board claimed rights over it.

Subsequently, complaints started in pouring in from some other parts of the state.

BJP leader Tejasvi Surya on October 25 alleged that Karnataka Waqf Minister B Z Zameer Ahmed Khan directed the deputy commissioners and revenue officials to register lands in favour of the Waqf Board within 15 days, which resulted in confusion.

On Surya's request, the Chairman of the Joint Committee of Parliament on the Waqf (Amendment) Bill, Jagdambika Pal visited Karnataka on November 7 and met farmers in Hubballi, Vijayapura and Belagavi districts who had alleged that their lands were marked as Waqf properties.

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News Network
November 13,2024

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In the heart of Mangaluru, where rising air pollution is spurring public health worries, voices are calling for a greener, cleaner shift in the city’s public transport. Leading this call is APD Foundation, a Mangaluru-based environmental NGO, which has urged Forest, Ecology, and Environment Minister Eshwar Khandre to mandate electric vehicle (EV) adoption in public transport.

Abdullah A Rehman, CEO of APD Foundation, emphasized in a formal letter to the minister that Mangaluru’s public transportation system—efficient and organized with both government and private players—could transition smoothly to EVs in stages. He suggested that government-backed financial incentives, partnerships with EV manufacturers, and collaborations with environmental groups could streamline the switch.

Rehman stressed the potential of EVs to cut down emissions, enhance air quality, and reduce noise levels, noting the quieter operation of electric buses. He confirmed that a copy of his letter was submitted to the Deputy Commissioner as well.

However, Dilraj Alva from the Dakshina Kannada City Bus Association noted potential challenges, explaining that the shift might take up to two years due to infrastructure and budget hurdles. Most EV buses, he explained, are procured through aggregators, not directly by individual operators. The addition of charging stations and other essential infrastructure further complicates the transition.

Alva also raised the economic concern: while diesel buses are priced between ₹30-40 lakh, electric buses can cost up to ₹1 crore. Reflecting on recent meetings with companies, including one in Manipal, he questioned the assumption that EVs are an absolute solution to pollution. “EVs aren’t entirely eco-friendly, especially when considering battery disposal,” he cautioned.

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