Saturday, March 07
A new rural employment scheme, VB-G RAM G, has secured the largest budget share, overshadowing MGNREGA with a significant allocation. While MGNREGA faces a sharp funding cut, other key rural development projects like PMAY-G and PMGSY have seen substantial increases. The shift in fund-sharing for VB-G RAM G could impact state government spending.
Prime Minister Modi highlighted the Union Budget's focus on productive spending and record infrastructure outlays, steering clear of populism for sustainable growth. He emphasized plugging structural gaps, pursuing reforms, and laying foundations for a developed India, marking the 'next level' of the nation's journey. The Budget prioritizes long-term assets over short-term gains.
Precious metal prices are set for continued volatility and consolidation as investors await crucial US economic data, including inflation and GDP figures. Market watchers are closely observing Federal Reserve signals for potential rate cut timelines. Gold experienced a sharp correction in February, influenced by stronger US employment data, while silver futures saw a decline.
Prime Minister Narendra Modi launched a Rs 5,450 crore infrastructure drive in Assam, inaugurating the Kumar Bhaskar Varma Setu, a vital six-lane bridge, and the National Data Centre for the North Eastern Region. He also inaugurated the Indian Institute of Management Guwahati and flagged off 225 electric buses, boosting connectivity, digital infrastructure, and higher education across the Northeast.
US Secretary of State Marco Rubio claimed India committed to halting additional Russian oil purchases, amidst ongoing US sanctions. However, India's External Affairs Minister S Jaishankar emphasized "strategic autonomy" and decisions guided by "national interest" and market dynamics. Russia's Foreign Minister Sergei Lavrov disputed claims of India stopping oil buys, accusing the US of coercion.
The Centre has greenlit over Rs 11,000 crore in highway projects across Maharashtra, Gujarat, and Telangana. These crucial upgrades, including road widening and new four-lane stretches, aim to significantly boost freight movement and regional connectivity. Projects on NH-160A in Maharashtra, NH-56 in Gujarat, and NH-167 in Telangana are set to enhance industrial links and slash travel times.
India has significantly boosted climate action spending, now at nearly 5.6% of GDP, up from 3.7% six years ago, demonstrating strong domestic commitment. Finance Minister Nirmala Sitharaman emphasized the need for adaptation alongside emission cuts and advocated for a "polluter pays" principle in global climate finance, highlighting India's own substantial investments in renewables and carbon capture.
Stock market today: Nifty50 and BSE Sensex, the equity benchmarks, crashed in trade on Friday amid weak global cues and the continued IT stocks selloff. While Nifty50 went below 25,600, BSE Sensex was down over 700 points.
