Business News: India's Economic Growth, Stock Market Highs, Modi 3.0 Agenda, Gold Trends, Parliamentary Session

The World Bank projects that in the years ahead, amongst all major economies, India may continue to record the highest growth rate of 6.7% in the next three years: The world's growth is to stabilize at 2.6% in 2024 and further marginally improve to reach 2.7% in 2025-26, which is still less than the pre-COVID period. However, growth in India, in particular, will slow somewhat from 2023, owing to firm investment—evidently encouraged by the recovery in farm output and easing inflation, among other factors. The growth outlook for South Asia should remain robust, mostly on account of strong domestic demand and sustained carry-over execution of large public infrastructure projects in regional economies such as Bangladesh, Pakistan, and Sri Lanka.

Indian markets started on a strong wicket, with both Sensex and Nifty trading with gains. While the Sensex climbed 506 points to 76,963, Nifty50 was up by 0.65% at 23,417. Gains in the Sensex were led by Tech Mahindra, Tata Motors, and HCL Tech, though Bharti Airtel and Axis Bank continued to fall. The broader indices looked better than benchmarks, with Nifty IT, Media, and Oil and Gas being the gainers. Across the globe, Asian markets remained mixed with all eyes on inflation data coming from both India and China and the decision of the US Federal Reserve.

PHDCCI sets a 10-point charter for the new government of India—immense focus toward job creation, manufacturing growth, export enhancement, and infrastructure development in the first 100 days. Measures to include boosting the digital economy, addressing inflation, and strengthening the farm sector, along with women's empowerment, have found their place in the agenda. The rest of the agenda, on the other hand, consists of: green accounting; expansion of exports; developing rural infrastructure; and enhancing healthcare while sustaining India's economic growth, which will create millions of jobs.

On June 12, 2024, gold rates in India were steady at Rs 71,850 per 10 grams for 24-carat gold and Rs 65,860 per 10 grams for 22-carat gold. Silver prices fell, though, to Rs 90,400 a kilogram. Global cues largely impact the price of gold in India, which imports most of its requirement. Moreover, cultural festivals and wedding demand also come into play. Investors keep a close watch on the Multi Commodity Exchange, where gold futures for August 05, 2024, were at Rs 71,510 per 10 grams.

The coming first session of Parliament, from June 24 to July 3, is prepared to be an intense one with the rejuvenated Opposition, post the recent Assembly elections, raring to take on the NDA government at the Centre. Issues such as the alleged share market 'scam' and the NEET irregularities will dominate the discussion. Newly elected MPs will take their oaths, the Lok Sabha Speaker will be elected, and President Droupadi Murmu will deliver the customary address. As Union Minister Kiren Rijiju put it on Wednesday.

The BJP has taken careful consideration in regional representation in Odisha while making its picks for senior positions and has chosen as Chief Minister four-time MLA from Keonjhar and member of the tribal Santhal community, Mohan Charan Majhi. K V Singh Deo from the Patnagarh royal family and Pravati Parida from the coastal Puri district, the state's first-ever woman Deputy CM, will be his deputies. The oath-taking ceremony on Wednesday at Janata Maidan in Bhubaneswar has brought pride to Majhi's family for his unexpected elevation.